But don't cut back too much6 of 9Don't fall into the trap of eliminating long-term savings, Gilbert says."Because the retirement savings isn't immediately tangible, it's very appealing for a lot of folks to cut back on it," he says.The same goes for discretionary spending. Ever go on a super-strict diet and entirely deprive yourself of certain foods, only to take a hard fall off the wagon? That's what too much cutting can do, Lawrence says.If dining out or coffee is a priority or a networking tool, it might be better to cut other things from the budget, she says.<< Back to the Frugal Living Guide. Related Articles:Save money on groceries10 ways to save on carsTweet for sweet dealsGroup buying saves moneyRelated Links:331 ways to cut costs!Saving goals calculator100 tips to help you saveSaving on foodadvertisement
Don't fall into the trap of eliminating long-term savings, Gilbert says.
"Because the retirement savings isn't immediately tangible, it's very appealing for a lot of folks to cut back on it," he says.
The same goes for discretionary spending. Ever go on a super-strict diet and entirely deprive yourself of certain foods, only to take a hard fall off the wagon? That's what too much cutting can do, Lawrence says.
If dining out or coffee is a priority or a networking tool, it might be better to cut other things from the budget, she says.
Bankrate wants to hear from you and encourages thoughtful and constructive comments. We ask that you stay focused on the story topic, respect other people's opinions, and avoid profanity, offensive statements, illegal contents and advertisement posts. Comments are not reviewed before they are posted. Bankrate reserves the right (but is not obligated) to edit or delete your comments. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused.
By submitting a post, you agree to be bound by Bankrate's terms of use. Please refer to Bankrate's privacy policy for more information regarding Bankrate's privacy practices.