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The top 3 ways to become debt free: Tip #2

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Money Talk > Personal Finance

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The top 3 ways to become debt free: Tip #2  Reply with quote  

Hey all,

Here is tip number 2 of the series. As I said in post #1, I am new to the forum so I just wanted to provide a little bit of value.

The next thing you want to do is reduce those variable expenses. A variable expense is an expense that can be easily altered or changed. For example: Itís not that easy to change your mortgage (fixed expense) but it all it takes is a phone call to possibly lower your cable or phone bill.

Take a look at all your expenses and separate out all the variable expenses and make a list. Then look at the expenses that are the easiest to lower. Of all the clients I saw, 90% of them were overspending in the variable expense category by at least 50%.

Here are some of the expenses I reduced when I had money problems:

Phone (Bundled with my internet and TV)
Groceries (I took my lunch to work)
Vacations (Went camping instead of the all-inclusive trips)

The main idea with all of this is to take a look at the expenses you can control and do what you can to reduce them. I know this is not new or riveting information but you would be surprised how few people do this.



Post Sun Nov 14, 2010 2:10 am
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Thank you for sharing that helpful information and looking forward to more.
Post Sun Nov 14, 2010 2:17 am
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Good suggestion. I just mentioned a similar tip to someone here. Saving up on non-essential items is a very good way to earn money. I think we should do this even when there is not a financial problem Wink
Post Tue Nov 23, 2010 7:00 pm
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This is real good stuff, thanks!
Post Tue May 10, 2011 11:09 pm
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I was glad to find that this package actually was very organized and much easier to understand compared to other online traffic generation guides that I have purchased before.
Post Tue May 17, 2011 8:42 am
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good tips
Post Mon Nov 14, 2011 9:48 am
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Variable expenses can indeed be tricky on your budget. Planning around them and doing some adjustments will help you meet your fixed expenses.
Post Thu Apr 19, 2012 2:56 am
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