You need to take charge of your money to have any level of financial security. Taking charge of your money, to a lot of people, means having a budget to account for your expenses and saving for a rainy day.
The other aspect of taking charge of you money which many people are unaware of is cutting your monthly expenses without altering your lifestyle. With a budget you have already determined that you can live up to certain standards but you can still save more on your budget without sacrificing your comfort by slashing certain expenses in your budget.
Fuelling your car and the associated service costs are one of the major expenses in your monthly bills that you can minimize.
Instead of driving your car to and from work and getting stuck in traffic every morning and evening, carpool with your neighbours or co-workers and share the cost of maintaining the car. You still get the comfort of a personal car but at a considerably lower cost. You can alternate amongst yourselves whose car is to be used for every work day.
Cook at home
You can save more money and have more control over your diet by cooking at home. It may not seem much at first but saving even $50 weekly on your lunch sandwiches accumulates to $200 every months, and that is just on one meal alone.
Instead of ordering takeouts in the evenings, make yourself a nice homecooked dinner and pack the leftovers for lunch the following day at work.
Instead of meeting friends at cafes for overpriced burgers, you can invite them over to your house and whip a quickly meal as you catch up on each other’s lives. Your bank account and body will thank you.
Negotiate for lower rates
It will surprise you that you can negotiate for almost all the bills you pay full amount for. Most service providers have discounts for their loyal customers but you have to ask.
For instance, you can negotiate for discounts on your car insurance premiums on the grounds of loyalty, good driving record, marital status and just because you can. Even using your car less by carpooling or taking the bus can earn you lower premiums.
Pay your bills and debt on time
Failing to pay your utility and credit card bills on time usually attract a fine that make you spend more than you should.
You will save a lot on your household expenses by paying your bills in good time. You must also honour all your debt repayments as laid down in the contract otherwise you risk damaging your credit rating as well as having tom pay for hefty interests.
Furthermore, a bad credit rating affects the cost at which you can borrow money.
There’s absolutely no reason why you still pay to have your newspaper subscriptions delivered to your mail box daily when you can still catch up with the latest news on Apexbeats.Com and other news sites.
With a simple internet connection, you can also eliminate your cable TV subscriptions and opt for streaming services which are much cheaper.