Increase Your Net Worth with Spending Reduction
Now that we grabbed your attention with that attention-grabbing headline, let’s apply to your life the Spending Reduction worksheet, which you can download for free here, that saved our lives. Since you’ve already done our Spending Analysis, it will make Spending Reduction worksheet easier.
If you’re like us, and you are because you tell us in your emails and direct messages, your money problem isn’t that you don’t make enough. It’s that you’re not managing the money you make. For
eye candy example, see Johnny Depp. Here’s where our Spending Reduction Worksheet will help you like it helped us. Download it now!
The only way to be financially successful is to live below your means by having a financial plan, keeping more of your money to become debt free, save for something huge or relieve financial stress, requires a financial plan and this Debt Free Guys’ Spending Reduction Worksheet is a critical step in that plan because it implements a strategy to reduce the inflated expenses highlighted our Spending Analysis Worksheet.
The What of the Spending Reduction Worksheet
After you’ve analyzed your spending, you analyzed all your expenses for the last 12 months . . . okay, at least the last three months. If you haven’t done this, it’ll be an eye-opener when you do because, for better or worse, you’ll know where all your money goes.
It is for the better because, just like you can’t drive from New York City to Los Angeles without clear directions, you can’t achieve financial goals without a financial plan. A sound financial plan includes knowing your financial starting point and your ending point or your financial goal because we all know that “the more you know” is bull shit unless you do something with what you know.We all know that “the more you know” is bull shit unless you do something with what you know.Click To Tweet
It wasn’t until we knew which direction we wanted to go with our financial lives and our lives in general that we went from a negative net worth of $51,000 to a positive net worth over $700,000. Our financial success could be your financial success!
The How of the Spending Reduction Worksheet
- Download the Spending Reduction Worksheet for FREE here
- Based on what you know about your existing expenses, set a goal for how much you want to reduce spending, we suggest you start with a minimum of 10%
- Enter your existing expenses from the Analysis Worksheet into the Current Monthly Expenses columns on the Spending Reduction Worksheet
- Enter your desired spending for each category into the Proposed Monthly Spending columns
- Confirm that your monthly and annual savings will help you meet your financial goals
- Enter your Proposed Monthly Spending into your budget and create a comprehensive plan to cut down your expenses and achieve your goals
Why are you waiting?! When we started living below our means, we paid off $51,000 in credit card debt. We then amassed over $700,000 in net worth in ten years. Before we started, that goal seemed impossible. In hindsight, it was easier than we expected. We just needed to get started.