When embarking on a mission to save money, one of the few main areas that you may think to tackle first would be your household expenses. This can be anything like your monthly electricity bills, where it’ll certainly be helpful to find out more about gas tariff singapore. Or perhaps, you may wish to cut your household expenditure to attain a financial goal that you’ve set. Regardless of the reason, it makes perfect financial sense to steer yourself away from the excessive expenditure of any kind. The following are nine ways in which you can cut down your household expenses in an effective and efficient manner.
Review Your Mobile Plan
Downgrading your mobile phone plan is one easy way to cut down your budget! Everyone may need a cell phone in this day and age, but not an expensive mobile phone plan. Get to reviewing your mobile plan right away, because you may have been paying off your phone bills blindly even if it’s not the most appropriate plan for your usage and lifestyle. For instance, you may be paying for a higher premium phone plan that gives you much more data than you actually need. Check your mobile server applications to ascertain your average monthly data usage, and visit the nearest retail store to downgrade your plan if necessary.
Sell Off Your Car
Consider getting rid of your car. Apart from your house, a car is most certainly one of the most expensive items you may own, as purchasing and maintaining your vehicle costs a lot. On average, a car owner spends from $7000 to $11,000 annually on car-related expenses. The expenses include the monthly payment, expenses on fuel, maintenance and repairs, insurance, and more.
Instead, public transportation is a great traveling alternative. Not only is it a greener move, but you can save thousands of dollars by switching to commute via public transport.
Stop Eating Out
Eating out at cafes and restaurants is always great and a big convenience, but it is no doubt an expensive habit. This is especially so for larger families, as eating out just a few times a month can already accumulate to hundreds of dollars.
Instead of shelling out money a few times a week for expensive food, you can reduce your outdoor expenses significantly by making an effort to make your own meals at home. Besides, eating home-cooked food can still be a fun social activity; Gather your friends in one of your homes and have a potluck session!
Buy Less Food
Food can definitely top the list in your household expenditures, but yet, the average person ends up wasting about 40% of food purchased. The effect of this wastage may not be felt in your day-to-day life, but it does add up to a shocking amount.
There are various ways in which you can reduce the level of food wastage you produce, and in turn, save much money on the food you purchase each month. Some ways to do this would be to plan your meals before your grocery trip so that you know exactly how much and what you need. Don’t throw away your leftovers too quickly, as you can easily heat them up for the next meal; This is convenient and prevents food wastage!
Buy Used Items
Purchasing secondhand items can be a great way for you to save costs on what you need. If you make the effort to browse through the Internet and social media, you can very well source for what you need at a drastically lower price and in a condition as good as new. Some good sites to start off would be the Facebook marketplace and Carousell.
Secondhand items can be in great condition, so don’t assume that they’re automatically undesirable. Also, you may be able to get free items if your families and friends have items they want to rid off.
Cancel Unnecessary Membership and Subscription Plans
Check your monthly credit card bill, and mark out the membership and subscription plans that you deem unnecessary. If you haven’t been scrutinizing your bills closely enough, you may realize that you’ve remained subscribed to plans that you’re completely inactive in but have forgotten to unsubscribe to. Think about whether you really need the magazine subscription when you barely browse through the magazines on a regular basis.
Have Fun For Free
Sometimes, it may feel as if having fun always requires money to be spent, but that’s not the case at all! If you’re serious about cutting down your budget and household expense, then it’s time to get practical and halt unnecessary expenditure on “fun”. There are plenty of ways in which you can lead a fun and fulfilling life while spending within your means and staying on a realistic budget. Outdoor activities and sports are a superb idea, as well as going on a hunt for free attractions around your city. You just have to put in some thought!
Rent Out A Room
If it is a feasible idea, consider renting out a room in your place. Perhaps you can give it a try and rent out any spare room on a short-term basis first before committing to a longer-term contract. While there are definitely inconveniences to face by living with a stranger, this can be an option for those who really need extra funds or to pay off debts more quickly.
Downgrade Your Home
Now, this is one big act and may not be the most feasible solution for all, especially if you have a mortgage. However, if you really want to save a big sum of money, then you may wish to consider downgrading to a smaller and more affordable place. This will help you to save on monthly loan payments, property tax, utility bills, and others.
In all, there are many ways in which you can tweak your lifestyle so as to cut your budget and household expenditure. A financially prudent attitude will only help you and your future self, allowing for debts to be paid off, earlier retirement, and an overall more fulfilling life. As long as you set your mind to it, your journey will be more smooth-sailing than you think!