by Alycia Keating

Created on: May 27, 2007   Last Updated: January 07, 2008

Tips for Reducing Your Daily Expenses

We don't trip over an elephant. What we do trip over is something small, like a shoelace.

The same idea holds true for daily expenses as well. It's not necessarily the big items that trip us up; it's the little ways that spare change seems to leak out of a hole in the pocket that causes us budget pains.

Like most rewards, saving money requires a tiny bit of start-up effort, a change in habits and thinking. If you really, really want to tighten the belt and have a little more cash in your pocket, get comfortable and read on.

I. THE DREAD BUDGET!

First of all, take an inventory. How much do you make? How much are you taking home? Now, take that figure, say a monthly take-home salary, and subtract your weekly expenses from it. I just plunk it all down in an excel spreadsheet. You can simply put it on lined paper if you prefer. You'll want to write down all your regular monthly expense like:

*Housing,whether it be rent or mortgage expenses
*Renter's or Homeowners Insurance
*Property Taxes
*Food
*Utilities, including TV and any cellphone service
*Automobile expenses(if you have one)such as the monthly payment, insurance, parking, license, registration and taxes. If you don't own a car, how much is your transportation costing you?
*Gasoline! Didn't use to be such a big deal but nowadays, if you commute, it adds up.
*Car Maintenance including oil changes, new tires every couple of years, and the inevitable repair
*How much do you spend on Christmas (if applicable)? Be honest!
*Birthdays? Cards? Flowers? Weddings or showers?
*Do you buy your lunch out? How much do you spend on that?
*Coffee or soft drinks on the road?
*Banking fees such as ATM or monthly charges.
*Medical Copays are often an overlooked cost. So are things like prescription glasses and veterinarian's bills
*Do you feed the birds? Birdseed can run me a good $15 a week when it's snowy!
*Let's not forget Happy Hour! There's a cost for that free food
*Speaking of which, do you dine out at all? Do you have a special someone that you lavish attention on? How much lavishing do you do?
*Movie rentals
*Gym Membership
*Subscriptions, either hard copy or online
*Books and Music?
*Clothing (this can be hard to figure, I know)
*Hair Care
*Hobbies, such as gardening, crafts or model building
*Movies or other entertainment
*Do you go on vacation each year?

Some of these figures will be easier to look at as monthly, or yearly expenses. Simply divide the yearly expenses by 52. Multiply the monthly payments by

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