Do you get a headache every month when your monthly expense consumes all your income? Are you banging your head on the wall trying to find ways to reduce your monthly expense someway or the other? Well, just when you settled down thinking that your life is going to be miserable for the rest of your life and you would have no savings for old age, the following ways can provide your the rays of hope.
There are always some easy ways to reduce monthly expense that we probably do not know and do not think about. Implement the following steps and take a grip on your personal finance and you would be completely surprised how much you can save. As a matter of fact, you would be cursing yourself that for wasting money in the past.
1. Generate Your Own Electricity
One of the biggest monthly expenses is your electricity bill. If it is applicable, install a solar power system in your terrace, and the generated electricity would be completely free. If the production is more than enough, you can sell it too.
2. Plan A Household Budget
When you plan your spendings, you can save a lot. It is only due to unplanned spendings that you end up spending more. Bring your family members in one place and plan out everything and implement your planned budget rigorously.
3. Cutting Down Spending On Food
Make it a habit of cooking your food at home and eat only homemade food. We waste so much money buying fast food which not only empties our pocket but leads to health problems. Preparing similar food would cost less than half the cost. As a matter of fact, you should prepare a meal budget for every day that could last for an entire month.
4. Buy Online When There Is Sale Offer
Rather than buying items from offline stores, go online and saves the products in your cart. The prices fluctuate all the time, and there are always some offers and discounts going on. Use those opportunities to buy more products that you are getting at high discounts.
5. Go For Unbranded Products
We waste so much time on our clothes and other products just because we shop by brands. Instead, there are same quality unbranded products available, and unless you are gifting something, you should always go for them.
6. Reducing Expenses On TV Bills
If you have the habit of watching a selected few channels, you should give up your cable line connection. You should use Digital TV connection and select the channel you see and pay only for them. If those channels are available online at a cheaper rate, you should go for them assuming that you have an unlimited net connection already.
7. Reducing Expenses On Mobile Bills
If you have a postpaid connection, you should go for prepaid and get some packs. You should use social media and messengers for messaging, and video calls through apps like FaceTime, WhatsApp, Skype. Take an unlimited broadband internet pack and install a WiFi device so that it is accessible everywhere.
8. Cutting Down Spending On Transport
First of all, you would stop or bring down the frequent use of your private car all the time to go to regular places like offices. Instead arrange a carpool and better yet, use public transport. If you use private cars occasionally, make sure the tires are inflated else more fuel will be consumed.
9. Give Up Subscriptions, Go Online
You spend a small chunk of money on newspaper and expensive magazines by subscribing them. You need to go online to read the news and read the magazines which are available for free through various apps.
10. Other Miscellaneous Ideas
You should stop your addiction for smoking, drinking and using expensive things that cause unnecessary waste of money. You need to buy appliances which are chargeable else you will spend money on battery or buying them again like razors. Use power-saving appliances. Start reusing things as much as you can.
Implement these steps rigorously and you will be surprised by seeing the saving you make every month. You can invest your savings for better future.