Look critically at each expense. Is it essential? Phone around. Get comparative quotes. Are you buying expensive ready-prepared food when you could be cooking your own meals?
Can you save on insurance? Is your car guzzling gas? Have the kids moved out, leaving you with a larger house than you need?
As mentioned previously, some of these are easier to change than others. But they all need to be questioned.
Cut where you can immediately. Put a plan in place to reduce the trickier expenses at an actual later date. Not “when you get around to it.” Make a date with yourself now. Diarize it.
Have another look at the new budget. Are your expenses now less than they were? Less than your monthly income, if they weren’t before?
If so, well done.
If not – keep going.
It is essential that you reduce your expenses. Initially, to an amount that’s less than your income. At this point, you are breaking even. Then you need to keep widening the gap between income and expenses, till the expenses are as small as you can live with.
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Stop living from salary to salary. Achieve Financial Independence. Retire Early. Join the FIRE movement igniting the world.
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Work while they sleep. Learn while they party. Save while they spend. Then live like they dream.
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Also available in Edenvale from Inner Journeys bookstore.
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