To reduce expenses and save some money.. Here are these tips


To reduce expenses and save some money.. Here are these tips

Many find it difficult to keep their salaries until the end of the month, but determining your monthly expenses and reducing unnecessary expenses may

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Many find it difficult to keep their salaries until the end of the month, but determining your monthly expenses and reducing unnecessary expenses may help you find a solution to this dilemma.

The real problem that most people suffer from is not the amount of income, but rather the spending methods that do not help to save some money, so it is likely that you need to reduce expenses and follow these tips.

Keep track of your expenses

There is a simple solution, but it requires a strict commitment to implement, which is to write down all your expenses in a notebook or log, if you do not know where your money is going, it is very difficult to be able to reduce your expenses.

You have to record everything, even the dollar you paid for a can of soft drink, because doing so will help you control small expenses Use a notebook, spreadsheet, or mobile budgeting app Do it for at least one month, and you’d better stick With this plan for 2 months, with this first step, you will be able to know the information you need for the second stage.


Set a budget

Setting a budget requires 3 things: first, determine how much money you make and how much your monthly expenses will be, second, make a plan to spend the least amount of money and make some savings, and third, prioritize spending to achieve your goals.

You can follow the 30-20-20 rule, which is to set aside 50% of your income for essential expenses (such as housing, bills, insurance, food, clothing, taxes, and loan repayments), and 30% for other expenses (such as eating out, entertainment, and luxuries).), and 20% for saving, it will take complete discipline not to spend the part dedicated to saving.


Cancel unnecessary subscriptions

If there are magazines or subscriptions to streaming platforms that you don’t use much or no longer use, cancel them, and also be sure to delete any emails or merchandise catalogs that tempt you to make reckless purchases.


Save basic utility costs

You can’t do without electricity and water, but you can find ways to lower your bills:

  • When incandescent bulbs burn out, replace them with economy class bulbs, although they are more expensive than regular bulbs, but they last longer and use less electricity.
  • Install a programmable thermostat for your indoor heating and cooling system. This enables you to control the temperature or cold when you are outside the house, thus lowering your electricity bill.
  • Unplug every electrical device that is not in use, as many electronic devices draw small amounts of electricity when not in use.
  • Another way to save electricity is to use power strips or timers to turn off the devices, “smart” power strips can manage electricity so that DVD players only get power if the TV is in use.
  • Turn the water heater down, as you probably don’t need a temperature higher than 130°F (54.4°C).
  • Close doors and windows well to prevent air leakage, and turn off lights when you leave the room.
  • Fix leaky toilet and faucets, and make sure you don’t spend too much time in the shower.


Low cost housing options

Any attempt to save money should include reducing housing costs, and owning a home is a dream for almost everyone, but one of the advantages of renting is the ability to afford the monthly installment, not pay maintenance costs, and not pay any money for a mortgage.

If you are a renter, it is possible to save money by moving to a less expensive area or to a smaller apartment, another option is to get a roommate, and when it is time to renew the lease, be sure to negotiate a lower monthly installment.


Debt consolidation

Unless you pay cash for all the services and products you need, debt will likely be a large part of your monthly costs. You have to look at all debts i.e. car loan, credit cards and school costs as one so that you can pay it off faster.


Looking for less expensive insurance

There are many insurance companies, and you may be able to save money by dealing with companies that provide less expensive services.

There are high-deductible health insurance plans with lower premiums, which are especially suitable for people who do not need ongoing medical care and just want to make sure they are insured in the event of an emergency.


Eating at home

Eating in restaurants and takeaway stores saves time and may be tastier than what you prepare at home, but it costs you a lot of money, so it is better to reduce the number of times eating out.

Find recipes for your favorite foods, cook several meals and store them in the refrigerator, and make sure to buy foods that do not spoil quickly.


Make a shopping list before you go shopping

If you buy your food from the groceries instead of eating at restaurants, that’s great, but you may also want to save some money, and the most effective way to achieve this is to make a shopping list and stick to it, then you should resist the temptation to buy things you don’t need when you are wandering around the supermarket, Make sure to choose the products that have discount prices.


Credit Cards Freeze

Credit cards are very convenient – and this is one of their main drawbacks – as they make it easier for you to make unnecessary purchases, and you may think that you will pay them when the bill is due, and this is how many people fall into the problem of credit card debt, so reduce the use of your credit card Leave it at home instead of in your wallet, or freeze it, because reactivating it again takes time and may help you avoid some unnecessary expenses.


Use cash only

If you’re serious about cutting spending, stick to cash only, at least for now, studies show that people tend to spend less when they use cash instead of credit cards..

Using cash means that your expenses will not exceed your income, as you can pay your bills through cash withdrawals, and meet your other expenses with the remaining money.


Pay off your debts

If you want to reduce expenses and save money, you have to pay off your debt, and this is especially true of credit card debt, which usually has a much higher interest rate than traditional loans, and the longer it is paid off, the higher the cost .


Start cutting your expenses now

Do not wait or hesitate too much to start controlling your expenses, and if you have large debts, you should speak with a credit counsellor to help you set a budget and obtain information and other services to get rid of debt and save some money.


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