Living paycheck-to-paycheck may be perhaps one of the most exhausting lifestyles out there. An unforeseen emergency may put you in debt when there’s nothing left to use in the bank at the end of every month. This can lead to you not just living from one check to another, but now you’ve also got a credit card bill to pay for.
Surely, everyone can use a tip or two that can come in handy in the pursuit of drastically cutting down the expenses for this year 2021. It also helps to be savvier about shopping and giving, like receiving free gift cards more than physical items, so you can use these for more practical purchases to cover up a monthly expense.
If there’s anything that the past year has taught anyone, it’s that financial stability is never really a guarantee. Even those who’ve had stable jobs for the longest time may have also felt the dire effects of so many businesses forced to close down. Hence, there’s no better time than now to learn the little changes you can do so you can drastically cut down your expenses.
This article lists some helpful tips that can make you cut down your expenses starting this year.
- Go Through Your Monthly Subscriptions
As you create your monthly budget, there’s one item you have to check and that’s your monthly subscriptions. It doesn’t hurt to review each one you’re subscribed to monthly. This can help you create your own audit as to which of these subscriptions are still in use and worth keeping.
Unsubscribe on services that you no longer use that often. This may only be a small amount monthly, but when you add them all up, it can actually make a significant impact on your finances.
- Lessen Eating Out
Eating out can be quite expensive especially if you’ve got young children or a big family with you. You can do the math yourself, depending on how often in a month you eat in restaurants, and when you dine at home.
Yet this doesn’t mean avoiding trying out outdoor dining altogether forever. Of course, you can make that booking in that fancy restaurant you’ve always wanted – but reserve it only for special occasions. During ordinary days, make it a habit to stay in and prepare your meals yourself. This may take more time in terms of planning and preparations, but it makes a huge difference once you see the savings you’re making.
Eating more frequently at home is also akin to hitting two birds with a single stone. Because you’re preparing the food yourself, you know every single ingredient that goes into the dish. This means you’re also able to keep the health of your family in check while turning around your finances.
- Work Out At Home
Commitment to leading a healthier lifestyle doesn’t necessarily equate to the added expense to your monthly bills. You can still keep fit while saving money by not signing up for an expensive gym subscription and buying all of the expensive workout beverages that are sold online.
It’s a better option to work out at home especially in 2021 when people are still scrambling on following social distancing measures. It’s believed to be cheaper doing your fitness routine at home for there are many no-equipment-needed health regimens you can follow from verified coaches online. Many of these are even available for free or for a fraction of the price it’ll cost for a gym membership and an in-house instructor.
- Find Ways To Save On Your Food Expense
In relation to the tip on eating out less and eating more at home, you’ll also have to learn some tips to save on your food expense. It’ll not do much on your savings if you eat more at home and the resulting grocery bill’s the same amount as what you’d spend on eating out as well.
While many grocery items can be expensive, there are ways to work your way around your food budget so that it doesn’t have to blow a hole in your savings. Here are some tips you might find handy:
- Always take the time to plan your meals. In doing so, you can have a list to buy only the food items that you need for every grocery trip. You can avoid any impulse buys that can make your grocery bill cost more.
- Prep your meals, so that you’re only using up the ingredients that you need. You can also increase the shelf life of some food items so they don’t get spoiled immediately while preparing your meals beforehand.
- Try out cheaper labels. Give yourself the chance to try out lesser-known brands or generic items from the supermarket. Usually, they may cost less than the more well-known manufacturer products. They may only have bare differences in taste and quality that you wouldn’t notice right away.
By applying some or all of the actionable tips enumerated above, you can slowly work your way towards cutting down your expenses for this year. And, when you’re finally able to achieve that, remember that the money you saved should be placed on savings and investment – not for you to spend on other items. This is a change that doesn’t happen overnight. But eventually, it’ll become your way of life to live more frugally and more responsible with your finances.