Control Your Expenses and Make a Budget to Increase Your Wealth

Control Your Expenses and Make a Budget to Increase Your Wealth

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Last time we spoke how to fill your empty wallet using the Law of Attraction.

Now, we are going to employ a more Earthly strategy, which is less metaphysical and more practical.

It is going to be even a bit boring and tedious.

Control your expenses. Make a budget!

Seriously. If you just keep spending 100% of what you earn, you are always going to end up with an empty wallet.

You probably call most of your expenses “Necessary”… The truth is that no matter how much you earn, your expenses are always going to expand to consume 100% of your earnings. You will never be rich until you allow this to happen! Take control over your money, or your money will keep controlling you! You will forever be their slave, never earning enough, always longing for more, working harder and harder, losing your health, sleep and happiness in the process.

Make a budget!
Decide what’s important for you and what you can do without. Put all your expenses on a sheet of paper and think. You will be surprised. As always, limit yourself only to 90% of what you earn. The remaining 10% set aside and don’t touch for a year, so they can pile up when you will be able to invest them into something worthwhile.
Here, we will make a list of some Necessary Expenses you may be able to cut out.
  1. Transportation
    Do you really need to use your car every day to go to work?
    Consider taking the subway. Or some other form of public transport. Gas prices are on the rise, and even if you are really frugal with your gas expenditures, your car’s maintenance costs are not something you can ignore.
  2. Sell your car if you don’t use it much
    As we said in the previous point from our list, maintenance costs for an unsued car are even higher than if you were using the car actively, because you are essentially throwing money in the wind, paying for something you don’t use. Consider selling your car if you don’t use it much.
  3. Check your tires are properly inflated
    Did you know that every 2 PSI can reduce your gas mileage by 1%?
  4. Check your debts
    See if you can refinance or consolidate at a lower rate somewhere else.
  5. Sell unused items
    Look around your house, garage, basement or attic. It’s full of items you have just parked there waiting for Someday to arrive, when you will use them again, maybe. It’s a good idea to monetize them, instead.
  6. Use LED or CFL bulbs
    Each 14-Watt LED or CFL bulb saves you about $0.66 a month, which makes about $40 a year, if you switch just the 5 most used bulbs in your home with energy-efficient ones.
  7. Air seal your home
    Look for drafts and fill the wholes. The loss of cool air in the summer and warm air in the winter can significantly increase your power bills.
  8. Cancel club memberships
    How many of those clubs are you really active at?
  9. Reduce cable bills
    Watching television is bad for your brain anyway. Consider reading more books, instead.

    Quote by Jim Rohn Successful people have libraries. The rest have big-screen televisions.

    — Jim Rohn
  10. Cancel newspaper and magazine subscriptions
    If you don’t read a newspaper or a magazine, cancel that sub! You will immediately find a better way to utilize that money.
  11. Revisit other paid services and subscriptions. Think well which of them you really want!
  12. Try to cook your own meals at home. Reduce take-outs.
    Even though cooking your own food can be tedious and time-consuming, calculate well if eating at McDonald’s is really paying off. Prepare lost of meals at once and then freeze them for later cooking. Focus on easy recipes.
  13. Use items that last longer than one use. Use more coupons.
    Durable items may be more expensive than single-use products. They come off much cheaper in the long run. There are wonderful Chrome extensions such as Honey and Price.com which will help you find the best deals while shopping online.
  14. Buy generic when you can
    Many products have generic versions which are even better and offer more than the brand name original. Try moving to generics if you can.
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These are just some of the Necessary Expenses areas you can consider cutting.

As always, take things in moderation. Don’t cut the fun out!