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30 Ways To Cut Your Monthly Expenses

https://www.lifehack.org/articles/money/30-ways-cut-your-monthly-expenses.html

lifehack.org

30 Ways To Cut Your Monthly Expenses
Finances can push anyone to the point of extreme anxiety and worry. Easier said than done, planning finances is not an egg meant for everyone's basket. And that's why most of us are often living pay check to pay check. But did anyone tell you that it is actually not a tough task to meet your financial goals?

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Saving on Transport

Saving on Transport

Cycle or walk to work to save money and get fitter. If you’re on the lazy side, invest in an electric bike to help you up those hills in the morning.

Also, if you normally drive to work alone, see if there isn’t someone who lives near you so you can carpool and save on gas.

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Saving On Electricity

Saving On Electricity

Turn your lights off when leaving the room. If you live with forgetful people, place little stickers by the switch to give people helpful reminders.

You can also replace bulbs with energy-saving ones.

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Saving On Self-Care

Saving On Self-Care

Simplify your beauty regime and ditch expensive creams. All your skin needs is a good diet, plenty of water and hydration.

Also, brush your teeth twice a day and don’t forget to floss. Having teeth issues leads to expensive dental bills.

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Saving Loose Change

Saving Loose Change

We tend to carelessly spend small amounts as individually it doesn’t seem like a big expenditure. But you should be aware of, write down and control these expenditures as they can add up to big sums.

You can also throw your loose change into a jar, then count it up at the end of each month and see how much you’ve saved.

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Changing Your Attitude To Save Money

Changing Your Attitude To Save Money

Be grateful for the money you have rather than complaining about not having enough. A simple change of attitude can help you to manifest more money and cut expenses.

You can also tell your friends and family that you want to cut expenses and let them know you are tempted to spend more than you intended. It’s even better if you can open in the effort to save.

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Avoid Loans

Avoid Loans

Do not take out any payday loans as their interest rates are too steep.

Also, if you have a large overdraft, chances are you’ll spend it each month if you’re not careful with your money. If you’re scared to lose the overdraft completely, halve it and see if it makes you any more cautious with your money.

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Saving On Cleaning

Saving On Cleaning

You can make your own cleaning products; for example, vinegar and baking soda work wonders for cleaning your drains; spray lemon juice on surfaces to get rid of stains and streaky grease marks, and use vinegar to scrub up wooden flooring.

You can also buy a dry cleaning kit and a spot remover pen if you regularly use dry cleaners.

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Saving On Beverages

Saving On Beverages

If you normally buy takeaway coffee, buy a flask and make your own coffee instead.

Also, if you go out for drinks often, try cutting back or going alcohol-free for a month to see how much you save.

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Pay For Things With Cash Only

Pay For Things With Cash Only

Allow yourself a certain amount of money each week and spend only that amount. 

Unless you’re constantly checking your finances, it's hard to keep track of what you spent when you pay with your credit or debit cards.

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Saving On Food

Saving On Food

Set aside a few hours on Sunday and make different dishes for the whole week. Then, freeze them and you won’t be tempted with takeaways or packaged meals midweek.

Doing so takes time but taking your own food to work will save you a lot over the course of the year.

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Make More Gifts For People

Make More Gifts For People

Rather than splashing out on expensive gifts for people, cut expenses and make your own cards and presents—at least for some people. 

The gesture won’t be forgotten. Plus, everyone knows the gift of time far outweighs the gift of money.

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Reevaluate Recurring Bills

Reevaluate Recurring Bills

From time to time, research alternatives to your current recurring services to ensure you are getting the best deal, but keep in mind that the cheapest isn’t always the best. Pay special attention to gas, electricity, insurances, phone, and the Internet.

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Cancel Your Gym Membership

Cancel Your Gym Membership

Get on your bike, jog around the park, and lift weights at home. You could even organize regular work out sessions for free with others who want to ditch the gym and save money. 

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Save With Used Things

Save With Used Things

Selling or trading your unwanted things will free space in your house and even allow you to make some extra money.

You can also shop in thrift stores. You can get designer items for pennies; you can find cheap tat and upcycle it for next to nothing, and find one-off clothes you’d never find on the high street.

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Save By Shopping Alternatively

Save By Shopping Alternatively

Buy the unbranded products in the supermarket. You may only be saving pennies per item, but there really isn’t much difference in the taste.

You can also sign up to deals websites and newsletters, and save money on theater tickets, holidays, restaurant meals, and much more.

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SIMILAR ARTICLES & IDEAS:

Try making a budget

  • Create a full inventory of expenses in front of you: Categorize them into fixed and variable; urgent and non-urgent; necessities and luxury; avoidable and unavoidable.
  • You can c...

Financial planning

 ...is the process which provides you a framework for achieving your life goals in a systematic and planned way by avoiding shocks and surprises.

Maintain a personal balance sheet

It’s a statement wherein you can jot down your assets and liabilities.

  • Pull together your bank statements and other proofs of the liabilities
  • List down your assets like the bank balance, all investments, home value, and value of other assets.
  • Take a sum of all the assets to arrive at the total value of your assets.
  • List down your liabilities the (car loan, home loan, credit card balances etc.)
  • The sum of all the liabilities will show the value of the money you owe.
  • When you subtract the value of liabilities from assets, you get your Net Worth.

2 more ideas

Budgeting = creating a plan to spend your money

Budgeting is simply balancing your expenses with your income.

It's a plan for the coordination of resources and expenditures. When you budget your money, there’s a desir...

How to create a budget

  1. Gather Some Financial Information: gather a detailed list of your income and expenses.
  2. Select a Budgeting Method: figure out how you’ll budget your money to meet your most pressing financial goals.
  3. Create Your Budget: tally up all your expenses and income to see where you stand and allocate expenses.
  4. Execute Your Plan: you can use a notebook, pen and paper, a spreadsheet or an online software.
  5. Reward Yourself: you can work a small percentage into your budget to treat yourself each month.

The 70:20:10 budgeting method

This method suggests that you allocate 70 percent of your income to expenses, 20 percent to savings, and the remaining 10 percent to debt.

70:20:10 may work for someone with a healthy emergency fund and minimal debt.

Early Mistakes, Late Start & Future Hurdles.

Savings and investments should be part of a monthly budget even when young or just starting a career.

You cannot save enough if you are waiting until your late 30's before...

Myth vs. Reality in Retirement Planning

  • I’m not that old:  It’s not about NOW but saving for your old days when you can no longer work full time. 
  • I’ll wait for a lump sum is just an excuse to postpone planning or procrastinate.
  • Assumed Family/External Support: It’s better to be prepared for eventualities and have contingency funds in hand.
  • Financial Requirements Decrease: Medical costs increase with age. Inflation and other factors might also come into play.
  • I will not live that long or I won’t retire: People tend to live longer, but they will suffer from medical ailments.

Retirement Goals

To have a secure and financially independent retired life during your golden years with regular post retirement income, a corpus of savings/investments and a safe shelter or home.