You may have overspent this holiday season and are in a tight spot for the month of January or your New Year’s resolution is to save money. Whichever one it is, this article is for you. Don’t worry, you are not alone. According to Anna Barker of the money management company LogicalDollarMany, people are reluctant to reduce their spending because they think it will be too difficult.
As we grow accustomed to a specific way of life, many of us find it difficult to fathom the thought of making adjustments that would require us to give up items we currently view as entirely normal and necessary to our existence. However, many of us also view having debt as entirely normal, which is something that should never be the case. Because of this, any attempt to reduce spending almost always needs to be coupled with an attitude adjustment.
Here are some tips on reducing expenses so you can save money.
Re-Evaluate Your Subscriptions
The majority of individuals pay a monthly fee for internet, cell phones, magazines, streaming services, cable TV, weight reduction programs, etc. Once you put one up, you probably won’t give it much thought, even though money is taken out of your account every month.
Now is the moment to look closely. Consider the following:
How often do I use this?
Do I really need this?
Can I survive without this?
Reduce the cost of your insurance
Another approach to cut monthly costs is to make changes to your auto and home insurance policies. Look around for businesses that will package them for a lower price if you pay for both. Depending on the type of homeowner or driver you are, you might also be able to get your premiums reduced. Look into firms that provide discounts for safe driving records or for people who drive less expensive vehicles if you want to save money on your car insurance. Rates might be reduced for vehicles with improved safety features.
Shop using a List
The first step in any grocery store money-saving strategy is to create a shopping list. This straightforward practice can help with meal planning, lower food costs, and, if you keep to the list, reduce impulsive purchases.
Pack a lunch to work
Those R30 – R50 cafeteria lunches add up at the end of the month, pack a home made lunch to work for at least 3 days in a week. This will significantly reduce your spending and will feel as a reward when you see how much you have saved at the end of the month. Coffee is also a silent budget killer, pack your coffee essentials and put them at your desk so you have no excuse to buy cafeteria coffee.
Also see: Money mistakes to not make in your 20’s
