An easy way to save money during a recession is to write down all of your expenses for at least one week.
Yes, we said ALL of your expenses. If you pay your telephone bill for $100 or buy a candy bar for a buck, write it down.
At the end of the week, tally all of your expenses and see where you are spending your money.
Take it one step further and divide the expenses you’ve written down into categories.
This is a great way to gain some insight into where your money is really going. The results can be eye-opening.
If you write down all of your expenses for a week, you will certainly find at least one or two areas where you can reduce your spending.
Some great budget categories to start with are listed below. The list is by no means complete but it will get you started and that’s half the battle:
Entertainment and Leisure
Books, Magazines, Newspapers
Cultural Events
Membership Fees
Entertaining
Movies & Video Rentals
Music Downloads
Sporting Events
Sporting Goods
Tapes & CDs
Toys & Games
Vacation Lodging
Vacation Travel
Family Expenses
Childcare
Clothing
Life Insurance
Education
Books
Tuition
Education-related Fees
Healthcare
Dental care
Eyecare
Hospital
Physician
Prescriptions
Health Insurance
Food
Dining Out
Groceries
Charitable Donations/Gifts
Charitable Donations
Gifts
Personal Care
Haircuts
Pet Care
Pet Food
Pet Supplies
Veterinarian
Residence
Rent
Household Furnishings
House Cleaning
Yard Service
Homeowner’s Dues / Condo Fees
Homeowner’s/Renter’s Insurance
Taxes
Federal Income Tax
Local Income Tax
Medicare Tax
Real Estate Taxes
Social Security Tax
State Income Tax
Utilities
Cable/Satellite Television
Cellular
Electricity
Garbage & Recycle
Health Club
Natural Gas/Oil
Online/Internet Service
Telephone
Water & Sewer
Vehicles/Transportation
Car Payment
Gasoline
Car Maintenance
Car Insurance
Public Transportation
Interest and Financing
Mortgage Interest
Student Loan Interest
Other Loan Interest
Bank charges and overdraft fees
