More often than not, people get into miserable financial statuses due to one major simple reason. They forget to check on their expenditure vs. income, especially when it comes to recurrent expenses. As one gets accustomed to settling the same list of invoices or bills, the mind becomes subconsciously trained into allocating the same amounts in the budget every month to cater for the expenses. In such a case, saving more becomes quite a nightmare to many, unless of course your income increases within a fortnight or at some point along the way. Well, the truth of the matter is that with a cost-cutting mentality, you can cut down on some of these expenses without necessarily compromising on your quality of life, enabling you to save more each month. Here are tips on some lesser-known ways to cut expenses and free up more money to save each month.
Watch What You Spend On Entertainment
Just to mention a few, you can cut on the amounts billed to you for telephone, cell phone, internet access, website’s subscription and much more. For the cell phone costs, try doing research to find out the best, prepaid plans from network providers in your area and save on talk time costs. Look for alternative ways to connect to the internet, like tethering your phone to your PC for instance, which is way much cheaper. If you want to save more, it’s about time you ditched those newsletters and article updates you are subscribed to, yet you never read them.
Keeping Your Energy Bill down
For most people, this is where the catch and challenge normally is. A good number of homeowners tend not to pay enough attention to what they spend on utility bills. The fact is that you can actually cut down on this recurrent expense and end up saving a good count of dollars or even hundreds of dollars using ways that are lesser-known to some people. To do this, ensure you developed a routine of keeping the lights off when not needed, switch off electronics when not in use and always ensure you buy energy-efficient appliances whenever you approach the market. Consider the type of roof, HVAC system you go for.
Shop Around Regularly for Best Insurance Cover?
Insurance covers such as health plans, life plans, auto insurance, and homeowners insurance are all essential. However, it doesn’t mean that you can’t save on the recurrent expense either. Unbeknownst to most people, insurance policies are different in terms of costs, benefits, and contributions. Especially for covers such as auto insurance and homeowners insurance, be sure to shop around once in a while for the best deals in the market. There are numerous sites online from where you can get insurance quotes, which are resources you can utilize to get the better deal and reduce the expense.
Watch Your Credit Card
Most people actually do not consider credit card as a debt, but rather a convenient way of carrying money. The harsh truth is that a credit card is actually a debt, in which if caution is not taken, one is likely to end up living in a “debt cycle.” Most importantly, credit cards become expensive as soon as they start accruing and attracting interests as well as penalties for defaulted payments and cash transactions. They actually encourage spending for people with financial discipline issues. You can mitigate this with one of our lesser-known ways to cut expenses; try leaving the card at home when going out unless you really need it.
Next time, we will talk about ways to earn a little extra on the side — because you can only cut your bills so low. The alternative is to earn more. For example, I have a friend in Colorado who opened a dispensary, and with the help of a cannabis growers consulting service (yes, that’s a thing) to ensure that everything was legal and his product was the best in town, was so successful that within 2 days he had to quit his day job. Luckily, the tips I’ll share with you can be implemented anywhere, and without a storefront. Check back soon!