Expense Category #3: Taxes

This is an expense that we can’t avoid. There are different ways certain individuals are able to minimize their tax expense. Consult an expert to learn more.

Expense Category #4: Shelter

Shelter expense ranges for every individual. Some people rent a room, some rent whole apartment, and others got their own monthly finance payment plan. A lot of prosperous people start out financing a house and while they are doing that, they will be renting out rooms that they do not use. Some will even build extra rooms to create more revenue. Not only they are minimizing their shelter expense, some are even able to totally eliminate this expense. Bear in mind that in order for us to achieve financial freedom, we ought to minimize our expenses.

Expense Category #5: Household

This ought to be your largest category expense. Household includes food, clothing, bills, etc. One ought to try to allocate most budget in this category. Being largest category, household expense has got most potential to be minimized. For example, instead of subscribing to expensive cellular phone plan, one can choose to apply for cheaper plan and try to limit their cellular phone usage.

Always take note of day that bills arrived. Write it down in your calendar. This way, you are able to see your budget clearly. For example, I realized that for my electricity bill, I always receive online bill on 26th of every month. In my planner, I will highlight 26th and write “electric expense”. At beginning of month, always browse through your previous month expense and try to find ways to minimize it.

Take some time to sit down and look at your expense and spend some time trying to minimize it and with a constant practice and more knowledge, you will be amazed at how much money you are able to save every month. I will meet you in my next article for next five expenses. Cheers!

Working together with you toward financial freedom, Henry Tanaka

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