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Posted by on May 4, 2015 in Financial planning | 0 comments

10 practical tips to cut down on daily expenses

  1. Always think twice before spending money on anything. If there is a way to avoid or postpone spending it at that instant, try that out.
  2. Resist the urge to spend money on anything immediately. If you delay your purchases, there is a great likelihood that you will end up not purchasing unnecessary things
  3. Try to reduce the frequency of eating out. As inflation and taxes hit the roof, restaurants pass on these expenses to the customer. If you are eating out 6 times a month, try reducing it to 3 times
  4. Don’t use your car for short distance frequent travels. Try to walk or use a bicycle. This will keep you fit as well as make you spend less on your fuel.
  5. Try to use public transport as much as you can. This too will help to reduce the expenses on fuel as it is getting costlier day by day.
  6. Gulping three or four cups of coffee everyday in your office cafeteria would burn a hole on your pockets. If possible, take coffee in a thermos flask and savour it. The same applies to food too. If you can take food from your home, you would save lot of money by cutting down your spending in the office food court
  7. While purchasing groceries, vegetables and fruits, make a list on how much you would need for the entire week/month. Try to purchase it from the wholesale market as it would be at least 30 to 40% cheaper than the retail market. That is a huge amount to be saved!
  8. Don’t spend too much money by going for branded commodities. These days, it is important to see the worth of the material than the brand. If you can get a good pair of shoes at 50% price of the most sought after brand, go ahead and purchase it. You get 50% discount immediately.
  9. Never purchase something by getting hooked by the advertisements. These days, advertisements seem to be little unrealistic and they paint a wrong picture of what it is in reality. It is better to avoid the “Take 1 get 1 free” offers.
  10. Reduce your electricity charges by switching off the electronic and electrical gadgets when they are not in use. If you can cut down your electricity charges by 20%, you are in for a big saving.

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