![Build healthier financial habits by examining your relationship with money, setting goals and taking advantage of helpful resources.](https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/3/ee/3eea5680-96fe-5e72-9517-97756eb3b56d/6234746c752b6.image.jpg?resize=150%2C100 150w, https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/3/ee/3eea5680-96fe-5e72-9517-97756eb3b56d/6234746c752b6.image.jpg?resize=200%2C133 200w, https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/3/ee/3eea5680-96fe-5e72-9517-97756eb3b56d/6234746c752b6.image.jpg?resize=225%2C150 225w, https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/3/ee/3eea5680-96fe-5e72-9517-97756eb3b56d/6234746c752b6.image.jpg?resize=300%2C200 300w, https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/3/ee/3eea5680-96fe-5e72-9517-97756eb3b56d/6234746c752b6.image.jpg?resize=400%2C266 400w, https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/3/ee/3eea5680-96fe-5e72-9517-97756eb3b56d/6234746c752b6.image.jpg?resize=540%2C360 540w, https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/3/ee/3eea5680-96fe-5e72-9517-97756eb3b56d/6234746c752b6.image.jpg?resize=640%2C426 640w, https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/3/ee/3eea5680-96fe-5e72-9517-97756eb3b56d/6234746c752b6.image.jpg?resize=750%2C500 750w, https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/3/ee/3eea5680-96fe-5e72-9517-97756eb3b56d/6234746c752b6.image.jpg?resize=770%2C513 990w)
Some dangerous habits have an effect on our bodily well being, like smoking, nail biting or consuming an excessive amount of junk meals. However others take a toll on our monetary well being.
How have you learnt in case you have unhealthy monetary habits, and what are you able to do to construct higher ones? Take these three steps.
Table of Contents
1. Dig into your relationship with cash
Relationships with cash are complicated. It is not at all times simple to establish financially unhealthy conduct. However there are some indicators you possibly can search for. Widespread downside areas embrace spending extra money than you earn, neglecting to begin an emergency fund and never saving for retirement.
Taking a monetary well being quiz generally is a good first step towards detecting weak spots. Nevertheless, our struggles do not at all times replicate poor habits or decision-making. Many consultants say it is essential to contemplate the function that systemic points can play in shaping monetary well being.
Persons are additionally studying…
“Not having the ability to get a residing wage, not having medical insurance coverage, having pupil loans in a profession that you could’t discover a job. The truth that there’s nowhere on this nation that somebody who resides on minimal wage can lease a two-bedroom condominium . These are all systemic points,” says Saundra Davis , founding father of Sage Monetary Options, a San Francisco Bay Space-based group centered on offering monetary providers for low-wealth communities.
If you happen to’re coping with these sorts of systemic issues, deal with discovering assist. United Manner’s 211 service can join you with assets in the event you’re struggling to pay payments or afford fundamental wants.
Then again, in case your earnings must be sufficient to cowl your bills however does not, that is when you must take a look at your conduct, Davis says. What selections are you frequently making, and what do you’ve gotten the facility to regulate?
Search for patterns. Possibly you store on-line once you’re bored or upset. Otherwise you ignore your debt as a result of it is overwhelming. Possibly you are inclined to spend windfalls as a substitute of utilizing the cash deliberately as a result of your loved ones did not emphasize the significance of saving rising up.
Feelings and experiences can have a significant impression on our cash habits. That is why it is also potential to develop unhealthy habits in the event you’re in good monetary form. For instance, an individual who pays all their payments on time and has loads of financial savings would possibly nonetheless really feel anxiousness round spending or argue about cash with a companion.
“Usually there’s that historical past of economic shortage and loss someplace of their background that is unresolved that leads them to not have the ability to absolutely join with the truth that they’re really financially safe now,” says Ed Coambs, a licensed monetary planner and monetary therapist in Charlotte, North Carolina.
When you higher perceive what’s behind your unhealthy habits, you possibly can start to restore them.
2. Set private targets
Ask your self, “The place are you attempting to go? And the place are you proper now? After which how do you bridge that hole?” Davis says.
Setting monetary targets can put you on the trail towards more healthy habits. Your targets can revolve round particular greenback quantities, comparable to turning into debt-free or saving three months’ value of bills in an emergency fund, Davis says. Or, the aim may be about altering your cash mindset, comparable to turning into extra considerate about your spending or getting snug discussing cash with others.
Create a plan that helps your imaginative and prescient of economic well being. Say you wish to enhance your emergency financial savings or make bank card funds on time. Automating these transactions may also help. You’ll be able to switch a certain quantity out of your checking account to financial savings every month or arrange minimal bank card funds by your issuer’s web site.
