Take an hour, sit down and go through your monthly expenses, gather your bills from the past few months and figure out what you can cut out in order to save yourself money. For example, I canceled my satellite radio, and switched to a text messaging plan with fewer monthly texts to save money a total of $23.75 a month.
The more you’re willing to sacrifice the more you can save, some things you may consider for cutting costs
- Cable
- Online gaming (Xbox live, WoW, etc)
- Magazine/newspaper subscriptions
- Movie rental subscriptions (Netflix, Blockbuster Online)
- Gym membership you never use
Of course with things like Blockbuster online, you might actually be saving yourself money instead of renting locally or going to the movies in theater, so take that into account.
Next, take that money you were already spending each month and put it into a savings account (see: Longterm Savings Growth).
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