Advice from our own President Thomas Riddle, CPA, CFP® was quoted in a US News & World Report story about how to reduce spending.
Clip discretionary spending. Take a hard look at your budget, suggests Thomas Riddle, a certified personal accountant and financial planner in Bethlehem, Pa. “Can you cut back on cable? Netflix? Dining out?”
It sounds basic, but those expenses add up. A 2011 LivingSocial “Dining Out” survey of 4,000 Americans found that the average household frequents restaurants and fast food outlets 4.8 times a week. If that sounds like a lot, maybe it is. Last year, a Visa survey of 1,005 adults found that on average, American consumers are eating lunch at restaurants almost twice a week, spending about $10 each time. Either way, a moratorium on dining out may save you close to $100 a month – or perhaps much more, depending on your habits.