Your discretionary spending is everything else. These are your variable expenses over which you have more control. Of course, you can’t control all of them completely. For example, you may be able to reduce your spending on gas a bit, but you still have to get to and from work and maybe drop off the kids at school.
And you should probably continue to feed your family. Still, it’s within your discretionary spending that you’ll find opportunities to make savings. Most people can cut discretionary spending by ten percent without harming their lifestyles. And many can go considerably further.
Trouble is, the only way to find them is to analyze your variable expenses in fine detail. Not long ago, that meant spending hours with ledgers, notebooks and pens. Now, there’s an app for that.
The information contained on this website is for informational purposes only and is not an advertisement for products . The views and opinions expressed herein are those of the author and do not reflect the policy or position of Brokerage. Source: The Mortgage Reports