I know the economy is bad here in my country but I also know it's not easy anywhere, there are inflation of prices in every country with increasing living expenses. So, this is for everyone to learn something in addition as they pursue cutting down expenses while building a healthy financial life.
It is one thing to have a good source of income, it's another thing to keep good saving habit that would help keep your earnings growing instead of having an lifestyle that keeps your expenses above your earnings.
Usually, we make money to stay in comfort and provide whatever we may need for ourselves or for family. How cool would it be if you could save more as you do so? As more ways to earn becomes available, expenses increases and so we need to balance things up. The major thing to note for balancing things up is, using more thinking and skills of your own to save more.
I was going through a research and came across some tips that I think would also help anyone who decides to read this post. These tips are quite very simple and may seem insignificant when we engage in them but they can be very effective in lowering our expenses or saving more for our financial growth.
Here are eight simple but effective ways to lower living expenses.
Cancel unnecessary subscriptions
There are subscriptions we do and know that aren't necessary but only for the sake of having them available. It is best we figure out which and cancel the ones we don't use as much as the ones we use more often.
For sometime now, I haven't subscribed to our TV channels. It isn't because the money isn't available but we rarely turn on the TV since we're either seeing movies on mobile or PC or spending time on our daily activities so no one makes use of the subscription. It only makes sense that we cut it off until whenever.
The same goes for any other subscription you have active but don't get to use regularly or never, it is best we cancel them.
Take up temporary or seasonal work
This is simply for the purpose of having an extra income source for your expenses but it has to be temporary (random and doesn't need to last long) or seasonal (depending on the weather or time of work available) so you don't need to give up your main profession or time for your money making skills.
Some people would work part time with good pay when they come across any, some would go on a trip work that only happens once or twice a year. These kind of work aren't permanent for you and you get to earn experiences in different ways while having more income sources.
Organize errands efficiently
To reduce your travel or transport expenses, how about making such you have your errands are organized. Like making calculations to be sure of hitting two birds with one stone... While you go out to get some grocery, stopping by a friend's place for a visit or taking an order from a designated shop would save you the stress and money to do all that separately.
Set budget limits for holidays and gift exchanges
The recent holiday had people spending way past what they can handle again but it is mainly because they failed to make budgets for what they can spend on the holiday and the gifts they can afford to buy and give for exchanges. It would help our expenses if we make sure to make and stay in budgets during times we are likely to spend too much.
Choose water instead of ordering drinks
There are times we can't help how busy we can get and so, we fail to have home made meals prepared and end up eating out. It is okay to eat out once in a while but it is never okay to do that too often. And when we do eat out, ordering for water instead of drinks is very pocket friendly. After all, water takes away our thirst more effectively than drinks and drinks are more expensive.
You can have drinks but there are home made ones we could make for ourselves and have a fill or we buy once in a while to reduce expenses.
Offer handmade gifts or baked goods instead
I got a beautiful card with lovely words from a friend in one of my birthdays, I still remember how exciting it was to get one knowing she thought about me while making it. People tend to overlook the sweet effects of handmade gifts to buy expensive ones instead. If you would want to reduce expenses and still give gifts, try making them yourself. Make cards or bake snacks or cakes, it all counts too.
Stick strictly to shopping lists to avoid impulse buys
Impulse buying is getting anything you find that appeases your craving whether it is necessary or not. To avoid that, having a shopping list is recommended but it is also another feat to stick to it and stay away from buying on an impulse. If you have to go shopping, have it in mind to avoid shops where you could be tempted to buy on an impulse more. Then stick to your shopping list strictly.
Repair clothing instead of buying new ones
Another way to save up some money is having your torn clothes amended instead of throwing them out to get new ones. New wears are cool but they are expensive so you don't want to buy more when you could make do with what you have by amending small tears or torn out places. The same goes for your home appliances or gadgets, have them repaired and go for new ones only when they are beyond repairs.
This is simple way of being a minimalist, my dad is a good example. He gets our home equipments repaired unless on cases where we really do need a new one.
There are more simple but effective ways to lower living expenses and hopefully, I'll share more in my future posts. I plan to stick to the ones I can do while I share them with you here. All these are small ways to build our finances to freedom too.
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