In a society where you’re always exploring new services and products, it’s easy to get carried away into the consumerist lifestyle. This has the potential to blow your life plans out of proportion, which is a risk you’re not exactly willing to take. One of the main money goals you might want to achieve this year is to check the expenses you need to cut. To help you save more and spend less, here are some ideas that are bound to work out:
1. Cheap Purchases
Suppose you’re purchasing new sneakers. The cheaper pair costs $70 and lasts about 2-3 years. The more expensive one is $250, but it can easily go on for 8+ years. So in the longer run, you’ll be able to save more with an expensive pair of sneakers. The same goes for many other basic expenses, such as cellphones, clothes, and even dining sets.
2. Solos vs. All-in-Ones
A single hair straightener versus a 3-in-1 straightener, curler, and crimper.
A single cable TV line versus a set-top subscription box.
A single kitchen blender versus an all-inclusive food processor.
One eyeshadow palette versus a full-face limited edition palette.
Singular items may be aesthetically pleasing, but their eventual cost usually climbs up way higher than all-in-ones. So, if you’re trying to avoid some expenses, this is a great place to start. You might find many useless items on your list that you can actually compensate for in some other way and end up saving money!
3. Insurance Expenses
Most people usually have at least four types of insurance under their name. For housing, for their vehicle, for healthcare, and for their job or business. If you have at least one such insurance, you may do a deep dive into the insurance plan and see if it has anything to offer that isn’t essentially useful for you.
True, insurance can be a lifesaver at times, but there are always some aspects that match neither your budget nor your requirements. So, it’s a good idea to revisit your insurance plans every now and then, especially if you have a major life change coming through, such as a different job or a new house!
4. Have a No-Leftovers Period
One of the biggest piles of unwanted expenses is found in the kitchen, courtesy of leftover groceries. We’re talking about that bowl of unfinished rice, old tomato purée, or some forgotten tuna can at the back of the fridge.
So, if you’re one of those who stick to a whole new food stock every month, it’s time to change that. Instead of buying new pantry stock, you can try to make do with everything that’s still in the kitchen. Look up recipes on what would go together with what, and have a no-leftovers month (or week, up to you). This way, you can regularly save on a whole month (or week) of food expenses!
Cutting down on your expenses is one of the most viable options when you’re trying to save up and reach your financial goals. Even if you think that you’re only spending on the ‘vitals,’ have a second look at your monthly expenses, and you’ll surely find something that you can do without, at least for the time being.