Turbo Charge Your Latte Factor - What’s the fastest way to get back on track with your financial plan for the future? You’ve got to find your money and keep track of the small daily expenditures that tend to add up over time. Earlier this week, I discussed getting back to the basics with the Latte Factor®, but what if you want to find a way to save even more?
If you really want to boost your savings you’ve got to turbo charge your Latte Factor by cutting back on all fixed expenses—those monthly or yearly reoccurring costs that are also known as your overhead. You don’t have to give things up; again, just cut them back. I call it the Double Latte Factor.
Where to find your Double Latte Factor – Finding your Double Latte Factor is fairly simple, since you most likely receive a bill for your fixed expenses (like rent or mortgage, car payments, Internet services, phone, cable, etc.). You should also check your bank and credit card statements for any subscription-type services that are automatically debited to your account or charged to your card. Finally, look for other luxuries or expenses that you don’t really need or use as much as you should, such as premium cable channels (that you never watch), extra fancy cell phones (and apps), new wardrobes every season, and overly lavish presents during the holidays.
Take a close look to determine who’s attached themselves to your monthly income. You may be shocked to realize how many people are on your household “payroll.”
If you can bring your Double Latte Factor under control in the next few weeks, you’re going to find some serious extra money in your pocket that you never knew you had.