Cut Your Expenses with a Savings Scavenger Hunt!
- September 06, 2017
- by Saundra Davis
If you review your spending over the last month, you can almost certainly find one regular expense you can reduce. Then you can put the money toward savings instead. Grab a snack, put on some good music, and get your bank and credit card statements from last month (go ahead, we’ll wait)…
Okay, scan through the statements and categorize the things you spend money on each month. Start with broad categories like “living expenses” (what you must pay) and “lifestyle expenses” (what you spend to enjoy life more). Once you do that, focus on a monthly expense that you want to tackle. It doesn’t matter which category. Just pick something that you will reduce consistently.
Now you’ve chosen a category to reduce, it’s time to brainstorm. Think about what changes you want to make. For instance, if you want to reduce your restaurant spending, first think about what is important to you about eating out. Is it the meal itself, or is there more to it? When you eat out, are you alone or with other people? If you reduced this expense, how would you get that need met? Having a plan for the change you want to make will help you be more consistent.
There are only three things you can do if you want to change your financial life: make more, spend less, or a combination of the two. Remember, there’s no judgment. Just align your spending with what matters most.
Will you pledge to do a one-month savings bump based on your scavenger hunt?