| Hi Taylor:
I'm trying to cut costs so that I can save for a honeymoon that's
way overdue. My husband and I really want to go to Europe but it feels
impossible to save that kind of money. I'm wondering if there are
areas of my budget that can be tightened so this will all seem more
feasible. - Meaghan
Hi Meaghan: Well, I certainly want to help you two make that honeymoon
happen. I'm sure it will be well worth the wait.
More often than not, people look past the real areas where they can
cut spending because they don't like thinking about life without certain
luxuries. I know people who spend a few hundred dollars each week
just on lunch, simply because they can't imagine making it through
the workday without treating themselves to a $14 salad. I'd say start
here - think of the expenses that you "can't live without," and then
try actually living without them and see what happens.
If you're paying off student loans or credit cards and haven't looked
into consolidating, that's a place where you may be able to save.
If your credit is good enough, you might be able to reduce your monthly
payments by a significant amount. This is something worth doing even
when you aren't saving up for a big trip.
When it comes to things that people typically overpay for without
being aware, there are a few I can think of. There's a good chance
you can adjust your grocery budget without sacrificing too much. We're
all creatures of habit, and that manifests pretty clearly in how we
eat. Pay close attention to the price the next time you stock up on
groceries for the week. Of course, if you eat out more than you make
food at home, that's definitely a place you can cut back.
You also might be able to do something about your cell phone expenses.
If you and your husband aren't already on a family plan, that's an
option that could reduce your bill. Pay attention to how much data
you use each month; a lot of people pay premium rates for data that
never gets touched.
While you're thinking about ways you can cut costs, you should also
look around the house to see if there are items you wouldn't mind
parting with. Having a garage sale is a great way to get rid of some
clutter, and you could be surprised by how much money you can bring
in. Clearing out your living space might also help clear your mind
while you try to think of other ways to save.-
Spending money is a lot easier than not spending it. However, if you
really want to save money and put it toward something important, you'll
be able to identify the ways in which you're overspending and start
to cut back. Best of luck, and enjoy your vacation!
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an offer or solicitation for the sale or purchase of any specific
securities, investments, or investment strategies. Investments involve
risk and, unless otherwise stated, are not guaranteed. Be sure to
first consult with a qualified financial adviser and/or tax professional
before implementing any strategy discussed herein. To submit a question
to be answered in this column, please send it via email to Question@GoFarWithKovar.com,
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