Coambs suggests checking in in your funds as soon as a month or each couple of months. Assessment your finances and conduct to find out whether or not you are on monitor to achieve your targets.
3. Lean on assets
Breaking monetary habits may be difficult. However you do not have to do it by yourself. There are folks and actions you possibly can flip to, “whether or not it is journaling or having a dialog along with your companion or another mode of serving to your self really feel protected once more across the matter of cash,” Coambs says.
There are additionally many professionals who can supply steerage. A monetary therapist, for instance, may also help you unpack your cash relationships.
“All of us have a cash historical past. And in case your cash historical past is one the place there’s a variety of emotional ache and chaos linked with cash, then oftentimes these points in your previous should be handled very similar to every other kind of trauma,” Coambs says.
You might also select to work with a monetary planner or search free recommendation on managing your finances, credit score or debt from a nonprofit credit score counseling company.
Alongside your journey to bettering your monetary habits, be taught to advocate for your self, Davis says. “What that may do is scale back or remove disgrace, about going to get assist wherever you would possibly want it. If which means public advantages, if which means household and associates, no matter which means to you,” she says.
6 methods for chopping prices and boosting your financial savings
Automate the whole lot
![Automate everything](https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/e/78/e7855404-d508-5f90-b3ef-df1fa903cc7f/62334cfab6dd8.image.jpg?resize=150%2C113 150w, https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/e/78/e7855404-d508-5f90-b3ef-df1fa903cc7f/62334cfab6dd8.image.jpg?resize=200%2C150 200w, https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/e/78/e7855404-d508-5f90-b3ef-df1fa903cc7f/62334cfab6dd8.image.jpg?resize=225%2C169 225w, https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/e/78/e7855404-d508-5f90-b3ef-df1fa903cc7f/62334cfab6dd8.image.jpg?resize=300%2C225 300w, https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/e/78/e7855404-d508-5f90-b3ef-df1fa903cc7f/62334cfab6dd8.image.jpg?resize=400%2C300 400w, https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/e/78/e7855404-d508-5f90-b3ef-df1fa903cc7f/62334cfab6dd8.image.jpg?resize=540%2C405 540w, https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/e/78/e7855404-d508-5f90-b3ef-df1fa903cc7f/62334cfab6dd8.image.jpg?resize=640%2C480 640w, https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/e/78/e7855404-d508-5f90-b3ef-df1fa903cc7f/62334cfab6dd8.image.jpg?resize=750%2C563 750w, https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/e/78/e7855404-d508-5f90-b3ef-df1fa903cc7f/62334cfab6dd8.image.jpg?resize=990%2C743 990w, https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/e/78/e7855404-d508-5f90-b3ef-df1fa903cc7f/62334cfab6dd8.image.jpg?resize=1035%2C777 1035w, https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/e/78/e7855404-d508-5f90-b3ef-df1fa903cc7f/62334cfab6dd8.image.jpg?resize=1200%2C901 1200w, https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/e/78/e7855404-d508-5f90-b3ef-df1fa903cc7f/62334cfab6dd8.image.jpg?resize=1333%2C1001 1333w, https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/e/78/e7855404-d508-5f90-b3ef-df1fa903cc7f/62334cfab6dd8.image.jpg?resize=1476%2C1108 1476w, https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/e/78/e7855404-d508-5f90-b3ef-df1fa903cc7f/62334cfab6dd8.image.jpg?resize=1661%2C1247 2008w)
You’ll be able to’t neglect to save lots of if it’s automated. Whether or not it’s your 401(okay) contribution taken pretax out of your wage, or computerized transfers out of your checking account right into a financial savings account or cash market account, automating will provide help to save with out even serious about it.
Lauren Zangardi Haynes, CIMA, licensed monetary planner at Spark Monetary Advisors, says your employer could possibly additionally break up your paycheck so it goes into each your checking account and a financial savings account.
“After which you possibly can mechanically switch that cash to an funding account, or to an IRA, or to a Roth IRA,” Zangardi Haynes says.
