Question

how can i lower my expences when i know my income is vere good

but my expences always ALMOST reaches my income but i know i cant do anything as i know i need this liabilities.

what can i do or what strategy can i make in order to lower my expences!!!

?????

Answer 1

Manage Travel expenses

If it's possible for you to share a ride with someone you work, just try it. It'll reduce the maintainence cost of your car, save on gas, you can get help from carpooling lanes that might make it easier to get to work.

Save on Debt

Any time you can reduce how much money you owe, it will help lower your ongoing monthly expenses. Paying less money on debts means more money you can save. Some of the ways by which you can reduce your debt and save money.

Refinance your home loan

If you think you might be eligible to refinance your home loan at a lower rate, contact some lending institutions. If your credit rating has improved it's possible for you to get locked at a lower rate. It'll help you save money over a period of time.

Consolidate your student loans.

If it is possible find an option to consolidate your loan as most federal loans have fixed rate. It'll save your monthly expenses and you will notice the change in your savings as time goes.

Manage Entertainment Expenses

Manage club memberships

We all have those membership with the local country club, and so on which are not really required. We don't even use those services. If you have subscribed to any such memberships and you don't really use it just cancel it and save some money there.

Try inexpensive entertainment options

Try attending community events like music festivals and art fairs or volunteer in such activities if possible. The money you save from opting for inexpensive entertainment will not save you a lot but it will surely contribute to your regular monthly over a period of time.

Other miscellaneous ways

Unplug electrical devices which are not in use

There are a lot of household devices that you don't use. Unplugging them will save you by reducing your electricity bills. The things we overlook sometimes makes us spend a lot more than we can imagine.