Each and everyone of us have our own financial
journey. Some of us might have started to manage well since the beginning, but
some of us would need to beef up and ‘inject’ with more motivation to turn our
financial life around. Sometimes all it takes is just the first step in the
right direction to get things moving favorably. But that first little step
might be the hardest part.
We have gathered these 9 ways (most importantly they
are doable and achievable) which would give you more insights in cutting down
your expenses and save for the betterment of tomorrow. They are simple, and we
are living in them all our lives, but somehow we just need to be re-directed and
reminded that more effort can be poured on them to make a difference. They
might be small pennies but in times, these savings will not only count, but
will also play the essential role in supporting a positive and discipline
lifestyle.
1. Record
your daily expenses
First step. Know where you spend. Keep a record of
everything you spend for a month, from big bucks on mortgage, auto loan to
pennies including newspapers, coffee, tit bits, shopping, groceries etc for the
entire month. When you have your data on hand, organize them by categories. This
way will enable you to have a clear view on where you are spending and how
much. With this you will be able to gauge where you are overspending and find
ways to cut down.
2. Write a
list before you go shopping, and stick to the list
One of the easiest ways to safe you from buying
unnecessary items by adhering your purchases to the list. Without one, you
would most probably end up making impulse buys and unplanned purchases. Take
note, creating the list is the fundamental, more importantly, stick to it.
3. Read
online
Living in this digital era, there are tremendous
latest news and fruitful magazine articles posted online, whether locally or
internationally, every single day through the online social media network,
which you can even download and read them at your convenience. So cutting down
in your subscriptions on physical copies are definitely reasonable, unless you
are engaged in projects which required the original hard copies.
4. Simply turn
off the lights
Keeping the lights on at home may not be expensive on
a per-watt basis, but it sure does impact the bill figure over time. To save as
much as you can, simply put in a tiny
effort - turn off lights any time you leave your house or your room
particularly during day time. Bottom line is, off it when you are not using it.
Simple enough?
5. Especially
for ladies, spend wisely on cosmetics and skin care products
Bear the golden rule in mind, the most expensive
cosmetics and skin care products might not work best for your skin. And the
pricey foundations, blushes, creams and lotions that give your peers’ skin the
most flawless look, might not necessary work the same on you. Too many
boombastic brands out there and too intense of the competition, these cosmetics
and skin care companies are throwing millions of dollars on hiring the most
popular ambassadors and advertising firms to package and present their products
in the most desirable manner to attract people like you and me. These costs definitely
take up a huge portion of the product prices. Question is, do they worth the
penny?
So, make your choice wisely, choose the one that work
best on you. Of course we are not saying that you could not opt for the
expensive brands. As long as you find whichever brands are working great on you
and wouldn’t cost a bom to your wallet, just go ahead.
6. Avoid the
shopping mall
This is the difficult part. Shopping mall is a fun
place to watch people, spend an afternoon tea/coffee and meals with friends,
and typically shopping. It is a place packed with temptations. You might plan
just go for a window shopping for that day, but this can turn to a torture
especially when you are on a budget. So try to avoid the mall. Go there when
you actually need to buy something.
How to spend your weekends then? Unburden yourself, find
something else to do when you need some entertainment. A walk outdoors, head to
the gym room at your condo, a good swim or a movie can easily replace your mall
shopping adventures.
7. Dress
minimally, try mix and match
Buy clothes that mix and match well so that you
wouldn’t need too many clothes while able to transform your looks and styles
endlessly. There are numerous fashion inspirations you can explore through the
web. If you have 7 bottoms (be it skirts/pants) and seven tops, you basically
have an endless number of options to style up yourself already. The fundamental
for this is go for timeless, simple and good quality pieces.
8. Quit
using credit cards
This is especially if you have a habit of getting into
trouble with credit cards. Start from now on, hide your credit cards, keep them
in a safe corner at home, not in your wallet. Ultimately if you often have the
tendency to use it, keep them “out of sight and out of mind” until you almost
forgot about its existence. However, we do need credit cards for emergencies,
and that’s okay.
9. Debt management
Design your ‘debt snowball.’
It’s a painful idea, but everyone needs a plan to help
them get out of debt, preferably at the shortest time frame. So sit down, list
out your debts and take a good look at them. Segregate them into long and short
term debts. Focus on the short term debts as they are likely to be paid off
first. Start paying more on accounts either that are going to pay off soon or
those which are charged at the highest interest rates especially on personal
loans and credit cards charges. This would let you feel the gradual financial
relieve sooner. In nutshell, simply having a plan goes a long way toward putting that plan into action,
and paying off debts early is one of the surest ways to put money in your
pocket over the long run.
Ultimate mindset to be adopted - never give up. These
ideas might not give you big bucks overnight, but they are simple ideas that
could be started right away at your finger tips, step by step in your daily
lives. We might feel demotivated in times, it’s okay. A lot of people out there
are struggling and fighting the same fight like us. Do read and absorb more and
at the same time get more inspiration to keep going on, no matter what. Life
goes on. All the best to each and everyone.