Consider your banking
![Evaluate your banking](https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/5/97/597631d3-52c2-515c-a320-970701eb3a5c/62334cfb6aba0.image.jpg?resize=150%2C100 150w, https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/5/97/597631d3-52c2-515c-a320-970701eb3a5c/62334cfb6aba0.image.jpg?resize=200%2C133 200w, https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/5/97/597631d3-52c2-515c-a320-970701eb3a5c/62334cfb6aba0.image.jpg?resize=225%2C150 225w, https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/5/97/597631d3-52c2-515c-a320-970701eb3a5c/62334cfb6aba0.image.jpg?resize=300%2C200 300w, https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/5/97/597631d3-52c2-515c-a320-970701eb3a5c/62334cfb6aba0.image.jpg?resize=400%2C267 400w, https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/5/97/597631d3-52c2-515c-a320-970701eb3a5c/62334cfb6aba0.image.jpg?resize=540%2C360 540w, https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/5/97/597631d3-52c2-515c-a320-970701eb3a5c/62334cfb6aba0.image.jpg?resize=640%2C427 640w, https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/5/97/597631d3-52c2-515c-a320-970701eb3a5c/62334cfb6aba0.image.jpg?resize=750%2C500 750w, https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/5/97/597631d3-52c2-515c-a320-970701eb3a5c/62334cfb6aba0.image.jpg?resize=990%2C660 990w, https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/5/97/597631d3-52c2-515c-a320-970701eb3a5c/62334cfb6aba0.image.jpg?resize=1035%2C690 1035w, https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/5/97/597631d3-52c2-515c-a320-970701eb3a5c/62334cfb6aba0.image.jpg?resize=1200%2C800 1200w, https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/5/97/597631d3-52c2-515c-a320-970701eb3a5c/62334cfb6aba0.image.jpg?resize=1333%2C888 1333w, https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/5/97/597631d3-52c2-515c-a320-970701eb3a5c/62334cfb6aba0.image.jpg?resize=1476%2C984 1476w, https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/5/97/597631d3-52c2-515c-a320-970701eb3a5c/62334cfb6aba0.image.jpg?resize=1763%2C1175 2008w)
Assessment your financial savings account to just remember to’re incomes a aggressive annual share yield, or APY.
It’s going to be troublesome to maintain up with inflation. However a high-yield financial savings account at a aggressive financial institution is your only option for an emergency fund or different money you would possibly want on quick discover.
Additionally, check out your checking account. If you happen to’re incurring a month-to-month upkeep price for going beneath a required minimal steadiness, you must have the ability to discover a solution to keep away from that – whether or not by a low minimal steadiness checking account or by having a recurring direct deposit.
Evaluate financial savings accounts and checking accounts to be sure to’re maximizing yields and minimizing charges.
Assault your debt
![Attack your debt](https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/9/a1/9a11d9c5-0c76-5188-9d51-d60305e62ce1/62334cfbe0808.image.jpg?resize=150%2C100 150w, https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/9/a1/9a11d9c5-0c76-5188-9d51-d60305e62ce1/62334cfbe0808.image.jpg?resize=200%2C133 200w, https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/9/a1/9a11d9c5-0c76-5188-9d51-d60305e62ce1/62334cfbe0808.image.jpg?resize=225%2C150 225w, https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/9/a1/9a11d9c5-0c76-5188-9d51-d60305e62ce1/62334cfbe0808.image.jpg?resize=300%2C200 300w, https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/9/a1/9a11d9c5-0c76-5188-9d51-d60305e62ce1/62334cfbe0808.image.jpg?resize=400%2C267 400w, https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/9/a1/9a11d9c5-0c76-5188-9d51-d60305e62ce1/62334cfbe0808.image.jpg?resize=540%2C360 540w, https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/9/a1/9a11d9c5-0c76-5188-9d51-d60305e62ce1/62334cfbe0808.image.jpg?resize=640%2C427 640w, https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/9/a1/9a11d9c5-0c76-5188-9d51-d60305e62ce1/62334cfbe0808.image.jpg?resize=750%2C500 750w, https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/9/a1/9a11d9c5-0c76-5188-9d51-d60305e62ce1/62334cfbe0808.image.jpg?resize=990%2C660 990w, https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/9/a1/9a11d9c5-0c76-5188-9d51-d60305e62ce1/62334cfbe0808.image.jpg?resize=1035%2C690 1035w, https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/9/a1/9a11d9c5-0c76-5188-9d51-d60305e62ce1/62334cfbe0808.image.jpg?resize=1200%2C800 1200w, https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/9/a1/9a11d9c5-0c76-5188-9d51-d60305e62ce1/62334cfbe0808.image.jpg?resize=1333%2C889 1333w, https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/9/a1/9a11d9c5-0c76-5188-9d51-d60305e62ce1/62334cfbe0808.image.jpg?resize=1476%2C985 1476w, https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/9/a1/9a11d9c5-0c76-5188-9d51-d60305e62ce1/62334cfbe0808.image.jpg?resize=1763%2C1176 2008w)
You probably have debt, make paying it off a precedence. The curiosity you’re paying on a bank card is probably going much more than what you’re incomes on a financial savings account.
“You probably have any bank card debt, you could pay that off instantly with out even contemplating anything,” says Amy Hubble, CFA, licensed monetary planner at Radix Monetary LLC.
