More and more families today are spending money every year, and yes while the standards of living have increased, people are not choosing to save money. One reason that families are not putting in the effort to review expenses. The reality is, every family has the ability to cut costs and save money. By freeing up more funds, they can allocate it towards repaying debt.
Though buying food to eat is a necessity, this is one area where families could be more thrifty. Families spend on average about $2,500 on dining out, according to U.S. statistics. If you find yourself, your spouse, and your children eating out 5 days a week, considering reducing it to 3 or 4 days a week; just prepare and brown-bag meals from home, and eat it for lunch. You can save up to $400 to $800 a year by doing this. That extra money saved could help finance a nice vacation instead.
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Another significant expense is your home, that is if you own one (a house, condo, etc). Have you considered refinancing? Have you done any research and perhaps find a lower interest rate? You might be able to renegotiate to a shorter time frame. If you are unable to change your mortgage payment, then paying a little bit extra each month will pare down your mortgage faster. Also, don’t forget about your utilities. There are ways to save money here as well. Somethings you can do is update your insulation and weather stripping, or use a programmable thermostat to take save on electricity or heating. Why would you need extra heat when there’s no one home or when the family is asleep.
Transportation is another significant expense for many families. Not only are vehicles (cars,
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