Reducing your expenses and saving money should not be hard of a goal to achieve.
Sometimes, we might have a goal whether it is to save for starting your own business or to save for a wedding, but we put if off because the paycheck we receive from our job can only cover our bills and rents. We put if off because we are waiting for a bonus or a tax refund or a job promotion.
And if these things don’t happen, we don’t achieve our goal (i.e., staring our own business or saving for a wedding). But what we fail to realize is that we can save a lot of money and reduce expenses if we cut back on a lot of unnecessary things, without a bonus, job promotion, or tax refund.
The first thing you need to do is to write down your most basic needs and basic necessities. If you already have a budget, go in your budget highlight the most important things. Next is to identify the things you want but could do without, if you had to. Are there things you could cut out?
Do you want to cut your expenses and save money? Why or why not? Share your thoughts by commenting below?
1) Are there gym memberships, clubs, or subscriptions magazines you could cancel or get for a much lower price?
2) Do you really want your cable TV, when you are never home to watch it in the first place? Watch free TV instead or Netflix. If you don’t want to cancel cable altogether, consider switching to a less expensive one.
3) Are you paying too much for your cell phone? Is there a cheaper plan out there?
4) Can you reduce your spending on eating out? Take lunch to work.
5) Use cash when you are out instead of a credit card. With a credit card, it is very easy to spend more than you can afford. One thing to always remember when it comes to using a credit card is that if you don’t have the money to pay cash for something today, will you have the money next month when the bill is due with interest? If the answer is no, then you are better off using cash or don’t shop at all.
The list of things you can do to cut your expenses and save is overwhelming. But doing these things can help a lot. You may be surprised how much of a difference it can make.
Do you agree? Share your thoughts in the comments below.