There comes a time in most people’s lives when we have to cut back on our spending. It might be because we lose our job, or have some unexpected bills to pay for. Otherwise, it might be because we’re saving up for something special, like a new house or a holiday. Whatever the reason, if you need to cut back on your spending, consider these options.
One of the most effective tools in reducing how much you spend is to make a budget. Work out how much you need to save, and cut any discretionary spending down until you reach the savings requirement.
Be disciplined in sticking to your budget. Don’t buy things you don’t need and don’t spend outside of your budget unless it is an absolute necessity. Where you do overspend, try to recoup it in your next monthly budget so that you can stay on target. There are lots of ways you can set a budget.
There’s the old fashioned way, using pen and paper or a spreadsheet like Google Sheets. Alternatively, you can use apps for your smartphone that are designed to help you set and track your budget. Some fintech brands, such as Monzo, also offer features to set budgets for different categories of spending and automatically track spending to help you keep on top of it.
When you are buying things that you need, you can use promotional offers, discounts, and coupons to reduce your spending even further. You may find that there are discounts available for buying in bulk.
For example, stores like Costco and Amazon sell dried and canned goods in larger quantities, providing you with economies of scale. You need to have the space to store bulk purchased goods though, so it’s less practical if you live in a small apartment.
Manufacturers and stores often also release coupons that you can use to save money on your spending. You can sometimes even get products free when manufacturers are trying to get consumers to try new goods.
Saving money doesn’t mean you have to go without entertainment. There are plenty of ways you can have fun while still saving money. If you have expensive TV packages with a cable or satellite company, consider canceling your subscription.
Cheaper and free alternatives exist that will help you keep a lot more money in your bank account each month. For example, Netflix costs around $10 per month, a significant saving on most cable packages. Alternatively, you could also use the many free trials offered by the different streaming services to get a few months of free TV before you settle on which platform to pay for.
You can also save money on gaming. There are many free to play games available for PC, consoles, and mobile. While many of these contain microtransactions, you can also play the majority of the games for free.
For example PokerStars users get free play money chips when they create a new account, meaning they can play poker online for free. Candy Crush, Fortnite, Clash Royale, and Pokemon GO all use similar models that allow players to play for free but pay to upgrade their characters, buy extra lives, or add customization that express their personality.
Getting some money returned to you after you buy goods sounds like a nice idea. With cashback credit cards and websites like TopCashback, it can actually be a reality too. Many banks offer cashback cards that credit you a percentage of your spending.
Sometimes this is a flat rate, while other times it can vary from retailer to retailer. Using one (or several) of these credit cards can mean you get extra savings on top of any discounts and coupons, and help to bring down your spending some more.
Sites like TopCashback also allow you to save money on your online shopping. They earn a commission from your spending with certain retailers when you visit their site first. They then pass most of this commission back to you in the form of cashback.
If you are interested in even more business-related articles and information from us here at Bit Rebels, then we have a lot to choose from.
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