How to Save Money on Daily Expenses
The market has been turbulent and the economy is in tumult making the budgets tough because of the increase in the cost of living. It has become very important to save money on daily expenses in times of economic downturn. One should save money for emergency purposes and cut down on household expenses and living expenses like utility bills, etc.
Here are some of our best tips to save money on daily expenses.
Know your bank and choose the right credit card
Use the bank without any service charges. Credit card companies have lot of interest charges and fees. They can charge you more later if you end up shopping till your drop and you might go into debt. These expensive debts will further cost you more.
Track your living expenses
The best way to minimize the living expenses is to record the monthly expenditure. Jot down all the incoming and outgoing money and track the expenses. It will help you to cut down the expenses which are not necessary. Determine the variable, fixed and expenses that are non-essential. This way you will be aware and seek cheaper alternatives wherever you go.
Grocery-shopping
When buying groceries, get the generic or store brands. They are equivalent in quality compared to the top marketed brands. Go for bulk in case of goods that are non perishable. Make a list before going to the store or you might get tempted to pick up anything you like or the shopkeeper might wheedle you into buying the stuff.
Cook at home
Try to cook your meals at home. Frequently eating out is the biggest money drain. You can also cook during the weekend for the whole week. This way you wont end up ordering from outside or eating out when you will be famished after a long exhausting day. Do not get lured by the frozen meals and pre packaged stuff available at the stores, they will only cost you a bomb in a long run.
Save electricity
Make sure all the electrical appliances are unplugged when not in use. Switch to energy efficient appliances. Let the sunshine illuminate your house in the evening’s. Try to keep the AC thermostat at 78 degrees. Also, you don’t have to use the clothes dryer which is the most substantial energy drain after AC. Hang the clothes to dry in the sunshine.
Cut down on fuel
With the gas prices soaring it has become very important to save on fuel. Limit the driving and go walking or cycling to nearby places. Cycling is the best way to commute around maintaining your health. Take care of the car maintenance and servicing as it will enhance the fuel efficiency. You can also buy a used car instead of shelling out on a new car. However, a new car has its own perks.
Limit your outgoings
When you want to spend a convivial evening with friends by organizing a movie or pizza night at home instead of dining out, pub crawling or hitting the movie.
Bundle the services
You can reduce your telephone and internet bills by looking for cheaper alternatives. Many companies offer packages that can bundle your television, television and broadband internet in a cost effective way.
Say “No” to designer labels
You don’t have to make a hole in your pockets and let your expenses and bills spiral out of control by going for high end brands. At the end of the day, many of us wear an outfit once. Go for nifty garage sales and look for online shopping websites and snag great deals.
Daily deals, discounts and coupons
Look for all such opportunities in various newspapers, magazines and online websites. Also, do not throw your good money away by not using various memberships, subscriptions and services.
Budgeting is very important and crucial in our life. Being frugal is not a crime. We just need to make saving a habit and take initiatives.
