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Expense #3: Clothing Clothing is an absolute necessity. In some cases people need nice clothing to keep their jobs. Looking sharp or stylish is part of their job description. However, for some people, their entire budget is spend on clothing that they do not need. The key is to make smart decisions regarding whether you need this new clothing item or not. Reducing this expense can be very difficult for many people, but you have to ask yourself before you buy any clothing "Do I need this?". Not "Do I want this?". Here is the "clothing rule": Always decide what you are going to purchase BEFORE you go into the store and stick to it. Do all your "shopping" at home (not on the computer). If you truly need a new jacket because the old one has a hole in it and it's really cold outside, then by all means go buy a jacket. But don't start looking around at the skirts and hats while you are there. Get the jacket and run! If you need a new suit or dress or outfit for work, then go out and get a new work outfit, but that's it! Don't even start looking at the shoes. Also, always buy on sale. There are sales everywhere. Don't buy anything full price. Go to a discount store like Target or Walmart or Kohls when they have a sale and get the same thing for less. Leave your pride at the door. You can get good brands and professional clothing for much lower prices if you search hard and have a little patience. Also, think about shopping for yourself at Christmas, Mother's Day, Father's Day and other times when stores run big clothing sales. How much will you save by doing this. Tough to say. Some people already do this. Some don't and throw away $100's a month. I'd say anywhere from $0 - $300 a month. You know if you spend too much on clothes. You also know if clothing is a key component to your job. So think twice and make smart shopping decisions when it comes to your clothes. Buy quality professional clothing and do not impulse buy! Go to Expense #4: Entertainment
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Step #1: Renegotiate debt, consolidate debt, and settle debt 4) Start investing in 401k plan or IRA
Holding Loser Investments and Stocks
Not saving for Retirement
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