Knobull Helps Students And Professionals Cut Their Cost Of Living

By: Knobull
BOSTON - Feb. 15, 2022 - PRLog -- Lynn Bentley, President of Knobull recommended, "The first step to cutting spending is figuring out where the money is going. Tracking spending over 30 or 60 days will probably be an eye-opener. Who knew that much money was going toward your Cable. The old-fashioned way to track is to write down every expense as you make it. Fortunately, we live in the 21st century and technology can do our writing down for us."

Creating a budget doesn't have to be complicated. It's simply a plan for where your money will go and can even mean separating spending into "needs," "wants" and "goals," rather than spelling out ever specific item. That way, students and young professionals will be able to monitor and adjust your overall spending.

Most people have monthly subscriptions for cable TV or streaming services, internet, cell phones, publications, weight loss programs, you name it. Once you set one up, you likely don't think about it much, yet the money comes out of your account every month.

One of your biggest expenses is likely housing – people whose income is below $50,000 a year spend an average of 36.6% or more of your income on housing. This is above the rule of thumb 30% recommended by financial experts. Reducing housing expenses may seem like a nuclear option, but it is something worth considering.

One way to drastically cut expenses is to consolidate debt. If you have credit cards, those monthly payments could be eating up a big portion of your take-home pay. Check out the interest payments on the cards – likely it's between 16% and 30%.

Shop around for insurance companies that may offer a better deal. Check out the National Association of Insurance Commissioners for tips on picking a good insurer.

Preparing and eating meals at home can save a lot of money. Weekly meal planning can make it easy. Figure out what you will eat for the week, plan it, then stick to it. The internet offers an endless variety of cooking and recipe tips, even for people who don't consider themselves cooks.

Put as many monthly expenses as you can on automatic payment, and then use what's left for other spending. This requires keeping a strict eye on the budget, but also cuts way down on impulse buying. Need that awesome pair of shoes, new TV or school books? Start shopping for Amazon deals at the Knobull Landing Page very soon!

Bentley concluded, "There's no better time than now to reduce your expenses. Taking it one step at a time will make it more manageable, and you may be surprised at how quickly you see results."
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