The common buy APR for all bank cards was round 16%, in keeping with Bankrate knowledge. Don’t depend on bank card charges transferring a lot decrease. And so they may transfer larger this yr with the Fed planning on elevating charges thrice in 2022.
Paying off your debt and never working a steadiness are the one certain methods to keep away from paying bank card curiosity.
Maximize your money again
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While you make your purchases, be sure to’re being rewarded for them with money again.
Weigh whether or not you’d be higher off incomes extra cash again with a bank card that has an annual price however larger cash-back rewards, or a no-annual-fee card that has a decrease cash-back share.
Most financial institution debit playing cards don’t allow you to earn money again. So typically, utilizing a bank card for purchases goes that can assist you lower your expenses all year long. Bank card firms will usually allow you to apply money again towards your steadiness or some might allow you to straight switch it to your checking account.
There’s extra to it than simply selecting the best card.
Bank card purchasing portals are additionally locations the place you possibly can probably maximize your money again. By going by your bank card’s web site or by a web site comparable to Rakuten, you possibly can earn money again along with what you earn in your cash-back bank card.
Consider your finances
![Evaluate your budget](https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/e/dc/edce8c7d-7f67-5ca1-ac22-a1a36fe9aacc/62334cfcd88a6.image.jpg?resize=150%2C100 150w, https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/e/dc/edce8c7d-7f67-5ca1-ac22-a1a36fe9aacc/62334cfcd88a6.image.jpg?resize=200%2C133 200w, https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/e/dc/edce8c7d-7f67-5ca1-ac22-a1a36fe9aacc/62334cfcd88a6.image.jpg?resize=225%2C150 225w, https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/e/dc/edce8c7d-7f67-5ca1-ac22-a1a36fe9aacc/62334cfcd88a6.image.jpg?resize=300%2C200 300w, https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/e/dc/edce8c7d-7f67-5ca1-ac22-a1a36fe9aacc/62334cfcd88a6.image.jpg?resize=400%2C267 400w, https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/e/dc/edce8c7d-7f67-5ca1-ac22-a1a36fe9aacc/62334cfcd88a6.image.jpg?resize=540%2C360 540w, https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/e/dc/edce8c7d-7f67-5ca1-ac22-a1a36fe9aacc/62334cfcd88a6.image.jpg?resize=640%2C427 640w, https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/e/dc/edce8c7d-7f67-5ca1-ac22-a1a36fe9aacc/62334cfcd88a6.image.jpg?resize=750%2C500 750w, https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/e/dc/edce8c7d-7f67-5ca1-ac22-a1a36fe9aacc/62334cfcd88a6.image.jpg?resize=990%2C660 990w, https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/e/dc/edce8c7d-7f67-5ca1-ac22-a1a36fe9aacc/62334cfcd88a6.image.jpg?resize=1035%2C690 1035w, https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/e/dc/edce8c7d-7f67-5ca1-ac22-a1a36fe9aacc/62334cfcd88a6.image.jpg?resize=1200%2C800 1200w, https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/e/dc/edce8c7d-7f67-5ca1-ac22-a1a36fe9aacc/62334cfcd88a6.image.jpg?resize=1333%2C888 1333w, https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/e/dc/edce8c7d-7f67-5ca1-ac22-a1a36fe9aacc/62334cfcd88a6.image.jpg?resize=1476%2C984 1476w, https://bloximages.newyork1.vip.townnews.com/tulsaworld.com/content/tncms/assets/v3/editorial/e/dc/edce8c7d-7f67-5ca1-ac22-a1a36fe9aacc/62334cfcd88a6.image.jpg?resize=1763%2C1175 2008w)
Verify that you simply’re not overpaying or paying for month-to-month gadgets that aren’t getting used. Undergo your finances — or month-to-month bills in the event you don’t have a finances.
It’s simple to begin a finances, and it might probably provide help to maximize your financial savings. See if there are areas of alternative, comparable to chopping again on eating out or on espresso or different spending, that provides up over time. Additionally, undergo your finances and attempt to renegotiate gadgets, Crystal Rau, licensed monetary planner at Past Balanced Monetary Planning, says.
“I verify our insurance coverage simply to ensure we’re nonetheless getting the very best charge for the coverages that we’re carrying,” Rau says. “It’s nearly doing a reset yearly, simply to be sure to’re getting the very best deal and also you’re benefiting from all these issues which might be supplied to you.”
Assessment worker advantages
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You could possibly alter some worker advantages choices exterior of open enrollment, comparable to how a lot you contribute to your employer-sponsored retirement plan, like a 401(okay).
Adjusting your withholding for taxes or how a lot you’re placing away for retirement — which can scale back your taxable earnings — is a solution to probably lower your expenses, Rau says. Seek the advice of with a tax adviser to ensure that your technique is smart to save cash on taxes.