People tend to spend more for wants than needs. By cutting down unnecessary expenses, disposable amounts will increase and help in significant savings that can be used to "pay for yourself" (to know what it is, read our other article, “know about pay yourself first”) and become financially secure. It can be employed for building up your emergency fund or down payment savings for buying a home or car or for your retirement kitty. By keeping clear financial goals in mind for your savings you can help yourself stay motivated and find possible ways to cut down your expenses. Below are a few simple tips to reduce expenses:
1. By writing all expenses and spending habits, a person can find out if he is sending on anything unnecessarily.
2. Make a budget with any budgeting app and try to limit spending within it.
3. Make savings a compulsory habit with automated saving on the pay day and keep increasing with income.
4. Follow rule 30, which says to postpone your purchase for 30 days and see if needed?
5. While purchasing oversized items, get quotations from different sellers and bargain.
6. It is better to have a shopping list before going to the store to avoid unwanted purchases.
7. Use cheaper substitutes if possible.
8. Try for unbranded or alternative brands.
9. Use coupons, offers or rebates wisely.
10. Switch to economical internet, mobile, insurance services, travel tickets, etc.
11. Save on bills by cutting down unwanted wastage and stitching off while not in use.
12. Pay all types of debt early to eliminate interest outflow.
13. Refinance your debts with available low-interest options.
14. Use a credit card smartly by paying dues in time and signup for cash backs, reward points.
15. Always maintain very credit score.
16. Follow the home fitness schedule to avoid gym membership.
17. Eat home-cooked foods and avoid wastage.
18. Walk to nearby stores, which will help in physical fitness as well as saving fuel.
19. Do cycling, opt for carpooling or cab sharing.
20. Use public transport where ever possible.
21. Recycle, sell unwanted stuff, or give for charity.
22. Maintain the appliances and gadgets in good condition.
23. Try to repair and fix the items, whichever you can.
24. Save by doing it yourself of all possible things you can which will give self-satisfaction too.
25. Drop lose coins into a small box, see once in a while to check how much you could save.
26. Wash and iron your clothes at home, which will help stretch your body and keep you fit.
27. Have a personal financial planner and investment advisor.
By Team Wealth ATM
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