Do you spend more money on holiday than you want to admit? Is there a big thing in your life that you need to save a lot of money?
It sounds like it's time to rearrange your budget!
This is the easiest way to change your financial situation. There is no need to sacrifice the quality of life or overwork in order to make a living. All you have to do is find a way to cut your monthly living expenses and save more money.
If you want to create more economic opportunities for yourself in the new year, here are 10 habits to start with!
1. Don't eat so much outside
If you buy a latte every day before you go to work or eat most of their meals outside, your biggest chance to save money is in the kitchen. Make a commitment to go into the weekly grocery store and try meal preparation.
You don't have to prepare every meal in advance. But taking lunch to work and having more coffee at home can have a big impact on your financial situation.
Try to reduce the number of times you go out to drink.
2. Don't let groceries spoil
Maybe your problem is not that you always eat out, but that you always throw out outdated food. Take a step back and think about everything you eat in a week. Start writing down what you're going to do, instead of thinking in the grocery store and kitchen.
It will bring you miracles. This will result in less food spoilage, and you may spend less money at the grocery store.
3. Try public transport
Another way to reduce living expenses is to pay for public transport rather than gas. Do a math calculation to see how much it costs to go to work by bus or subway instead of driving every day.
You may be surprised to find that it's much cheaper every month than constantly filling your tank. But don't forget to add a little more to the gas budget for other needs.
4. Carpool work
If you prefer to rely on your car for commuting rather than public transportation, at least try carpooling. The benefit of carpooling to work is more than saving money. It makes you responsible for being on time when you have someone else waiting for you and even makes you work faster when you can get into the fast carpooling lane.
5. Bathing less
You may be surprised to see this tip on the list, but if you are who pays for your water, it really works well. When the end of the month comes, take a few baths a week and a long bath.
This is not to say that you have to completely change your self-care habits. However, a little awareness of your water use (especially hot water) will be of great benefit to your monthly budget.
6. Learn how to reduce monthly bills
In addition to lowering your water bills, find ways to cut your electricity and cable bills. Even if you only save $10-20 on each bill, you can put a lot of money back in your pocket when you do all the calculations.
In order to reduce the cost of electricity, you should form a habit of turning off all the lights in the room when it is not occupied. In addition, when leaving the room, increase/decrease the air conditioning setting to make it closer to the outdoor temperature.
You have several different options to cut your cable bill. It might be worth trying your cable to the Internet. Or, you can choose to cancel one of the services completely!
It sounds crazy at first, but maybe you don't really need a wired or wireless network. If you are rarely at home, no WiFi is a good way to make you feel more present. If you're primarily streaming movies and TV, stop using standard cable services and try something like IPTV streaming.
7. Consolidate your debt
The next good financial habit to try this year is debt consolidation. Not many people understand how it works, and no one is aware of its value.
There are several ways to do this, but in the end, the benefits are obvious. Debt consolidation can lower your overdue interest rate and better keep up with monthly living expenses. This means you can stop paying more than you need, such as your credit card debt and car payments.
In addition, you can improve your credit rating!
8. Small, simple cuts
This is the simplest way to save money. Look at your weekly budget and cut $5 or $10. This may not sound like much, but it will increase over time.
This extra money will come in handy when you have an urgent expense to deal with or a new set of payments to cover. This is a small effort you have made now, which will bring great benefits in the future.
9. Start using personal finance tools
Remember, you don't have to calculate your personal finances entirely on your own. There are a variety of applications and resources to make this easier!
You can download a budget app to help you understand where all your money is going to be spent each week and to let you know when you are about to exceed your budget. You can use a small personal savings account to set up an emergency fund and use the cashback app to get more out of your expenses.
These are just a few examples of financial instruments available. In order to determine which resources are most suitable for your needs, it is worth doing a little extra research.
10. Change to cash only
The last way to save more money by 2020 is to spend all your pocket money in cash. Use your debit and credit cards to pay your recurring bills online. Then, use cash to buy groceries, gas, and entertainment.
Cash disbursements help you better track purchases because there is no guesswork. The money you have is the money you have to spend. It's not something you have to check regularly like you trade with cards.
However, their benefits can still be obtained by using your card for recurring expenses. It makes it easier for you to maintain/build your credit and earn credit card bonuses.
Make the most of your monthly living expenses
Spending less money each month doesn't mean you have to enjoy yourself less. You can still do things like go out on weekends and buy yourself a coffee from time to time. But when you do it consciously, rather than often, many financial opportunities start to make you available.
Before you realize it, you start thinking about taking a vacation or adding the savings you've saved from cutting your monthly living expenses to your retirement savings.
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