The Money Audit | How to Save Money without Sacrifice

The Money Audit | How to Save Money without Sacrifice 👍 Retire Before Mom and Dad https://amzn.to/2MsRJ9B

In this video we'll walk through what I call the Money Audit. It's a simple, 3-step process to reduce your monthly expenses without major sacrifice or changes in your lifestyle. We all know we can reduce our expenses by eating out less or skipping the annual vacation. The Money Audit, however, look at how to save money without making these major changes in how you live.

It's a 3-step process:

Step #1: Write down every monthly bill you have, including the amount.

Here is a list of common monthly bills:
• Rent or mortgage
• Credit card debt
• Car loans
• School loans
• All other debt
• Utilities (electric, gas, water, trash service)
• Internet, cable, home phone, and cell phone
• Netflix, YouTube TV, Hulu, Amazon Prime, and other subscription-
based services
• Insurance (car, life, health, homeowners)
For each item, include the amount of the monthly expense. If the expense varies, as with utilities, you can record an average. A guesstimate is fine too, if you don’t track your expenses each month. For loans, include the minimum monthly payment and the interest rate.

Step #2: Once you have a complete list, ask the following three questions for every item on the list:

Question 1: Do I really need or want this?

Question 2: Do I need exactly what I have?
For those items you’ve decided to keep in your life, can you change them in some way and save money? A perfect example is increasing the deductible on your car insurance. If you have an emergency fund that can cover a higher deductible, this simple change can save you hundreds of dollars a year.

Question 3: Can I get what I need for less?
The simple act of comparison shopping once a year can save you a bundle. Comparison shop for EVERYTHING.

Step #3: Execute. Once you have your list and know how you can save money, it’s time to make the changes. This often involves a lot of phone calls.

Tools & Resources

📚 My Book (of course): https://amzn.to/2MsRJ9B
💰 Personal Capital: https://go.robberger.com/empower/yt-
🏦 Checking accounts: https://www.allcards.com/best-checking-accounts/?utm_source=youtube&utm_medium=rb&utm_campaign=money-audit
💲 Online savings accounts: https://www.allcards.com/best-online-savings-account-rates/?utm_source=youtube&utm_medium=rb&utm_campaign=money-audit
✅ Free Investment Tracking Spreadsheet: https://docs.google.com/spreadsheets/d/1TgS9I6k495XvBbUmjO7fzC05iAQM815Y7gbk2u2EbE0/edit?usp=sharing

ABOUT ME

While still working as a trial attorney in the securities field, I started writing about personal finance and investing In 2007. In 2013 I started the Doughroller Money Podcast, which has been downloaded millions of times. Today I'm the Deputy Editor of Forbes Advisor, managing a growing team of editors and writers that produce content to help readers make the most of their money.

I'm also the author of Retire Before Mom and Dad--The Simple Numbers Behind a Lifetime of Financial Freedom (https://amzn.to/3by10EE)

LET'S CONNECT

Youtube: https://www.youtube.com/channel/UC9C17-OMxa-7oRSaCtztObw?sub_confirmation=1

Facebook: https://www.facebook.com/financialfreedomguy/

Twitter: https://twitter.com/Robert_A_Berger

DISCLAIMER: I am not a financial adviser. These videos are for educational purposes only. Investing of any kind involves risk. Your investment and other financial decisions are solely your responsibility. It is imperative that you conduct your own research and seek professional advice as necessary. I am merely sharing my opinions.

AFFILIATE DISCLOSURE: Some of the links on this channel are affiliate links, meaning at no cost to you I earn a commission if you click through and make a purchase and/or subscribe. However, I only recommend products or services that (1) I believe in and (2) would recommend to my own mom.