You should also consider
opportunities to save on your necessities. Examples from experts and
consumers alike: Try carpooling or taking public transportation to work
instead of driving by yourself. If you have multiple cars, see if you
can live without one of them. Ask yourself if you really need those
$200 sneakers or if a less expensive pair will do just fine. Buy used
instead of new. Take better care of what you buy so it will last longer.
And, make your own coffee at home and bring your lunch to work instead
of eating out.
Don’t use your credit
cards or other loan products to buy things you really can’t afford.
Keep banking costs
down. Look at the most costly fees and recurring charges on your bank
and credit card statements and consider how you can reduce or eliminate
them. Among the possibilities: If you routinely pay bank fees, shop
for a different account that meets your needs at a lower cost. Also
review your banking habits to cut unnecessary fees. For example, use
your own bank’s ATMs for cash withdrawals instead of going elsewhere
and paying a surcharge, and keep close tabs on your checking account
balance to avoid bounced checks, which can be costly.
After you differentiate
between spending for needs and splurging on wants, cut back on the second
category, especially if you’re already suffering an income loss or other
financial hardship. Possible places to cut back on unnecessary spending
include restaurant meals, monthly subscriptions and premium TV channels.
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