7 Expenses Most People Can Do Without

Featured on U.S. News & World Report

By Maryalene LaPonsie, Contributor Aug. 17, 2018

IF YOU DON'T HAVE THE fortune of a Kardashian or a self-made billionaire, balancing your budget is a pivotal step toward setting yourself up for long-term nancial success. By taking an inventory of your expenses and eliminating unneeded items, you can pad your emergency fund, boost retirement savings or take a much-needed vacation.

"I don't take the approach of [saying], 'Go live a frugal life,'" says John Iammarino, founder of advisory rm Securus Financial in San Diego. He advises his clients not to worry about adopting thrifty habits, and instead to home in on the unnecessary charges that can be eliminated without forgoing the splurges that bring you joy.

Identifying those expenses may be more dicult than expected. "Often, when something seems like a want, there is actually a need buried in there," says Catherine New, the editor-in-chief for Varo Money, a mobile banking app. For example, people may visit the bar with friends after work, not because they want a drink, but because they need socialization as part of everyday living. Additionally, a sense of belonging may be another underlying need that triggers you to make purchases.

Still, while everyone has different needs and priorities, chances are you can eliminate these seven expenses – without feeling the pinch.