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How to lower your outgoings

By Edited Oct 27, 2013 0 0

This may seem obvious but the trick is to get rid of as many regular bills as you can, imagine it this way, eliminating a regular bill is the same as earning that much more.

If you would like an example I am keeping a record as I do the same on my blog. In the first week I went from paying out £115 to £51, that is the equivelant of earning £64 a week more! which for me is more than a days wage, so I can work 1 day less a week and have just as much cash, or spend £64 a week more. Which is great.

Things You Will Need

a few bank statements will help.

Step 1

First you need to write a list of all your regular outgoings, don't miss anything, even things you don't think you can cancel, as you may be able to decrease it, or at least you will have a better idea of your outgoings.

Step 2

Here's a list of examples of outgoings and how to eliminate them:

gym / swim / etc - go walking, running, or many other free activities.

food - buy value goods as they still comply with all the regulations and are fine to eat, edible wild plants save a lot of money!

charities - give another way: volunteer, get friends to sign up that aren't.

Mobile phone - first ditch a contract! seriously. second don't put credit on in the first place.

land line / internet - strike a deal with a neighbor to use there internet, then use skype with a number attached (so same as land line, but 3 £ a month)

Car - car share, walk, bike.

Rent - camping, couch surf, caravan, live in a van, commune, wwoof, work for your keep.

once you have canceled or lowered your outcomes you will notice the difference. Even a small difference mounts up. for example £2 a week is 104 £ a year.

figure out the difference after you cancel outgoings, this is how much more money you have to spend.

Tips & Warnings

I found it helpful to make all payments as per year, makes it easier.



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