RET IREM EN T P L A N S ERVI C ES
Reducing discretionary expenses
In the first two columns of the table below, list your top five
discretionary expenses and the amount you spend on them
each month. For example, you may spend $50 per month on
premium cable channels or $10 on lunch every day. These are
unnecessary expenses compared with necessary expenses,
such as rent or mortgage, healthcare and car insurance.
You can be as creative as you like as you complete this
exercise. You might ask yourself:
• When was the last time I reviewed my auto and
homeowners insurance? Am I paying for collision coverage
on an old car? What about my deductibles? Can I raise them
to lower my premiums?
• How often do I use my landline? Do I still need it if I have a
cell phone?
Discretionary expense
TOTAL
Monthly cost
• Am I reading all the magazines and newspapers I receive?
Should I cancel my subscriptions, since I tend to get my
news online?
• Am I going to the gym regularly enough to justify the
monthly dues?
Be sure to total your expenses at the bottom of the
“Monthly cost” column.
Next, think about how much you can save each month by
eliminating or adjusting these unnecessary expenses. For
example, you might decide to purchase just one premium
cable channel instead of three, or buy lunch once a week
instead of every day. Write down these ideas in the
“Cost-saving opportunities” column, and then itemize your
potential savings. Don’t forget to total your savings at the
bottom of the “Potential savings” column.
Cost-saving opportunities
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
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Potential savings
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