How to Shrink Your Financial Footprint
Look at this project in the same way as a weight loss diet., Start with the low-hanging fruit., Spend your money on the things and experiences that truly enhance your quality of life. , Eliminate waste., Put extra Christmas or holiday season cards...
Step-by-Step Guide
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Step 1: Look at this project in the same way as a weight loss diet.
Most people know that the best way to lose weight is to burn more calories than you take in; financial solvency comes when you spend less than you bring in. -
Step 2: Start with the low-hanging fruit.
Eliminate the expenses that add no value to your life, such as late fees, unnecessary or duplicate purchases, excess interest on debt. ,, Instead of leaving holiday leftovers out to spoil, promptly freeze them for a tasty meal later. , Make use of the sales when they throw out items for next-to-nothing, storing away the savings for next holiday season. , If it's winter, put on a sweater instead of running around the house in shorts.
If it's summer, turn down the air-conditioning and open the windows to let the breeze cool you down. ,, How many times have you bought an item when it turned out you already owned something similar? Go home and check first.
And if you can't find it, clear the clutter first. , How much food has to be thrown out because it was forgotten in the back of the refrigerator until it rotted? If this is your experience, start planning meals and shopping lists to keep the waste down. , Donate the items that aren't helping you to lead a fulfilling life. , Or, give them to someone who can make better use of them.
While you might not make money, you'll make friends and clear some more space. ,, Keep it organized from now on.
The past is gone, from this point on, you are an organized person. , If you have a refund due, file promptly.
If you must pay, wait until the beginning of April to mail your return, but at least it will be ready so you won't be stressed out and perhaps owe a penalty for filing late. , If your employer has a 401k plan, superannuation plan or similar, contribute as much as you can, certainly up to any company match.
Think about contributing to an IRA (Individual Retirement Arrangement) as well.
If you can't fund the whole allowable amount at once ($5500, or $6500 if you're over age 50), some institutions will let you contribute in installments.
And it's not too late to open an account at the end of any year; you have until April 15 in the USA. -
Step 3: Spend your money on the things and experiences that truly enhance your quality of life.
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Step 4: Eliminate waste.
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Step 5: Put extra Christmas or holiday season cards
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Step 6: wrapping paper
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Step 7: and bows where you can find them next year so you won't have to re-purchase as much.
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Step 8: Turn your thermostat down to save energy.
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Step 9: Eliminate clutter.
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Step 10: Think before you buy.
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Step 11: Quit buying food you don't eat.
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Step 12: Take inventory of what you have
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Step 13: and get rid of what you don't need.
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Step 14: Exchange those Christmas or holiday season gifts that are the wrong size or otherwise unsuitable.
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Step 15: Donate usable unwanted items to charity for a tax write-off.
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Step 16: Start organizing your paperwork.
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Step 17: Make sure you take advantage of every deduction or credit for which you are eligible.
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Step 18: Get started on investments.
Detailed Guide
Most people know that the best way to lose weight is to burn more calories than you take in; financial solvency comes when you spend less than you bring in.
Eliminate the expenses that add no value to your life, such as late fees, unnecessary or duplicate purchases, excess interest on debt. ,, Instead of leaving holiday leftovers out to spoil, promptly freeze them for a tasty meal later. , Make use of the sales when they throw out items for next-to-nothing, storing away the savings for next holiday season. , If it's winter, put on a sweater instead of running around the house in shorts.
If it's summer, turn down the air-conditioning and open the windows to let the breeze cool you down. ,, How many times have you bought an item when it turned out you already owned something similar? Go home and check first.
And if you can't find it, clear the clutter first. , How much food has to be thrown out because it was forgotten in the back of the refrigerator until it rotted? If this is your experience, start planning meals and shopping lists to keep the waste down. , Donate the items that aren't helping you to lead a fulfilling life. , Or, give them to someone who can make better use of them.
While you might not make money, you'll make friends and clear some more space. ,, Keep it organized from now on.
The past is gone, from this point on, you are an organized person. , If you have a refund due, file promptly.
If you must pay, wait until the beginning of April to mail your return, but at least it will be ready so you won't be stressed out and perhaps owe a penalty for filing late. , If your employer has a 401k plan, superannuation plan or similar, contribute as much as you can, certainly up to any company match.
Think about contributing to an IRA (Individual Retirement Arrangement) as well.
If you can't fund the whole allowable amount at once ($5500, or $6500 if you're over age 50), some institutions will let you contribute in installments.
And it's not too late to open an account at the end of any year; you have until April 15 in the USA.
About the Author
Grace Hall
Dedicated to helping readers learn new skills in practical skills and beyond.
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