Most of us will have to economize when it comes to money. Our budgets can be a real headache most of our lives if we don’t learn how to prioritize our costs.
Luckily, there are ways to cut on some expenses and take better control of your finances.
Cust costs on food
Eating often in restaurants can cost you around $100 a month, especially if you have a big family. It’s better to stay at home, eating home-made food and still hang out with your loved ones.
The fact is that an average person waster around 40% of the food they buy, meaning there’s a lot of room for improvement. So, the first step would be to plan your meals in advance so that you know exactly what you’ll use. Also, compare prices between store brand items and generic prices. In case there is a sale on things that can last for long, buy a lot of them and store them. Also, don’t buy food that you’ll never eat just for the sake of coupons. Use them only for the food you frequently eat.
Sell your car
It’s possible to spend up to $11,000 a year on car repairs and improvements. So, selling your car could be a huge way to save a lot on an annual basis. Costs like vehicle registration, property taxes, fuel and maintenance will disappear and fill your pockets. Of course, do this if you have alternative means of transport.
Cancel unnecessary memberships
The average monthly cable is around $150, with the tendency to rise in the following years. So, consider a digital antenna so that you can watch local channels for free, and you can spend the rest of the day in a much better way. The average number of hours spent watching TV weekly is 35 hours – reduce that number to a few hours by cutting cable and save a lot of money.
Also, think about canceling all those subscriptions and memberships to the gym, magazines or whatever you think you need but you don’t actually use or read.
Change means of transport
There are always cheaper means of transport than the one you’re currently using. The best solution would be to cycle or to walk whenever you can, especially when you go to work. It would mean a lot for your budget and your health. If you can’t always deal with hills, an electric bike would be a perfect thing.
In case you have access to public transportation, try to ditch the car and save on maintenance and repairs cost. You have probably forgotten the time when you were forced to use public transport because you didn’t have the car but if you make a list of costs you’ll get rid of – you’ll probably consider public transportation again.
Alternatively, try to find a friend or a colleague you can share a ride to and from work. The costs will be reduced for you all, and you will still get to be comfortable and relaxed on your way to work.
All in all
Taking control of your costs isn’t a daunting task. You just need to become aware of the bad habits that make you spend more than necessary. Overall, this is not a great sacrifice to do – it’s only about being realistic, more practical and honest with ourselves about things we truly need. It’s the quickest way to having real control of how much you spend and what you’re spending your money on.