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Cutting Your Expenses – Toronto Debt Management

Here are some great ways to cut your day-to-day expenses. Use the money you save to pay down your debts, save for your emergency/retirement fund, or put towards one of your own personal goals.

Hearing someone say that cutting expenses is fun is hard to believe. So let’s just say – having more money at the end of the month, making your debts disappear, and achieving your own financial goals – is a wonderful feeling that is worth the effort.

There are many poor excuses to not cut expenses – in the end; none of them will make you feel as good as when you take control of your own life and finances.

Reality Check – You know yourself better than anyone else does. You know how much you can cut back on before you (or your family) will rebel. To make cutting expenses something you will do, and will keep on doing – it has to be set up as something you know you can handle. Remember, to reward yourself – by looking at your decreasing debt load and your increasing bank accounts. Set reasonable goals – and be proud of yourself when you achieve them.

Expense Cutting Ideas

  • Learn the difference between needs and wants.
  • Be open to ideas – no expense is beyond a closer look – to see if you can reduce it.
  • Set up a realistic budget – and follow it.
  • Leave your credit and debit cards at home. Live on a set amount of cash each month. When the cash is gone – it’s gone.
  • Transportation. Write down what are you currently paying in transportation costs and figure out where you can reasonably save. Do you really need more than one vehicle? Do you need a vehicle? In some major centers, not having a vehicle is a reasonable choice.
    • Vehicle payments per month
    • Insurance (averaged per month)
    • Gas/Oil per month
    • Parking
    • Maintenance (averaged per month)
    • Repair (averaged per month)
    • Bus Pass/Tickets
  • Entertainment Costs. Write down how much you are paying for entertainment each month. Use your credit card and debit card receipts as well as your memory, to get the exact amounts for the last three months. Where can you save on your entertainment costs? Be sure to include:
    • Restaurants (include lunches and coffee/teas) Do you really need a $5 cup of coffee?
    • Pubs/Lounges
    • Movies/Theatres (include rentals, food and drinks, parking)
    • Sporting Events (include food and drinks, parking)
    • Hobby and Craft Supplies
    • Gym Memberships
    • Books (rediscover your public library)
    • Cable TV and Internet (Can you cut back? Have you compared services and plans lately?)
    • Other
  • Phone / Cell Phone Costs. Check and compare your cell and landline phone rates and usage. Do you need to have both? Could you save with a different service or plan? Many companies now offer “bundle” packages.
  • Heating Bills – turn down the temperature, put on a sweater and make sure you have properly insulated your home.
  • Electric Bills – if you are not in the room, turn the lights off. Replace existing bulbs with the newer compact fluorescent bulbs. Because of the initial cost of the fluorescents, you might want to wait till they are on sale and replace as the old bulbs burn out. Look around your home and see where you can save on electricity.
  • Stop shopping as a form of entertainment. Unless you have a specific item you ‘need’ to buy – take shopping off your list of things to do. Investigate ahead of time on the internet or by phone, to make sure you are getting the best buy – it saves money on gas and keeps your store time to a minimum.
  • Go to the grocery store with a list – and keep to it. Check the flyers (online or paper) before you create your list. Do not be tempted by ‘specials’ that are not on your list. Make sure you eat before you go.
  • Make do – and reuse. Be good to your budget and to your environment – do not throw out what you can reuse.
  • Forget the Joneses. If they are smart, they will be following your lead.

When There Is Nothing Left to Cut

If you have already cut your expenses to the bare minimum and are still not able to pay all your debts, and you believe that you will never be able to repay all your debts – it may be time to speak with the professionals at David Sklar & Associates, Bankruptcy Trustees. If you live in Greater Toronto Area, Call 416-498-9200 or get started with our Quick Assessment Form to book your Confidential & Free Initial Consultation. We will help you to evaluate your current financial position, find a way to leave your debts behind, and move on with your future.


We Can Help

If your debt problems seem insurmountable – we can help. At David Sklar & Associates, our Licensed Debt ProfessionalsTM have the experience and knowledge to help you get out of debt. During your consultation, we will help you understand what your current financial situation is, how best to fix it, and how to move on to a better life. With six offices in the Greater Toronto Area – we are here to help.

Call Us Today For a Confidential & Free Initial Consultation Call 416-498-9200

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