As the cost-of-living increases, are you finding it more difficult to make ends meet and save money? If yes, we’re about to look at ways to cut your expenses and save more without feeling as though you’re depriving yourself. Sounds idealistic, right? Let’s start with the importance of tracking your spending.
Track Your Spending
Many don’t know how much they spend each month. All those quick taps with your cards, smartwatches and apps often mean that you lose track of what you spend daily. What you aren’t thinking about when you are tapping is the importance of tracking what you’re spending. To get an understanding of what you spend on a monthly basis, create a spreadsheet and log everything that you buy. This will allow you to see how your income matches up to your expenses and identify where you can make cuts. If your end goal is to secure a financial future for yourself, then you need to start here.
Buy Second Hand or Refurbished Goods
Why pay full price for goods when you can pay half price or even less? Use sites such as Craigslist and Facebook Marketplace to grab yourself a bargain. Check out resale apps and good old eBay. Visit your local thrift and charity shops. Look out for refurbished electrical and electronic goods. You’ll find all kinds of things from clothing, books and tech to furniture and household items at a fraction of the price you’d pay if they were new. Plus, you’ll be helping the environment by keeping stuff out of landfill.
Refinance Your Student Loans
If you’ve been through college, you’ve probably got a large student loan eating into your monthly expenses. But did you know that it’s possible to refinance your existing student loan or loans into a new one? By doing so, you can lower your monthly payment, thus releasing extra money to put into your savings account each month.
Learn to Cook
With the mainstream integration of food delivery apps, it’s too easy to get food brought to your door. However convenient these may be, regular food deliveries can quickly add up to a very large sum each month. So, why not make this month the month you learn to cook? Start with some simple meals and make enough to use the leftovers for lunch the next day. If you have a freezer, make multiple portions and freeze them so that you always have a meal available when you don’t feel like cooking. Check out YouTube or social media sites for easy recipes.
Ditch the Car
If you have a car and live in a town or city with a good public transportation system, you may want to consider getting rid of your vehicle. Even if you own your car outright, there are many other associated expenses such as fuel, insurance, servicing and repairs. Consider walking, cycling or using public transport instead. The arrival of ride-sharing services has made getting around fast and affordable and, if you do need a car for a longer trip, you can hire one. If you really need a car, consider downsizing to a smaller vehicle if possible.