8 expert tips to help reduce your expenses and save more
Do you often find yourself thinking about how you can save more money? Well many of us are in the same boat. It feels like no matter how hard you try to save, something always comes up, like the car needs repairs, school fees are due, or you just can’t put off that trip to the dentist any longer.
The good news is that with some money-management skills and budget planning, you can reduce your expenses so you can save more. And you don't have to wait for life to be perfect to get started, because something will always come up.
So with that in mind, here are our money-saving tips to help you reduce your expenses and save more.
1. Keep a spending diary
Keeping a spending diary simply means listing down where your money goes so you can keep track of your spending habit. Then create a budget so you can set weekly or monthly limits on your spending. If you want to save money, working out where you are spending it is the best starting point. There are plenty of budget management apps that can help you with this including Frollo and Mint.
2. Lower your utility bills
We know there’s no escaping utility bills since we all need power and water. But there are many ways to reduce your utility bills. Once you do, you’ll be surprised at how much money you can save by simply cutting down your usage. Here are some simple steps you can take to do just that:
- Use LED lights as they last longer and consume less electricity than incandescent lights
- Unplug your electrical devices when not in use. Some of them still consume a small amount of power if they aren’t in use but are still plugged in
- Ensure your faucets and toilets don’t leak
- Switch off everything that consumes power and water when not in use
3. Consolidate debts
For most of us, some form of debt is a fact of life, and debts can take a significant portion of our monthly budget. Unless, of course, you’re able pay cash for everything - but if you fall into that category then you’re probably not reading this blog. Whatever types of debt you may have, such as a car loan, credit cards, or even a student loan, they all demand your hard-earned cash in separate weekly, fortnightly or monthly payments. Consolidating your debts by combining them all into a single regular payment can result in lower interest rates, and reduced repayment costs.
4. Cook at home
While it’s tasty, convenient and time-saving to eat in a restaurant or order takeout, it often takes a lot from your budget. Revisit your budget planning and try to cut back on this habit. You don’t have to stop it entirely, but if you’re treating yourself once a week, try to stretch it out to once a fortnight. Besides costing you less, home-cooked food is generally more nutritious than takeout. If you don’t have the time to cook every day, you can always cook double or triple portions and keep some in the freezer for the busier days.
5. Use cash or a debit card only
Many of us have long relied on our credit cards for paying just about everything. But if you’re really serious about cutting back on your expenses, using cash or a debit card, at least temporarily, will help you to really focus on what you’re spending your money on. A good tip is to link your debit card to an account that you pay your set budget amount into each week – that way, if there’s no money in the account, you can’t continue spending.
6. Don’t go grocery shopping when you’re hungry
A study shows that people tend to buy unnecessary items when they go to the supermarket hungry. Even worse, these items are usually the types of treats that are high in calories. So, to avoid this trap and save money, do your grocery shopping with a full stomach.
7. Reduce your subscriptions
We all need some form of leisure and relaxation now and then, and what better way to do it after a week of work than to sit on the couch and watch your favourite movies or series from popular streaming services like Netflix, Disney or Stan. But if you have more than one subscription and want to reduce your expenses, then review what you’re watching and choose just one. While they may appear relatively cheap individually, the combined costs for all of them can really add up.
8. Learn how to DIY
Got an occasion coming up, and you’re thinking of shopping for gifts? Unless you’ve been able to save money for it, learn how to DIY those gifts. Not only will this cost you less, it will also be more appreciated since you’ve personalised it. You can also DIY many household tasks and products, so the next time you’re thinking about putting your hand in your pocket to pay for a product or service, try googling it to see if you can learn how to do it or make it yourself.
Reduce your expenses and save money now!
There is no better time to start reducing your expenses and saving money than right now. And remember, if you ever find yourself in urgent need of some financial assistance, we’re here to help. Just take a look at our cash loans up to $5,000 to find out how quick and easy it is to get your hands on some extra funds. Once a loan is approved, the cash is usually in your bank account within a few hours - so you never need to worry about how you’re going to pay for those unplanned expenses that you can’t quite cover.