- Getting the homestead exemption on my new house. This will lower my total monthly housing payment by roughly $83.33. That reduction is about 13% of my current payment. I have already submitted the forms for this.
- Cook/eat at home more. I am doing this already by necessity. Once the kitchen is finished I will be able to do this a lot easier. This cuts my meals costs by at least half. Lean Cuisine is filling part of that gap currently.
- Curb temptation. This one really got me more than I thought it did last year. I am making a conscious effort to wait 30 days before I buy any "toys" or non-essential items. This will be done with strict(er) budgeting.
- Debt Interest. I will soon refinance my debts into a home equity loan or some variation of it. It will lower my rates and have the added tax benefit. This will drop my overall interest rate by about 50%.
- Eating out and Entertainment. I am cutting way back in this area. I am only going to dinner if I have coupons or some other discount. I cut back on concerts and going to the bar too. This will help immensely!
This is my journal of my quest for financial independence, my obsession with traveling the world, and my goals in life. I am sharing it all publicly for the world to see.
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Tuesday, January 19, 2010
2010 Goal: Cut overall expenses by at least 5%
I have just come up with a new goal for this year. I want to cut my general living expenses by 5% or more. There are some areas that I can work on right away and achieve this but I am going to tackle some more difficult tasks. Here are my options:
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