Spend Less Save More: Where's your money going?
Reviewing your spending habits can be difficult to face, but let’s be realistic if you don’t know where you’re spending you can’t curve it and save. Each year I am responsible for adding up the expenses and income for my family’s home repair business and let me just say it’s extensive we itemize. Yes itemize and it’s an all year job. At the end of each month I not our expenses- materials, phone bill, office supplies, gas/millage, insurance etc. as well as all income received from completed projects. I also do this for our personal expenses home mortgage, utilities, food, clothing insurance or family outings etc. Knowing all this each month lets me know when we are spending too much or if we need to do more to save. I know each year that our electric bill is low in the winter, we live in Texas and can go as high as $250-$300 in summer months so I set aside $50.00 each winter month into our savings account to cover those summer months which in Texas seem to come earlier each year. I also save a bit more in the summer when I know our business will be slow in the winter months most people don’t want work done in their homes or businesses during the winter months.
Reviewing your spending habits and expenses each month let you know if you should be looking for less expensive alternatives. If your fees on your debit –card goes up or if you’re using it too frequently you can search for better options or if you’ve noticed that your mortgage insurance is going up you may want to search for a better policy. The begging of each year brings changes to state and local policies so you should look into your insurance policies, Texas residents be aware of the new windstorm policy changes they are big and can be expensive we are receiving so many calls from insurance companies to help their clients be in compliance with the new changes so check in with your insurer they get busy and on occasion forget to inform you of the changes and they can be costly if they are not covered when you need them. For more tips and savings visit www.where2sve.com