As we all know, daily expenses can add up. Even as we enter our golden years of retirement, if we haven’t planned properly, the pressure of balancing the family budget can be as heavy as when we were in our younger years trying to make ends meet. If you are losing sleep at night trying to figure out how to save money, there are a few different areas on which you can focus when trying to cut your costs and get serious about saving.
The first thing that you need to realize is that there are three main areas, on which you must focus if you want to try and save on expenses:
Americans spend the bulk of their money in: housing, transportation, and food. In fact, combined, these 3 categories account for about $35,000 — or 62% — of the $56,000 dollars that households spend (on average) each year, according to the Bureau of Labor Statistics.
Take a look at the chart below, provided by the Bureau of Labor Statistics as to where the majority of Americans, spend their money, Again, the average American family spends about $56,000 per years on household expenses.
- The first thing you can do, to try and cut costs is to downsize into smaller home. Not only can you reduce your mortgage payment but you may also be able to capitalize on equity that you have accumulated in your house.
- Consider the purchase or lease of a car or a house is a longer-term commitment.
- With food, you can make some pretty immediate changes to trim costs, like shopping in bulk and cooking at home.
- Find the discounts whenever you go shopping.
- Get rid of any extra cars or payoff your current vehicle as to not have any recurrent bills.
See more from US News and World Report.
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