Reduce Recurring Expenses - Deepstash

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Reduce Recurring Expenses

One way to save money is to identify and cut down on recurring expenses that don’t add value to your life. A good rule of thumb is to cancel if it is something you might want to use “someday.”

Even if the recurring expense offers you value, you can investigate how you can reduce it without sacrificing comfort in your daily life. 

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Saving Through Frugality

Frugality cannot be the sole cornerstone of our personal finance strategy.

Because we can’t save more than what we earn and saving by itself leads to losses, due to inflation devaluing your money.

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The Problem With Mutual Funds

When you buy mutual funds, you are charged a purchase fee upfront. This is a one-time payment to the fund management institution. Annually, you will be charged with a percentage of management fees, commonly known as “expense ratio”, which can be expensive.

Beware when advisors...

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Automation Is Easier Than Discipline

You should automate what you can so you don’t have to keep off the discipline to do those things. 

Automating aspects of your personal finance can afford you more time and mental capacity to focus on other aspects of life. 

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It’s not about your resources, it’s about your resourcefulness.”

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Be Creative To Afford What You Want

By following the conventional path of "school to loan to university to work" you risk running into serious debt. Being creative is a potential way to lessen or eliminate that.

Maybe finding a different and cheaper way of doing the same thing, doing a yard sale or getting a side job… Put ...

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Common Recurring Expenses

  • Financial fees. Consider negotiating them with your banker or changing banks. 
  • Interest for short-term debt. If you cannot avoid it completely, then use a bank that charges less interest.
  • Stocks brokerage account fees. Usually comes as monthly account fee...

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Automating For Better Personal Finances

  1. Saving: automatically transfer every month from your income into a savings account. 
  2. Investing: do “dollar-cost averaging” if you’re familiar with the cave eats of trading stocks, ETFs, bonds or mutual funds. It consists of a stock trading account set to automatically b...

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CURATED FROM

CURATED BY

lucy_d

Investing and saving is not the same thing.

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Keeping The Budget

Keeping The Budget

Compare the total monthly family income with total monthly expenditures. If you have excess money after paying your bills you can save or invest it, otherwise, you have to reduce expenses, increase revenue, or do both.

Analyze your monthly expenses, and set priorities in spending. After ...

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...

Cut back on your expenses

Cut back on your three biggest expenses.

  • Housing: The easiest way to do this is by house hacking, where you rent or buy a 2 or 3 bedroom apartment and rent out the extra rooms to offset or make money on your rent or mortgage.
  • Transportation:...

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