Tag Archive: Reducing Spending

Phases of Reducing Spending

I believe that there are 3 Phases to the journey of reducing spending on lifestyle costs: Waste Elimination, Optimization and Misery. Today we will walk through each of these Phases and discuss why I personally am not a big fan of a long term (> 5 year) focus on spending. PHASE 1: WASTE ELIMINATION The first phase in spending reduction is Waste Elimination. This is by far the easiest and least difficult phase of reducing spending. This is why people who have recently discovered the concepts of Financial Independence start with this phase. During this step you identify and remove things in your life that you spend money on and don’t use (gym membership, magazine subscription, etc.). Most people who have not considered their spending…
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