Welcome to Day 9 of 30 Days To Your Financial Freedom Challenge!
When people are told that they need to eliminate expenses, it can cause a lot of stress. It’s hard to give up things, especially if you’re used to it, and it feels like a need. We can try to convince ourselves that covering our roots with a 200-dollar hairdresser is essential, but the truth is, it’s not. It’s a want. There is absolutely nothing wrong with getting your hair done but don’t mistake this desire as a need.
Where Can You Cut Spending?
You have some tough choices ahead and depending on where you are financially you may have to cut out non-essential expenses at least until you can afford them again. As you go through this list think about your long-term and short-term goals. For example, for short term goals what debt and expenses do you need to pay off now? Or for long-term goals how much do you need to save to start your business?
#1 Cut Automatic Subscriptions
If you have auto subscriptions for Amazon Prime, Instacart.com, magazines, newspapers, entertainment, and more, if they’re not important for your survival and work, eliminate them now. Sometimes when you call to cancel, they’ll offer a few months free. Take their free offers but remember to write it down so you can cancel before you are charged again if needed.
#2 Stop Going Out to Eat
Even if you eat at cheap fast-food places, it’s a waste of money on a good day to eat out. It’s fun and expedient, but it’s not good for you now or later. It’s not good for your health because restaurant food is richly prepared, and it’s not good for your wallet because you can make that same meal healthier and cheaper at home.
#3 Create a Meal Plan
The only way to stick to not eating out is to create and follow a meal plan of some kind. The least expensive option is to go mostly plant-based, eating lots of beans, rice, and veggies every day instead of traditional meat and potatoes meals. It’s also a healthy way to eat. Stop drinking any beverage other than water, including milk, and use those things as ingredients and not main snacks and drinks. The US Government has a great free ebook called Thrifty Meals that you can use to get started with meal planning.
#4 Eliminate Software You’re Not Using
If you use software for your business, keep using it if you’re really using it. If you’re not using it, let it go. Even if you thought it was terrific, if you’re not utilizing it, it’s a waste of money. For example, if you’re paying even just five bucks a month for a software that’s adding up to 60 dollars a year. It might not seem like much right now, but if it’s not being put to use, it’s just wasting.
#5 Check Your Return on Investment Metrics
If you have any ads running or other expenses related to your business, check to find out if you’re really earning money from those investments. For example, if you run an ad continuously on Facebook to get more list members, is that add still paying off? If you cannot directly tie income to your expenses, eliminate them.
Final Thoughts
So this was a lot. Some of you may even be stressed out trying to see how you can live on nothing. Instead of focusing on the negative I invite to focus on the positive. You have things you want to do, like start your own business. For me the biggest change I made was finding my passion in blogging and then expanded into my business today. You can have that too you just have to find what your passion is and create a plan to make it happen. I created Busting Your Money Blocks to help you overcome your current negative mindset regarding money and help you plan for the future you deserve.
As some final advice, it can help to check your bank statements to find sneaky repeating expenses that you’ve forgotten about. For example, if you get a coffee every time you go to the post office, maybe you can make a coffee at home and take it with you instead. The savings will add up, and you’ll get used to doing more with less. Please leave any comment or questions below.
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