You will all agree with me that 2020 is a year of survival. And it is more important than ever to be able to monitor your expenses and save money any way you can. To help you achieve this, we began a list of cost saving tips on Finance Friday section of the blog.
FabFrugal Cost Saving Tips
1. Be patient.
It is good to have budget. It is also good to make thorough research on what you intend to buy. But much more, it pays to be patient. Wait a day or two before you make a purchase. Since we can have anything we want these days with just the click of a button on the phone or with credit card, you need to find a system to help caution your desire on purchases. Wait and be sure you need that particular thing at that amount before you pay for it.
2. Have quiet time to meditate on your spending.
As funny as it may sound, at least once a day or weekly, make out time for your money. Devote time to sit down with your budget, savings and expenditures. This will help you know how far you’ve spent and able to review your accounts. Like any other important things we create time for in our life, so is money if we want to make a saving out of it.
3. Bulk purchase basic necessities like food.
Plan out your needs for the week or the whole month and note how and where to purchase them. Examples include foodstuff, gas/kerosene, toothpaste, bathing saop, detergent for laundry and the likes. Taking a few hours every weekend or month end for shopping will definitely save you more money than buying in bits from store keepers in the neighborhood.
4. Be clear on what you want.
Do you really have a goal of saving money? Then fix your mind on it and go for it. You will have to stop trying to keep up with the Kardashians. Although it’s hard to keep your blinders on and not compare your financial life to that of others, especially celebrities who seem to be enjoying life on the internet. It is however important to be clear about what matters most to you and make sure you discipline yourself to fulfil that goal – cutting unnecessary expenses in order to save.
To save money, you really need to stop spending money without adequate planning or trying to impress people.
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Share your experience with us in the comment section below. How have you been cutting cost on your expenses?