5 Ways to Reduce Your Monthly Housing Expenses
Move over Suze Orman, there's a new advocate for financial security on the scene -- and he's not your typical personal finance expert. It's NFL running back Phillip Lindsay, who admitted to living with his parents during his first year as a professional athlete to save money. Lindsay's base salary at that time was $570,000.
Experts say you should cap your housing expenses at 30% of your take-home pay. On an annual salary of $570,000, that 30% cap equates to nearly $8,800 monthly if we assume 38% of his salary goes to federal, state, and local taxes. By the numbers, Lindsay definitely had the resources to live in a nice place.
And yet, he chose to play it safe financially and save up for a year. Clearly, you're never too rich to find creative ways to spend less or to make more. Even if your rent or mortgage payment is already below that 30% cap, some frugality today always improves your financial security later. Try these five strategies to make it happen.
Source Fool.com
