Money is an insatiable need. The more you have, the more use you have for it. Even so, it gets to a point where you find yourself misusing it and not saving enough or at all. This is a huge problem. For one, it’s a short-sighted way to look at things because your financial situation can change in an instant. The best thing you can do for yourself is to save for a rainy day, to invest, and for your future ambitions.
If you are looking to save some more coins, then here are 7 budget-cut ideas you may want to consider.
1. Outings
Outings are a luxury and not a means of survival. So when you find you are overspending, this should be one of the first things that you consider cutting down on. This isn’t to say that you stop having fun. Not at all. Find fun things to do that don’t cost you too much money. Have frugal fun. Binge-watch your favourite series with some snacks. Go on nature walks or picnics rather than spending on high-end restaurants every weekend. Instead of going out to the club to buy overpriced drinks, you may opt to have drinks at home. Evaluate how much money you spend on outings and cut down that cost.
2. Subscriptions
How many apps are you subscribed to and how many of them are necessary? Trust me, you can do without those phone games or that editing app. You don’t need to subscribe to all the video streaming services and magazines in the same month. Even if you do, chances are you won’t utilise them to your best ability. If you can’t completely do without, then you can opt to subscribe to a lower form. Make yourself even more disciplined by dropping any email newsletters or merchandise catalogues that tempt you to make impulse purchases.
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3. Cell phone bills
How much do you spend on airtime per month? It is possible to track down the amount of money that goes into cell phone expenses. When you really analyse it, this is a cost that can be completely cut down. How? Try to buy monthly packages for airtime. Use WhatsApp calls more often than regular calls. Whenever you can, use texts instead of calls. Whatever the case, there’s no doubt that cutting your plan may be the way to cut your budget in an easy and quick way.
4. Housing expenses
Housing expenses are, well, expensive. When you calculate the amount of money that goes into rent or mortgage, it adds up to a lot. What can you do about this? The first option is to find a roommate. Make sure that it is a friend, relative, or someone who has been referred by a trusted person. Living with someone can be hard, but with the right boundaries in place, it can always work.
The other option would be to move to a cheaper location. Make sure to budget well, however. You could move to a cheaper location and end up spending more money on transport and fuel.
Lastly, another great tip is that when it’s time to renew your lease, you should negotiate. In many instances, landlords want to keep good tenants, and if you move, they aren’t making money on your apartment while it’s vacant.
5. Food
You do know that saying that there’s food at home? You will really need to master the discipline of not eating out too frequently. Learn to save money when you buy food and reduce the amount of food you waste. Lifestyle: 7 Ways To Reduce Your Food Budget
Some of the ways to reduce the money you spend on food include meal planning. It will ensure that you buy only what you need, reduce food waste, and shop on a budget. You can also buy food in bulk from a wholesale store which is usually cheaper. Lastly, try to carry lunch to work as regularly as possible to avoid buying it.
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6. Utility expenses
Utility expenses refer to the cost consumed in a reporting period related to electricity, heat, and water expenditures. They may seem small, but they always add up. How can you cut down on these costs? First, be mindful of your usage. Don’t leave the lights on when not in use and close the tap as soon as you are done. For electricity, you may also consider buying energy-saving bulbs and other appliances. Unplug all unused devices unless in use. Lastly, repair leaky toilets and faucets and purposely take shorter showers. Why You Should Consider Using Solar Energy For Your Business and Home Needs
7. Cabs
If you don’t own a car, then cabs are very convenient. They are private and comfortable in most instances. But, the price you have to pay is high. Instead, consider taking motorbikes, matatus, and other forms of public transport. Use a cab only when you must and you will save a lot of money.
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