PRICES are going up. TRAIN law now in full swing. Gasoline prices are on an all time high.
People are feeling the financial crunch!
What if I tell you there’s a way to get extra money out of your monthly budget when you think you’re left with nothing after allocating it?
Just keep track of your spending and point out areas where you can make a few tweaks to save. You’d be surprised how much money you can still get out of your budget!
Here are other practical ways that you can save money:
- Save money by cutting down on the grocery expense
A lot of people are stunned to find out how much money they’re really spending for groceries every month. You can cut down your grocery budget by creating meal plans, doing pantry inventory, and drafting a grocery list before you head to the store.
Also decide to buy only the essential items. If you have to say goodbye to junk food, do so. And also, doing the grocery shopping on an empty stomach might not be a good idea. Research says that doing so will only have you picking up stuff that you don’t actually need.
- Save money by buying generic
Marketing has done a tremendous job pushing brand-name products and a lot of people have given in to this strategy. Try buying foremost food items and house supplies that cost less than their branded competitor and be amazed at how much money you can save.
For instance, a generic 1000 ml dishwashing soap can cost R40 to R60 while a branded one can cost you up to P99 to P200, this will give you a savings of P59 to P140.
- Save money by dropping memberships and other subscriptions
Are you paying for multiple subscriptions like exclusive grocery membership, gym membership, or cable subscription? Chances are some of these subscriptions are not even regularly used. Check which ones you can cancel and just renew them the following month when the need arises, provided that they are included in your budget.
An average 12-month gym membership can cost up to P6,000 and up. If you are not religiously going to the gym and you decide to cancel your membership, you just saved an additional P6,000.
- Save money by unsubscribing from shopping sites and email notification
Since when did subscribing to emails cost you money?
Simply subscribing to email notifications and alerts will cost you nothing but what happens after you receive the email about an upcoming flash sale is the problem.
Chances are you might just click that “shop here” link. If you are one who gives in to this type of marketing strategy, you may want to click on the “unsubscribe button,” after all, avoiding the temptation is always better than regretting giving in to it.
- Save money by borrowing instead of buying
What can be more practical than this? Instead of buying a new pair of shoes to match your outfit for a three-hour wedding, why not ask your sibling if you can borrow hers instead.
After all, eyes will be on the bride on that day and not on your pair of shoes, right? When you borrow instead of buying, not only do you minimize additional clutter but you also get to save your money.
THINK. REFLECT. APPLY.
Do you have a monthly budget that you follow for your expenses? How does budgeting help you save? Which of the practical ways mentioned above have you done and how did it help improve your savings?
“The art of living easily as to money is to pitch your scale of living one degree below your means” – Sir Henry Taylor
