There’s Gold In Them There Bills!

Go mining for profit that might be lying dormant all around you…

Reducing your costs is a reliable trail towards better personal cashflow. This is one of the first trails you go through in my Profit Hiker system.

Here’s what you do: look at your bank statements and credit card statements for last month, line by line. Print them out. Break out the ol’ highlighter. Start marking it up with every single thing you can change or do without.

When taking this trail, you should look at all of your costs (looking at you, nagging subscriptions), but start with the largest first to make the biggest financial impact.

Typically, this will include:

• Lease or Mortgage

• Food

• Vehicles

• Insurance

For most people, these are the biggest cost centers in your life. Take a fresh approach to each one, and treat EVERYTHING as though it’s negotiable.

For example, I bought a house a few years ago when rates are high. I recently asked my lender what we can do about that rate, and they immediately offered a buy-down option (…turns out they don’t want to lose me to a refi). I can pay 0.5% of the balance of my loan one time, and reduce my rate by 1% for the next 28 years. That is a screaming deal! It’s going to save me $50k over the life of the loan, and is $200/month cashflow positive. That one move pays itself off in less than 7 months and then puts cash straight in my pocket for decades.

What about your ride? Is it time to swap vehicles, and reduce your “rolling liability”?

How about shopping around for insurance? Companies tend to want to buy your business away from the competition.

And don’t get me started on eating out. Cooking your own meals is way easier than you think, just look up “single pan meals” and “meal prepping” methods. I got way into bread (like… way into it. deep.) and discovered I can bake a killer loaf for 75 cents that I would have happily paid $9 for previously.

You’re not going to slash all expenses out completely, but you probably have a lot more wiggle room than you think. And wiggle room = future cash in your pocket.

Saving a small percentage of a big expense is worth more than trying to save on a bunch of small expenses – so focus on the primary ones first and foremost.

You don’t need to be a financial expert. Just take a look at your most recent statements and QUESTION EVERYTHING.

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