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Tips to Cut Down on Living Expenses


by mallix

It is important to have a thorough and close look at your spending in order to cut down your expenses. This will help you to have an idea that what is necessary and what are the things you can manage without. Remember, you have to consider even small items that can mount up your expenses. For instance, if you daily take a coffee for £1.20 on your way to work, it will cost you about £24 per month. These small things can cost you a lot.

It is important to add up the cost of all the things such as newspaper, snacks, coffee, bus or taxi fares, drinks, sweets and so on, you buy over a month. This will give you a better idea of your expenses on these things. Your aim should be to identify the things which you need and those which you don’t need.

The Replacement Technique

It is not always possible to cut down all the things which are not of sole importance. There are things that you buy for pleasure or happiness and can’t afford to cut them. There this replacement technique works better for you. The replacement techniques suggest you to look for cheaper alternatives for your things instead of cutting them down from the budget.

Let us start from a newspaper. People read newspaper for different reasons. Some read it for current affairs news, some for stock market or shares news, some for sports and some for entertainment. There are alternatives available to keep yourself up-to-date with latest news. For instance, if you want to know about shares, you can check them free on the Teletext or Ceefax pages on television. If you have a computer, you can get the news about stock market from many different websites such as Moneyextra.com/stocks or on Financial Times’ website, i.e.  http://news.ft.com/yourmoney.

You can also read newspaper online as all the major newspapers have their own websites such as The Guardian (www.guardian.co.uk), The Independent (www.independent.co.uk) and The Times (www.thetimes.co.uk).

You can also visit some local library if you don’t have access to the internet. Almost all the libraries get their copy of daily newspapers. They will not cost you anything for reading a newspaper there.

You can also save a lot from form daily morning coffee. Instead of buying it daily, it is better to invest in a vacuum flask. Make coffee at home and take it with you. This will save you a lot of cash which you can spend on anything useful.

Similarly, you can save a lot on snacks and lunches. You will be surprised to know that it will cost you hundred of pounds on these snacks and lunches. It is better to spend few pounds on a loaf of bread and two and three different sandwich fillings with a bulk pack of assorted sweets or crisps than spending in a café shop. You can make your lunch at lunchtime and if you have a microwave oven at your work place that will be a great bonus for you.

You might be interested in learning about Cut Down On Living Expenses and also Cut Costs on Holidays

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Deducting Moving Expenses From Taxing

Deducting Moving Expenses From Taxing

Many of you know that a portion of your apartment rent is tax deductible. But most of you may not be aware that the apartment moving expenses are also tax deductible to some extent. You can file a tax return for lodging expenses, moving goods and temporary storage of goods. But there are some criteria, which you should be eligible for tax deduction.

All the moves are not tax deductible, however, there can be adjustments to your income like lodging expenses you incur while on the move excluding cost of meals, expenses of moving goods to the new place and the costs incurred for the temporary storage of your goods while on move for up to 30 days. You can deduct these expenses whether you itemize or not. However, you will get these deductions only when you qualify the conditions of start of work, distance and work duration.

Start of Work: You should move to the new place with in the period of 12 months of you start working at the new job. If you could not move near to your new job with in the stipulated period without a valid reason, you can’t get tax deductions for your move.

Distance Criteria: The distance from your new job should be more than 50 miles from your old home when compared to old job. That means if you are traveling 10 miles from your old home and old job and now you need to commute 60 miles to your new job, you are qualified for a tax deductible move. You should calculate all these distances considering the shortest possible rout.

Work Criteria: You must be working as a full time employee within 13 weeks of the move and must follow your move with at least 39 weeks of work in the 12 months. This means you can switch jobs as a full time employee. This rule is just to ensure you moved just because of your job change and not for a change in neighborhood. You need not necessarily work for a single employer or continuously work in a row for 39 weeks. But make sure that you work in the same general commuting area during the period.

This information helps you in getting eligibility for a tax return on moving expenses, which can save a considerable amount for you.

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Article from articlesbase.com

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