5 ways to cut expenses and save more
If you find yourself struggling at the end of the month with daily expenses, then you probably need to take a long, hard look at your spending. We totally agree that prices are always increasing while earnings aren't. While this is something we can't control, what we can do is cut out unnecessary expenses. Here are five ways to manage your finances.
Monitor your spending habits
Install an expense management application on your mobile. It detects expenses incurred through net banking, debit card, and credit card. Category-wise expenses, such as entertainment, food, drinks, transportation, etc. are segregated. This way you will come to know of the things you are spending the most money on. Browse and see how many of those expenses could have been avoided.
Keep a tab on utilities
Electricity bills make up 12% of an average household's budget. Being mindful of consumption can bring it down. Set the AC to energy-saving mode, unplug laptops and chargers when not in use. Check for magazine and OTT subscriptions and evaluate how many of them are worth it. Check for the best mobile phone plans, some of them even come with a free OTT subscription.
Make a shopping list
Impulsive shopping can burn a huge hole in your pocket. This is where a shopping list comes in handy. Make up your mind to stick to it. Even while preparing the list, question the addition of each item and only write down those that you absolutely need. Check if your store offers reward points that can be redeemed during your next purchase.
Cook at home
Cooking meals instead of ordering out will save a lot of money. Chalk out a weekly meal plan and try to abide by it. If you are craving some special food, get the recipe from YouTube instead of ordering it. However, we understand that crazy work routines get in the way of cooking food at home. So do this at least on weekends.
Be smart about borrowing
Loans, credit cards, insurance premiums eat up a lot of our earnings. While looking for a car or home insurance plan, check for cheaper rates. Some companies even combine the two and offer attractive rates for the bundle. Don't opt for auto-renewals and check what your provider's competition has on offer. Pay your credit card bills on time to avoid shelling out more later.