9 Ways to Cut Your Monthly Expenses by 50% 0 260

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Trying to budget your household expenses may not be easy because you need to consider a lot of things such as your electricity and water consumption, groceries, car maintenance, and many more. Things can even get harder if you have high-interest rate debts. Or, you are probably aiming not to live on a paycheck-to-paycheck system and be full of debts.

The good news is that you have countless ways to save money from your horrible monthly bills. Dive into the following list of tips and strategies to cut your expenses by 50 percent to get started:

Tips to Drastically Cut Your Expenses

By considering the actions provided below, you can guarantee a stress-free financial situation starting next month.

Your Food

One of the biggest expenses in every household’s monthly budget is the food. You tend to shop for different ingredients, spices, fruits, vegetables, and all kinds of food that your family wants to cook and eat. However, you may be unknowingly wasting about 40 percent of these foods you buy. This is true and there are effective ways to reduce this food wastage and save more money.

First, you need to plan your meals. When you know what food to make for the day and the whole week, you only have to purchase ingredients that you need. Prepare your meals in advance if you do not want to cook. Second, always make price comparisons between store brand and generic items. Third, consider buying in bulk especially when on sale. Make sure that the products will not get spoiled before using them. Lastly, eat leftovers for your next meal if they are still in good condition.

Cancel Subscriptions

Cancel any subscription you do not use. Sometimes, you even forget about paying a fee which you end up paying extra. Now, go through all your memberships or subscriptions. Look for the ones that are not too important. Instead, try free tools or apps that are good enough to provide the type of service you need. These monthly subscriptions or memberships can be for magazines or gyms.  Think twice whether or not you certainly need them in your life.

Utility Bills

You have several options on how to manage your utility bills. One is by adjusting the thermostat. Another way is to change your existing light bulbs with eco-friendly and energy-efficient ones. Then, always unplug appliances that are not in use to reduce your electricity bills.

A Small Home 

If you are serious about drastically saving money and cutting expenses, move to a more affordable home. You will save on property taxes, mortgage payment, utility bills, and maintenance if you are living in a huge house.

When looking for a new place to live, consider the safety and convenience of its location. This way, you do not have to use your car more often. You can take a bicycle ride or just walk when going to near establishments.

The Benefits of Coupons

This is the perfect time to use your online coupons. You can check store weekly ads from the site or store you have subscribed with. Surf the web and you will find several free browser extensions that are easy to use. You can quickly find coupon codes which are available from a certain store. Get updated on the latest release of these coupons and special promos by subscribing to the store’s weekly ad circulars.

Unused Gift Cards

What are you going to do with gift cards that you will not use? Sell them. You might be keeping some gift cards. You can turn them into cash by selling them on dedicated online marketplaces that buy such items.

All you need to do is to choose the right website and sign up. Usually, registration is free of charge. Then, you can start trading your unused gift cards for something else or simply sell them to convert into money.

No To Buying of New Stuff

In most cases, you purchase new items that are not so essential in your life. One example is about your clothes and accessories. Check your closet for unused clothes before heading to the store. Sometimes, you can purchase used clothing or furniture as it will help you save money.

As long as the item is still in good condition, there is nothing wrong in buying second-hand or used ones. Your neighbors, friends and relatives may want to get rid of some items and they are giving them for free or at least selling for a very cheap price. It is certainly much easier and cheaper since you do not have to go to the stores with your car and buy expensive ones.

Eat Meals At Home

When it comes to food, the best way to save money is to prepare and eat meals at home. The key is to use a meal plan on a weekly basis. You can get recipe and cooking tips online. You can make a variety of healthy and delicious menus even when you are not an expert cook. You can prepare extra meal servings so that you have something on the days that you do not have to make food.

You can seal them in clean containers and just freeze them. Grab one when you are having a busy day at work in the future.

Your Credit Card

Freeze your credit card as much as possible. It can be quite tough, but it will certainly save your future financial needs. You will potentially cut your monthly expenses once you stop using your credit cards. You can visit the card issuer’s app or site and freeze it to prevent you making purchases. For recurring payments, they will still be processed.

Final Thoughts

You have many ways to cut up to fifty percent of your monthly expenses at home. As you consider all these tips given above, you should also be strict to yourself when it comes to spending on unnecessary items. Ask for financial management experts you know and make sure you do not think carefully before making a decision.

 

 

Photo by Agnieszka Boeske on Unsplash

 

 

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