Business Talk,  FIRE Financial Independence, Retire Early

One Piece of the Financial Freedom Pie-Cutting Expenses

There’s earning more money, saving more money, and another piece of the financial freedom pie is all about cutting expenses.

I probably don’t have to tell you that things have gotten more expensive this year. Don’t know about you, but each time I open a bill, like one from a utility company, a piece of paper drifts to the floor. It’s the one saying they’ll be raising their rates later this year.

And it’s not just energy costs. Just the other day, I went online to order some of my favorite green tea (it’s my mid-morning pick me up), and had to blink three times just to make sure I was seeing the price correctly. I worked it out that since the last time I purchased it, (which was in April), the price has risen by about 40%.

I love this tea, it’s great and I’ve been drinking it for about 3 years but am I willing to spend 40% more for it?

The answer for me is an easy one, no. That extra money could go toward something else or even into my rainy day fund.

Have I forsaken my green tea treat?

Again the answer is no. I simply did what I’ve always done, shop around for a cheaper product. I actually found one and to be honest, I don’t like it as much but like I said a few weeks ago, the road to financial freedom does mean having to make some sacrifices along the way.

This slice of the financial freedom pie is all about seeing where you can cut costs. Maybe make your own bread or pizza. Put together your own cleaning products…a lot healthier for you anyway. See what services and extras are on automatic pilot. You know the ones that renew year after year even though you haven’t used them in years or even enjoy using them. Maybe you can cut out the cable TV, switch like I did to a cheaper brand of something you’ve been using.

I think higher prices are here to stay for the foreseeable future and yes, that thing called inflation too. So, sit down and figure out what you can eliminate from your budget and what you can switch to save some money. Even think of it as a game. The good thing about the Internet is you can research prices and compare costs from the comfort of your couch.

And if you really want to get serious and track all your costs, the BSG store has a budget planner, check it out here-

Use the BSG Planner to Get on Track with Gaining Financial Freedom

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