We all enjoy life’s luxuries, but can we really afford designer clothes, gourmet coffees and eating out on a regular basis? Do you find yourself struggling to stay on budget and save for your future? If you answered yes, then it’s time to take some measures and cut expenses.

Here are some various ways to help get you start cutting costs and start saving for your future.

1. Make sure you are paying the lowest interest rate on your mortgage. If you are planning to be in your home for several more years consider refinancing.
2. Lower your credit card debt. Negotiate the lowest possible finance charges and then pay down the debt as fast as you can, starting with the high-interest debt.
3. Consider cutting out some of your technology cost. Make sure you have the most economical plans in place. Contact your local cable, cell phone and internet providers and comparison shop for the lowest fees.
4. Review your monthly energy and water bills and find ways to reduce. This can be as simple as replacing weather stripping around doors and windows and avoiding running your dryer and dishwasher during peak hours.
5. Automobile and Homeowners insurance should be reviewed annually as they may increase with each passing year. You should consider comparison shopping or renegotiating with your current provider.
6. Find various ways to lower your meal and entertainment expenses. Try packing your lunch and cooking as many meals as possible at home. When seeing a movie make going to the matinee a priority. Forego the high priced snacks and use the savings toward a dinner after the matinee.
7. When shopping for groceries, clothing or gifts make a list ahead of time and decide what you can afford and what you actually need.  This can help avoid impulse buying and overspending.

By implementing these cost cutting tips you may find you have some extra cash to spend on those well deserved luxuries. More importantly, you may find you now have a growing savings and retirement account in your name, helping you towards achieving financial freedom.

Answers from AZ