ST. CROIX INSIGHTS

Year-end Financial Challenge

BY BRETT ANDERSON/ST.CROIX ADVISORS, LLC

Can you do it? Yes you can!

I don’t know about you, but when you look through your monthly expenses doesn’t it surprise you how much it costs to live?

Each year, l look to cut 5% to 10% of my monthly expenses.

For example that darn Comcast bill. They enjoy increasing your monthly payment and now you have to call them to decrease it by threating to cancel it. That’s about a $100 a month each time you call.

Verizon – it’s worth revisiting your overall data usage to see if you can save any money. You can usually find $20-$50 a month.

Car and home insurance – You need to work with an independent agent. If you need a referral, let me know. This is an area we neglect not only in coverage levels but premium creep happens. Shop around every couple of years.

Cars, Cars & Cars – We don’t really think about it but these are depreciating assets that just cost us money each month. To help control the cost of my vehicles I’m a big fan of preventive maintenance. That’s how I get my cars to last so long. Plus, in the winters I wash them 3-4 times a week to keep all that crud off them to help prevent rusting. Just sign up for the unlimited car washes. They can be a great value.

Eating & drinking out – This is an easy one to overlook. It’s extremely expensive to drink out these days. Not to mention eating quality food at a good restaurant and I’m not talking about McDonald’s. Keep a close tab on this one.

Day to day – I didn’t notice I spent it but I did. Have you ever looked at your Visa or American Express bill and you spent $5,000 for the month and can’t remember where all that money went until you look at the details? Head to the bank once a week and use cash. I know I spend more when paying with a credit card and using cash helps control my spending throughout the week. I set a weekly amount to live on.

Your tracking software. Our clients can use our iAdvise software, a financial dashboard so they know where they stand every day. You can monitor everything financial aspect of your life and we build that right into your planning. That’s cool! Another good online system is mint.com.

Take an hour and see where you can save a few dollars.

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