Lower Living Expenses

JC Project Freedom Lower Living Expenses
Image by Steve Buissinne from Pixabay

In order to increase saving rates, you need to lower your living expenses. Having lower expenses allows you to reach financial independence more quickly. It allows for a higher savings rate. Every dollar save is a dollar earned and it means another dollar for your investment. Lower annual expenses means less needs in your nest egg. See the below for cost saving tips and implement them if they make sense to your life.

  • Always shop around for the best deal on home, car, and life insurance.
  • Eliminate entertainment subscription like Netflix
  • Stop watching TV which reduce or eliminate cable bill
  • Reduce your mobile phone bill by lowering your data plan or use prepaid sim card
  • Eliminate monthly subscriptions like newspapers and magazines
  • Reduce expenses on clothing, grooming and consumable habits like smoking, drinking and alcohol
  • Sell unused items for cash
  • Don’t use air conditioners
  • Drive an used car or just take the public transport or use Grab/Uber
  • Reduce eating out by cooking meals at home

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