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LRC Fundamentals Day 10: Your Spending

LRC Fundamentals Day 10: Your Spending

By TheBudgetnista -  Tags: , ,


New to Live Richer Challenge: The Fundamentals? Learn more about it HERE.

Need to catch up? Click on the link where you left off and then come back!

Day 5: Need it? > Love it> Like it> Want it

Day 6: Simple and Soon

Day 7: Review, Reflect, Relax

Day 8: The One Week Budget

Day 9: Your Money List

Week 2: Budgeting & Saving

Today’s Easy Financial Task: Reduce your spending

How to Rock This Task:

  • Take out your Money List (yesterday's task)
  • Call the providers of the services you pay for on your Money List and ask for a discount
  • Commit to saving on other expenses from your Money List
  • Update your Money List with your new savings by filling out the REDUCED MONTHLY AMOUNT column

Now that you finally have a Money List (budget), it’s time to find some savings.

For today’s task, take out your Money List and go line item by line item and decide how much money you think you can squeeze from things like groceries, grooming, entertainment, eating out, transportation etc. Remember, no amount is too small.

Then, call the service providers on your list, like your  car insurance, lenders, cable, utilities, cell phone companies etc. and ask them for a discount. Yup! I said it. Ask them if you can pay less…

A Success Story:

One of my clients asked her car insurance company for a discount and was able to save  $450/month! How? Apparently her insurance company had all of these discounts that they never applied to the multiple cars on her account. She had been with them for 10+ years and had never asked. When she said she was going to leave them for another company, they “magically” found the discounts.

You may not save as much as she did, but you will likely be able to save something and that’s awesome too.

Feeling nervous about making this type of call? No worries, here’s a script to help you. 

The Script:

“Hello, my name is _________________ and I’ve been a loyal customer for _____ years. I was reviewing my bill from your agency and due to financial constraints, I’m not able to continue paying this amount. I want to remain a customer; is there something you can do to help me? “


Script Tips:

  • Be pleasant. I cannot stress this enough. The person on the phone has way more power than you know. They are able to do a lot for you, and will only do so based upon how you treat them. So be nice. Ask how their day is going; say thank you and that you appreciate their help, etc.
  • Be persistent. Just because one person says no, that doesn’t mean the next one will. Hang up and try again.
  • Do a little research. Find out some of their competitors’ rates and use that politely against them. That’s how my client was able to save $450/month after a phone call to her car insurance company.
  • Be prepared to leave. If you really can’t afford the service any longer, you might have to cancel it. If you keep getting no’s, ask to be transferred to their Retention Department.

The Retention Department aka the Let's Make a Deal Department is the service provider’s last chance to offer you some help. If they don’t, you may have to let them go. I canceled my cable several years ago after getting too many no’s. It was the best decision because now I use that money to go on vacations instead.

Don't forget to update yesterday's Money List with your new savings by filling out the REDUCED MONTHLY AMOUNT column. While you have your Money List out, review each expense listed & ask yourself how you can save. Look at each line item and if there no room for savings move on; if you think you can save, write the new monthly amount you're committed to saving in the REDUCED MONTHLY AMOUNT column (the 3rd column) on your Money List.

Extra Tip Alert!!

Here's a tip to squeeze even more money for savings...

Earn cash back when you shop online. I use Rakuten (formerly known as Ebates) for cash back and love it.

It's free, no credit card required to earn. Rakuten gives up to 40% back in cold-hard cash on things you need to buy anyway.

For example, I use GoDaddy for web services. I need to spend this money in order to keep my business up and running. Rakuten gives me cash back for this spending. Cha-ching.

Here's an example of the first month I used Rakuten religiously for online purchases:


Now, every time I shop online I check Rakuten first to see if there's a cash back opportunity. You can, too! Then put this extra money into your savings.

Click this link to sign up for Rakuten: On the sign-up page it'll ask if you were referred by anyone. Let them know I sent you!

Type in my email (make sure to spell The Budgetnista right).


For the inside scoop on all things Rakuten make sure to check out this post, too:


Share your savings success stories with us below in the comments! You can find me here:

twitter: @thebudgetnista

instagram: @thebudgetnista

Facebook: The Budgetnista

Private Forum: Dream Catchers : LIVE RICHER,

(If you're not a member of the Dream Catchers forum yet, first go HERE to fill out the questionnaire before requesting to join.)

Sharing is caring. Your tweet may inspire someone else, so tweet away....

Today I am actively working toward reducing my spending. Day 10 #LIVERICHERChallenge Click To Tweet

Live richer,




My Lisa Rule: I have 4 sisters and Lisa is the baby (well she’s not a baby anymore). Of all of my sisters I’m the most protective over her. Before I share any product or service with you, it must pass my Lisa Rule.

What’s the Lisa Rule? If I would not advise Lisa to use a product or service, I won’t advise you to. YOU are my Lisa. I feel protective over you and your financial journey.

The products/services mentioned in this post pass my Lisa Rule. Yes, I'm an affiliate, but I would not recommend a product or service that I didn’t believe was helpful and useful. 

*** Have you just started the challenge & want to catch-up, or just want to work through the LIVE RICHER Challenge in a workbook as well? You can get it here: LIVE RICHER Challenge Book ***

LIVE RICHER Challenge Book

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Tiffany “The Budgetnista” Aliche is quickly becoming America's favorite, personal financial educator. The Budgetnista is also an Amazon #1 best selling author (The One Week Budget and Live Richer Challenge), sought-after speaker and teacher of financial empowerment.
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