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Six ways to reduce your expenditure every month

Money - By Esther Muchene | August 26th 2020 at 10:35:00 GMT +0300
There are so many benefits of reviewing your spending habits each month (Shutterstock)

I know, I know, it’s not glamorous to talk about cutting expenses and tightening your purse strings. We hear it all the time that we should save more and embrace financial wisdom but how many of us are still living above our means?

The truth is that there are so many benefits of reviewing your spending habits each month. Right now we have this whole Covid-19 pandemic going on and you should start creating emergency savings if you haven’t already or you could even finally have enough to start that business you’ve always wanted.

Also, the best part about becoming penny conscious is the peace of mind you get when you know you’re doing the right thing for your future.

Why don’t you check out this list of how you could reduce your monthly expenses and start making money wise decisions?

1.Make home cooked meals your best friend

Cooking isn’t something everyone enjoys. But if you want to save a lot more, you should start learning how to make simple meals and maybe you will discover that’s your new found passion.

This will help you cut costs of buying lunch at work or spending cash on food whenever you go out. Eating out can take a huge chunk from your wallet so I’m sure you’ll now be able to have more cash in your pocket every month.

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2.Only drive if you need to

Fuel prices gives many car owners anxiety because it keeps fluctuating every time. Either way it’s usually expensive and that can make you sell your car altogether.

You can’t control the fuel prices but you can control how much you drive. You don’t need to drive everywhere you go and sometimes you can ride your bike if your destination is close by or take a walk.

The problem is that many people don’t like to walk once they own a car because they’re afraid of looking broke. You should remember that maturity is staying committed to your goal regardless of what people think.

3.Keep the ‘crumbs’

Don’t disregard the loose change you get after making purchases. Some don’t think that the fifty shilling note or twenty shilling coin is much until the day they desperately need that top up mid-month.

When you’ve just been paid, there is that excitement you have because you have some cash in your wallet. But that doesn’t mean that you should carelessly spend the coins and small notes. This could be the money to cater for groceries and other costs.

4.Consider scaling down to a smaller home

This is a very tough decision that not too many are willing to make. This is a game changer because you’ll have removed the stress of keeping up with exorbitant rent.

Although considering such a decision is painful, you will realize that it’s better to scale down for a while as you work hard to move into a dream home in the future.

Once that stress of rent is sorted you’ll be able to create a comfortable budget for other things without being miserable.

5.Watch your water and electricity bill

There’s always a way you can manage these two and cut costs even up to fifty percent.

For example, use your water and electricity wisely by showering for fewer minutes, close the tap while you brush your teeth instead of leaving it running, use energy saving bulbs to cut the cost of electricity and switch off the lights when they’re not in use.

6.Commit yourself to priorities first

Meeting up with friends for lunch isn’t as important as going to the dentist to get your tooth fixed and buying gifts for birthdays isn’t anywhere close to getting groceries for the household.

It’s all about setting your priorities straight so don’t commit yourself to plans before you’re ready.

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