Who doesn’t want to save money? If you spend too much or go over your budget, there’s a chance you will go broke within a short time. Therefore, it is wise to start managing how you spend your hard-earned money.
Depending on your schedule, it may not be time to get a side hustle yet. The real problem may not be how much you make but how much you spend. It would be best to cut down your expenses, and we have compiled ten (10) proven strategies to cut your expenses and save more money at the end of the day.
1. Track Your Spending Habits
Where does your money go daily, weekly and monthly? When do you realize that you are spending too much or not saving enough? Is it when you are broke or when you notice the sign a little bit earlier? The first way to cut down o your expenses is to know what you are spending on in the first place.
After tracking your spending habits, you can arrange them on a scale of preference. Choose to spend more on your wants than on your needs.
2. Find Cheaper Data Plans
When it comes to your internet service, it’s best to always compare prices from one service provider to another. By this, we don’t mean you should find and use cheat codes. Every network provider always has cheaper data plans that are legal.
Also, it is wise to switch between network providers; you must not continuously use one sim card. You can always alternate between Mtn, Glo and Airtel. Most of their cheap plans don’t come often, but you switch them alternatively when such data plans are available.
3. Always Check for Discounts and Compare Prices
Before making a purchase, especially online shopping, try to find any coupons or discounts. Most stores give out discounts or warranties for goods and items bought. You can target such stores to ensure you get your money’s worth.
Even if they are not giving out discounts, you can target the periods to buy what you need, except it’s an emergency. If you purchase something only to regret it later when the price has fallen or when you find a better deal elsewhere, you start feeling something called buyers remorse. So to prevent the devastating feeling, it is better to research and ask someone when discounts are available.
4. Buy Used and Refurbished Items
Most Nigerians already have the clothing part down by buying OK (Okirika) clothes. If you are still overpaying for brand names, it’s time to limit your purchase on them if you want to cut expenses. Clothes are clothes, and there’s no reason to pay any more for the same product with a different label.
There are also a variety of used items that are cheaper and more efficient than new items. Things like appliances, furniture etc., can be bought at reasonable rates if refurbished nicely. Remember, buying used items is also good for the planet – Reduce, Reuse, Recycle.
5. Cook and Buy in Bulk and Freeze Leftovers
Cooking in bulk at home is a great way to save. By cooking triple portions of your food, you can save gas and time. Buying in bulk is also a great way to get a better overall price. Having food in the freezer ready to warm will also help you avoid the temptation to eat out or order food that can quickly drain your pocket.
6. Use Prepaid Meter
When it comes to electricity, every volt is recorded and calculated, meaning expenses. It can be a good thing or a nightmare, depending on its usage. You can accumulate a heavy bill without even using electricity if you don’t know. To avoid incurring hefty electricity expenses, turn off lights and appliances when not in use.
7. Do It Yourself
To cut down expenses, you need to start doing things yourself. Suppose you are the type to always go to the carwash, start washing your car yourself or look for someone cheaper. Sometimes it’s good to do things yourself instead of constantly paying others. It’s not about being greedy with your money, but you begin to appreciate your money more. So, don’t be lazy.
8. Board Public Transport
Sometimes you have to lay off bolt and uber. When they are not giving you discounts paying those bills can be pretty tough. Restrict the use of riding apps for dates instead of work. Take walks or share rides with your friends.
9. Always Use Cash
Having a debit card guarantees you are losing more money than earning. Cash is a better way to save money because you can easily track and feel how you spend, unlike your virtual money that is out of reach.
Always keep a budget, plan to spend and spend what you have planned. If you don’t plan your expenses, you will easily become a spendthrift wondering why your money quickly gets exhausted. Also, when stocking up your home, make a list and stick to that list. It is also vital that you stick to your budget.
It is possible to save up a La Casa del Papel vault of money following the above tips. However, advice will remain just advice if not followed closely. Discipline and determination are needed to get good results.