- Track what you spend in two weeks. It’s hard to cut back if you don’t what your weak points are, so grab a little notepad and write everything you spend for 2 weeks.
- Withdraw from your bank’s ATM once a week. Take out money you need to eat, tolls, etc. If you run out of money, then make a peanut butter and jelly sandwich or bring leftovers for lunch. Do not go back until the next week!
- Use you cash, not credit cards. Don’t defeat the previous step by switching over to your credit card. This will help you to stop acquiring new debt, which in turn can drain your savings. National average for standard, variable cards is around 14%, so eliminating new debt will help you.
- Base a tentative budget based on what you learned the past two weeks. This will help you avoid a rigid or unrealistic budget, which will only frustrate and discourage you.
- Repeat. Keep working at this. You’ll probably work on it a few times until you get it right for your circumstances.
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