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4 SIMPLE STEPS TO SPENDING LESS MONEY IN 2020! DO THIS NOW!


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DESCRIPTION:
HOW TO SPEND LESS MONEY IN 2020
STEP 1: RANK YOUR EXPENSES
Most experts start by differentiating between discretionary and fixed expenses.
To do this, start by tracking what you spend money on and then rank that list of monthly, recurring and one-time expenses in order of importance.
Put essential expenses you “need” at the top – that’s what you can’t live without, such as housing, food, transportation and child care.
Then rank savings for emergencies and your retirement followed by “wants,” or nonessential items, which may include eating out, vacations or streaming services like Netflix.
STEP 2: CHALLENGE EVERY EXPENSE
Go back over your list and challenge every outlay.
Consider how much are you paying, as well as whether you could pay less or cut it out all together.
That includes whether you really use all the subscription services that you’re paying for or that pricey gym membership.
If you don’t use it, lose it.
Further, is it possible to negotiate a better rate on recurring expenses — often it is and the savings is significant.
STEP 3: CUT OUT UNNECESSARY WANTS
Once you’ve streamlined the list, start cutting a few expenses that you just want and really don’t need — at least temporarily.
That can include taking public transportation rather than an Uber or other ride-sharing service or cooking at home and going cold turkey on eating out.
STEP 3B: REIN IN IMPULSE PURCHASES
Impulse shopping, or what is sometimes called “Amazon spending,” is often the worst budget buster.
One quick way to put that in check is to sign off of social media, at least to some extent.
Overall, 63% of millennials think social media has a negative influence on their financial well-being, according to a millennial money study by Fidelity, which polled more than 2,000 adults ages 22 to 27.
More than half of millennials have spent money they weren’t originally planning to on products they saw in their social media feeds, according to separate research from Allianz Life Insurance Company of North America.
Further, nearly 40% of young adults said they spent money they did
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