Wednesday, 26 January 2011

Cut Your Costs Bootcamp

I've joined the Cut Your Costs Bootcamp over at Real Simple and thought you might like the challenge to so join me in cutting costs and making my home a happier place to be in.


Day one

Economy is half the battle of life; it is not so hard to earn money as to spend it well.  - C. H. Spurgeon

 
Know Exactly What You Spend


Welcome to Cut Your Costs Bootcamp!

From the get-go, we want to be clear: Spending money is a reality, and we aren't going to ask you to drastically change your lifestyle. Instead, our goal is to help you cut the extra spending that doesn't bring you happiness—so that you'll free up money for the things that matter to you.

Find Out Where Your Money's Going.

Start by creating a budget with the LV Budgeting Tool, which will ask you to break out your expected costs for everything from entertainment to transportation.

The following are costs you should not cut:

Health insurance and the cost of regular doctor visits.
Renter's or home insurance.
Life insurance, if someone is dependent on your income.

Remember...


If you've paid off all of your debt, aim to save at least 10% of your income. You should never spend more than you make. Relying on borrowed money from a credit card is not an answer.

  1. Log in to the LV Budgeting Tool and fill in all of your expenses


  1. Write down all of your expenses for the upcoming month. Stay tuned to see how to cut them.

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