One of the greatest problems in personal finance is understanding different ways to spend less on living on monthly expenses. Well, the best ways to achieve that is to reduce your monthly costs and make yourself comfortable. Although some of our daily bills may seem small and insignificant on their own, their overall impact can be huge–and they can become a constant drain on our finances. We prepered for you few tips on how to cut down on monthly expanses.
Insurence
- Review your Insurance policy
When is the last time you have a new quote for your home or car insurance? You may be able to save extra money by simply changing your policy. Companies reward their clients for safe driving and will often reduce your premiums if you have not submitted a claim for several years.
Take time to speak to an experienced broker, you can address the specific conditions of your business and define the coverage that your business requirements and then create a customized package that represents this. This means that you only pay for the insurance you need and none of the coverage you don’t need, which could cut your monthly insurance bills down.
- Lower Your Energy Bill Consumption
Consider contacting your present energy company or an energy switch service to find out if you really have the lowest energy cost. Switching services will help you ultimately pay less for your energy.
Again, you could also consider the energy efficiency of your present energy output. Replacing your existing bulbs with environmentally friendly options, upgrading to low-energy devices and appliances (which deliver the same amount of efficiency) are just two of the easy ways you can save your business from spending hundreds of what would otherwise be profitable dollars on unnecessarily high energy bills.
Clothing
- Shopping season
Items tend to be less at the end of season. Consider buying your dream items during the shopping season; Easter, Christmas or during other seasons like winter or summer because they tend to have special discount for their customers. You can also get great deals on summer or winter items, when the fall clothes hit the store. This hold true with cars – January is a great time to buy or lease the previous year’s model. However, it is not necessary if it is not very important to do so.
Impulse shopping often can lead to buyer’s remorse. Taking an inventory of your items before you go shopping may prevent you from loading your closet with clothes and shoes you don’t need. Think about unsubscribing from daily shopping deals as well to reduce your expenses.
Credit cards
- Request for Lower Interest Rates
Credit cards are big and pain point on your how to cut down on monthly expanses list. If you have a reasonably large balance on your credit card, call your credit card company and request a rate reduction. They may be prepared to negotiate if you pay your bill on time each month. If they don’t go for it, get another card with a 0 percent balance transfer. However, the key here is to stop purchasing on credit until you are in a good economic position.
If you have a history of paying your credit cards on time, you may be eligible to reduce your interest rates. The credit card companies won’t just do it automatically – call and speak to a customer service rep about options for lowering your rate, trust me – this works!
Shopping
- Comparison Shop
Comparison shopping should be your normal practice with so many choices accessible today before you purchase anything.
Search for the items that you are looking for and save time from store to store, or use apps that allows you to scan an item while you’re in store to see if you get the best price.
READ ALSO: List of the best online shopping sites in Nigeria
Extra Tip: Mention that you discovered a cheaper competitor and that they will probably match the cost.
Food
- Make a Home cooked meal
When you make a home cooked meal, make a lot of whatever you are preparing so you can freeze it at least weekly. This will be easy to prepare and pack your own meals at home for lunch. Cooking will also reduce the expenses you spend on take-out and dining out. Look at other options to make dining at home more convenient by preparing meals with simple recipes
- Grocery Store Deals (coupon and discount)
Many people never bother to look at some of the bigger packages of non-perishable products–they believe it’s just too much. Try to look at the cost of all sizes for each unit and select the one that is the best deal. Check for coupons and coupon codes for things that you’re using all the time, and purchase them in bulk if there’s a decent enough coupon.
How to cut down on monthly expanses conslusion
Since you’re currently well on your manner to saving more money each month, there’s just one thing to do with all that remaining money: Think of opening an Investment account that can enable you set personalized objectives for your savings, such as building a home, a vacation, or simply squirreling money away for the future.
