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Finance For Dummies

Finance For Dummies offers personal finance information on investing, retirement investing, finance, insurance, credit cards, loans and more. Personal finance education is our goal.

Sunday, April 23, 2006


It sounds very rudimentary, but if you examine what you spend and how you spend it oftentimes with small compromises or changes in behavior you can save a little or a lot more.

First, create a thorough spreadsheet that includes every time of expense you may encounter. Categorize them. Then you must remember to keep all your receipts. By doing this you have an accurate record of everything you have spent money.

Now once you have set up the spreadsheet and gone through a month of recording your income and expenses you can analyze your spending habits. If you would like to cut your spending by $100 a month so you can put it in a Roth IRA you can look and see what you can realistically give up or cut down your spending. You have to decide what you are willing to go without or go with less of in order to reach your goal. I am sure you will see many options once you examine your spending, but it is ultimately up to you.

Even if you do not need to cut your spending budgeting is still very important so you can understand where you money is going. Often you will be surprised at how much you can cut by just seeing where it goes.


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