Simple Ways To Downsize Your Life And Save Money
Downsizing is often the answer to someone looking for ways to save money. There are plenty of other reasons to downsize, however.
Maybe you are a new empty nester, and you realize you don’t need a lot of space. Or, you’re going through a transition phase and you need all the extra money you can to save and get back on your feet. Either way, downsizing your life can be stressful. You have to determine where in your life you can cut things down a bit. If you are looking to save money and downsize, here are some things you should keep in mind.
Keep Things Automated
When you set up automated payments on your monthly bills, not only will it save you time but it will also save you stress. You do not have to keep a watchful eye over your calendar, and you won’t pay your bills late. The money will always be taken out on time, as long as you have money in the account.
Along with setting up your bills for autopay, you should also consider downsizing your monthly expenses. It is recommended that you cancel any subscriptions or memberships you are not using.
Another good thing to automate is your savings. Instead of manually setting money aside, having it come straight out of your bank account is the best way to ensure you are saving money every month. It is also recommended that you automate contributions to your retirement fund.
By doing these two things, you won’t even notice that money, because it will go to your savings accounts before you have a chance to miss it.
Rethinking Entertainment
Nowadays there is an entertainment subscription for whatever you watch and consume. While this may have been all right before, if you are looking to downsize this may be an area for saving money.
If you have cable, re-evaluate what you really need. Is it a must that you keep HBO and Showtime as part of your subscription package? Instead of having 200 channels, consider switching to a plan that provides you with basic channels.
It may be best to kick cable to the curb all together and only go for streaming, since it is typically cheaper. Just make sure that you’re not signing up for every single streaming subscription available. Instead, pick one or two that you will use on frequently.
Cut Back On Space
Downsizing your living space is another way to save money. If you are renting, trade your rented home for apartments for rent. The amount you save in overhead costs will significantly decrease by doing so.
There is no need to pay for extra space you are not using. Consider moving to a place that gives you only the space that you need. That way you are living a downsized lifestyle without having to sacrifice the things that bring you comfort.
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Ken Boyd
Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies
(email) ken@stltest.net
(website and blog) https://www.accountingaccidentally.com/