My Name is Priya i am a game developer having 3 years exprience
Saving money and running a sensible budget has long been important to most people. However, as additional challenges and pressures develop throughout this year, this is becoming more critical than ever for more people. Saving money on a large scale is not always easy, however, there are many small steps you can take to save cash as part of your daily life.
Once you add up these pennies, you’ll be surprised how much you will save overall and the cash this will free up for the bigger ticket items. Here are 7 great tips to save cash in your daily budget.
1. Use Cash
One of the best and simplest ways that you can curtail spending and save some money is to use cash only. The little things we buy every day can be difficult to keep track of, and these can add up over time. Before you know it, your bank account is drained thanks to small purchases and you’re not even sure how it happened! The easiest way to keep track of your spending and keep it under control is to keep your credit card stashed and use cash only. That way, you physically see every dollar you spend and make sure you don’t spend too much.
2. Negotiate New Rates
All too often we pay our utility and other bills as they come in without a second thought, thinking that these rates are fixed and negotiable. However, there is often a degree of wiggle room when it comes to the rates your provider offers you. You’ll be surprised the results you can get if you pick up the phone and ask your provider to review their rates as a gesture to reward you for your loyalty. If they won’t shift, shop around and see if any of their competitors are offering a better deal. A bit of time and energy can pay off significantly in the long run.
3. Review your Transport Costs
One of the biggest costs in anyone’s budget is usually transport costs. By reviewing your expenditure in this area and making some cost-cutting changes, you may find some significant savings. Petrol and other expenses associated with running a car, in particular, are very expensive. Consider whether you can cut back on your car usage and replace this with public transport. If public transport is not available, investigate carpooling. You can even ask your employer if they will allow you to work remotely all or some of the time – not only will this cut commuting costs, but also lunchtime expenses and more.
4. Audit Your Shopping Bill
Food is an essential expense, but are you spending more than you need to be at the supermarket? Start by taking out your last supermarket receipt and do a critical audit: look at the items that are costing you the most. Consider if these are really essential, or if cheaper replacements could be made. This doesn’t need to mean cut back on fruit and vegetables, but perhaps your chocolate consumption could be reduced! Also critically assess your food wastage: this is not only a waste of food but also money. If you find yourself regularly tossing spoiled food, you are buying too much and could save greatly by only buying what you need.
5. Find a Great Phone Contract
In general, contract phones are more expensive than buying a phone outright. However, if you search around and compare the options, you can find great deals on contract phone deals. Sometimes, phone manufacturers and retailers will offer a special deal on new phones that they are seeking to promote in order to gather reviews that will facilitate more sales. Do your research to identify the best deals as they emerge. Be sure to do your calculations and check how much you will end up paying for the phone over the life of the contract, including all fees and charges, compared to buying a phone outright.
6. Cut the Meals Out
When it comes to your food budget, the biggest source of overspending is eating out rather than cooking for yourself. Whether eating at restaurants or ordering takeaway, this is a significant and unnecessary expense, and you can make huge savings by cooking at home instead. One sneaky way that expensive meals out can add up is through buying your workday lunches. By bringing your lunch from home, you can save literally thousands of dollars a year. Also watch the take away coffees – as this is another sneaky expense that can add up over the course of the year.
7. Pay Down Your Debts
If you’re trying to save up for something, paying off your credit card or personal loan may not be your top priority. However, paying down your debts is one of the best ways to save money and could substantially contribute to your bank balance in the long term. Paying interest on loans and credit cards is a simple waste of money, and the faster you pay off your debts, the less interest you pay. This will also help you to establish a great credit rating.
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