Let’s face it. If you are among the millions of employees who are salary earners, then planning how to spend your money is very important. As an employee, there will come a time when you have to retire. To ensure that you are able to live well during your sunset days, start saving your money today.
How do you achieve this? By reducing your cost of living. Yes, it would be nice to own an iPhone X, eat at an expensive restaurant every day and even take vacations every month but if you don’t want to go bankrupt, then you have to take drastic measures right now!
Do you want to be broke or live well into the future? Then, here are top 5 ways to reduce your cost of living.
1. Budget! Budget! Budget!
Budgeting is the most important thing when it comes to reducing the cost of living. Majority of impulse purchases and misuse of income are as a result of not budgeting. Take this for instance – you are walking home from work and you pass by a clothing store. They have put up posters with giant words like discount and save. You are tempted and since you can’t fight it, you walk into the store. You end up purchasing items that you do not need in the first place which means funds that were meant to fulfill other obligations will be misused. To avoid this, start budgeting. Your budget should cover daily, weekly and monthly expenses. To get started, use budget apps to make your work easier and stick to your budget strictly.
It is a common practice among home owners to leave electronics on when they go to work or to sleep. This is in exception of heating, air conditioning, security lights and the refrigerator. Leaving your electronics on especially when you are not using them is pure waste. This will increase your monthly electricity bill.
To reduce your cost of living and save money as well, turn off your TV, home theater system, air conditioning system and kitchen appliances. The same goes for gas and water.
3. Eat in and avoid ordering food
If you have ever walked past a fast food joint, then you know how inviting the smell is. I mean, it is irresistible and it will probably make you take a turn into the joint for a quick bite. I have nothing against eating out but if you want to save money, then you have to learn how to prepare your own meals. The best thing about preparing your own meals is that you get to shop for the ingredients and prepare healthy meals. Furthermore, it eliminates chances of wastage. You can always pack leftovers for lunch at work the next day. There are tons of recipes available online so you have no excuse.
4. Sell unused items
Credit cards are great. They have made it much easier when it comes to shopping and settling bills. Problem is many of us end up purchasing items we only use a few items and afterwards, they end up in the closet forever. Accumulating more stuff will make you look like a hoarder. What you need to know is that unused items are valuable. Not only can you can earn money from selling the items but your home will become tidy. Use online platforms like eBay, Craigslist and Goodwill among others to sell your stuff.'
5. Lower your internet bills and cell phone plans
Today, the world is mobile–centric and as a result, people use smartphones and tablets not only for personal communication but for conducting business too. To ensure a seamless experience, you have to subscribe to cell phone plans. Problem is, every year new models are released and this is very tempting. I mean who wants to be left out while friends have an iPhone X. To reduce the cost of living and save money, choose affordable mobile phone plans. Avoid buying new smart devices if the current one is still working or better yet, sell the old one and buy a new one.
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