Here is a very interesting article to think about:
To summarize the important ideas I got from it:
1.You have to constantly be optimizing your expenses to keep getting the most value. For example, every renewal on insurance or recurring expenses, get comparative quotes and make sure you are paying reasonable amounts. (Of course your relationships with your agents or other service providers are important too, so you have to look at the overall value).
2. Take all of your expenses under the microscope and challenge yourself on why you need this expense.
3. Have your needs changed? Are you still paying for things you no longer need? For example, a sports car that you had to have when you were younger, but now is no longer used since you had a new baby.
4. How can you streamline your expenses to make them more efficient? For example is a prepaid phone plan more efficient for you than a monthly cell phone plan? How many phones are you paying for?
5. No expense is considered sacred.
6. Have new innovations replaced the need for a prior expense but you still pay for the obsolete expense?
7. Do you pay for an item on a monthly basis but rarely use it? For example, a gym membership or other membership?
8. Make a list of your ten biggest expenses and see if there are ways to optimize i.e. reduce some of these expenses.
9. Look at your expenses from an outsider's perspective and figure if you are getting the most value for that expenditure.
10. Don't forget to question the little expenses as they can add up.
Edited by: PEPPERMINT125 at: 7/3/2013 (17:48)
EST Grand Rapids Michigan (yes same time zone as Maine)
If the first thing you do when you wake up in the morning is eat a live frog, then nothing worse can happen for the rest of the day!" Mark Twain
If a man really wants something he will find a way, if he doesn't he will find an excuse." Stephen Dolley, Jr
It is not enough to take steps which may some day lead to a goal; each step must be itself a goal and a step likewise.
Johann Wolfgang von Goethe
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