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Step Down Spending

Whether you’ve lost a job or are considering intentionally reducing your spending in an effort to save more or prepare for retirement, there are ways to step your costs down a notch or two without completely altering your lifestyle.


Many consumers, either intentionally or inadvertently, practice some semblance of a “Step Down Spending Plan.” It’s a really simple way to look at how to do more with less. Here’s how it works – look at each category of your current spending plan and determine areas where you could “step it down” by effectively spending less and thus saving more money. Consider these ideas:

-Rent an apartment
-Find a roommate
-Rent a room

-Eat out less
-Eat at less expensive restaurants
-Split meals with a friend

-Drive your own car for all activities
-Carpool when possible
-Take public transportation or walk when possible

-Join a local gym or club
-Set up a home gym with used equipment
-Walk or bike at neighborhood parks

-Shop mall department shops
-Shop thrift shops
-Set a specific amount monthly for clothes purchases

These are only a few ideas that you might consider that fit your own situation. Hopefully I’ve piqued your curiosity about how you can reduce monthly expenses even more, and use funds for other purposes. Good things take time and making changes in your financial life is no different. With discipline and by making these incremental adjustments, you too will have what you really want!

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