SOUTHERN COLORADO – A popular New Year’s resolution is to become more financially secure, but be prepared as it may require cutting down on unnecessary expenses.
According to a USA TODAY article there are seven things you can cut from your budget in 2019. Some of those include duplicate clothing (buying your favorite piece in every color), disposable products like paper plates and paper towels, and small daily expenses such as eating breakfast out or buying coffee.
Linda Leitz, certified financial planner for Peace of Mind Financial Planning, said while the costs for these items may seem small they can add up pretty quick.
Amanda McBeain, a Pueblo consumer, said unnecessary expenses for her include “coffee, energy drinks, Red Bull.”
For Victoria Talavera it’s “clothes, some Starbucks, just random stuff.”
They’re purchases she may have to cut down on as she focuses on goals after graduation.
“I’m trying to make another move after and I have to start saving now.”
For McBeain, she hopes to “save up for life, a house maybe, traveling.”
To achieve these dreams, Linda Leitz wants people to ask this question when considering a purchase: “Does that reflect what you want your spending to be?”
One suggestion from Leitz is to take a minimalist approach with your budget.
“Take somewhere between a month and two months, at most a quarter, and literally don’t spend on anything that isn’t in your mind necessary.”
When it comes to utilities, she said being more intentional and turning the thermostat down can save you a lot of money. Beyond that, you can ditch disposable items for reusable ones like a hand towel and find options you’ll only have to pay for once like a refillable water bottle.
Another tip from Leitz-if you really want to get a grip on your budget this year make a conscious and consistent effort to keep a good track of what you spend every day.