Save Money & Lower Expenses
Everyone I know wants to make more money. “If I only made this much,” seems to be the magic statement to solve all their problems. No one ever seems to be satisfied with what they are bringing home each month to live on. What if I told you the key is not to make more but to manage what you have on hand first and foremost. If you can’t manage $3000 a month how would you ever be able to manage $10 000 a month?
During an economic downfall like we are all in now, saving money and coming out ahead is important to survive. Many people are feeling the negative affects of the Covd-19 pandemic and are struggling to stay afloat. The time of blowing money on random impulse purchases should be gone to focus on the bare essentials. If you aren’t taking your finances seriously and want some tips to help get back on track, this blog is for you.
3 Tips to Save Money While Lowering Your Expenses
1. Eliminate Subscriptions
2. Eat at Home
3. Lower Bills
This can be a tough pill for most to swallow. This step involves trimming out what isn’t absolutely necessary as far as monthly subscriptions go in your life. Yes, some of them may be nice or convenient but today it’s time to get real about saving money. This means making sacrifices and cutting down to the essentials. Some subscription services that could be eliminated could be Netflix (or any other movie streaming services), cable, home phone line, passes to clubs you don’t use anymore or anything else.
It can be hard to eliminate some of these as you may enjoy them. To save money, you may have to make difficult decisions now to better your financial future. A lot of these subscriptions can also be bad habits you do each day anyways. It will be better to get rid of what you can and focus on your health instead. If your strapped for cash and need more money, cancelling these temporarily until things get back to normal may be your best bet. Maybe there are a couple of subscription services you signed up for a while ago and aren’t even using? These would be perfect candidates to get rid of immediately. Make the calls or go online to cancel them today.
Eat at Home
There are a lot of people I know who eat out nearly every single day, especially during the week while out at work. This seems to be the norm for many who don’t like to cook or don’t have “time” to make their own food. What these people don’t know is that this is also burning a hole in their wallets each month. Eating out four, five or even seven days a week can raise your monthly eating bills through the roof. Not to mention it may not be wise to eat in restaurants during the pandemic. You can easily spend triple what it would cost to make similar foods at home. In most cases making your own food is also better for your body. It actually doesn’t take that much time out of your routine if you make bigger batches of food at once.
If you eat out five times a week start to lower it to three times for the first couple of weeks. You can still eat out sometimes but if your goal is to cut down on costs this can easily put hundreds back into your account each month. Track what you spend in a week from eating out and try and cut that amount in half. If you took a huge pay cut due to losing your job, make the necessary adjustments and changes for yourself and your life.
Lowering bills may seem far fetched but I do it all the time. Making a phone call to your cell phone or cable companies can turn into big annual savings for you. Look to see what new plans may exist or if you can speak with the retention department to get a better rate going forward for a long-term customer can work great. I’ve been able to lower some of my monthly bills by $30-50 dollars in some cases. This may not seem like a huge amount, but over 12 months would be $600 in savings! Which you can use in other areas where the money is needed like your rent, mortgage, food, or whatever other priorities come first. Checking with these companies or other companies who you pay monthly every year or two can ensure you are keeping more cash in your pocket.
It may not be about making more money but learning to manage the money you make now more appropriately. Remember, to save cash and lower expenses you will have to make some sacrifices. This is critical before you start to make more money in your career or business. These current times may be tough for many people in the world. Take charge and spend your money on the essentials!