3 Things You Can Cut From Your Budget to Save Money
Things You Can Cut From Your Budget To Save Money
I have always found it challenging to save money even when I was a kid and I'd get pocket money I would always spend it on chocolate or something else. This trend of spending everything I got continued when I started working, I hardly had any savings.
This continued until I got really involved in personal finance, I was reading so many articles on saving, investing and making more money that it got me really thinking about my financial situation. I was ashamed of the financial situation I was in because I had no money to show for all the years of hard work.
But, here I am today to tell you that you can turn your financial situation around starting from today. Here are a list of 3 Things That You Can Cut From Your Budget Today To Save Money:
Cut Back On Monthly Subscriptions To Save Money
In today's world monthly subscriptions are extremely popular there is potentially one for everything: watching shows and movies, the gym, food and so many more. Here is an interesting statistic that I found on The Forbes 'Women account for 60% of subscriptions, and men are more likely to have three or more active subscriptions.'
Statistics like these are a serious eye-opener and shocker. Most of the subscriptions people like you and me are for we probably wouldn't miss as much as we think if we quit them. I had my netfix membership for about 2 years before I completely cut it of 7 months ago. You know what? I barely miss it, there are so many free channels to watch on TV and there's also youtube which I watched a lot more than netflix.
Now, I'm not saying you let go of netflix but have a look at what subscriptions you are paying for and what you could cut back on: you might not be using your gym membership or music membership to really get the value for what you are paying for. Since the average person pays for at least more than 1 subscription you are bound to find something you are paying for that you don't really use.
Cut Back On Takeaways And Restaurants To Save Money
I am a foodie and my favourite food is fast food. I could eat pizza and burger chips all day every day and I am putting my hand up with my head down in shame to say that I did eat takeaway all day every day. However, remember I said earlier that I was reading all those personal finance and saving money articles well something that they all pointed out was to check your bank statements to see where your money is going and to track your spending as well.
Well, I did both of those things and I was shocked to see that I was eating out at least once a week if not more. I decided that I had to cut down on that. I started to budget for eating out twice a month and just two months ago I changed it to once a month so now I eat out once a month- other times I cook at home and meal prep so I take lunch to work with me and cook in batch so I am not tempted to order from outside on days that I feel way to lazy to cook.
This has been a real money changer I have saved so much money and seen my savings grown. I challenge you to do it too for the next one month cut back on your eating out. You don't have to set the amount same as mine, set it to whatever you feel is most realistic for you to stick to.
Cut The Small Things In Your Budget
Now in the point before I mentioned that many personal finance and money saving articles recommend tracking your spending which is exactly what I did and you would not believe how many little things I was spending most of my money on.
It was things like: getting a chocolate every time I went to work, lunch everyday, coffee, small things for the home like candles, clothes that I didn't need and so much more. Here is another list of small things you are probably spending your money on that you probably don't need. Have a look at it and track your spending to see what else you are spending your money on that you don't need, cut back on it and save that money.
I've cut back on it by setting limits: I only buy one chocolate a week when I go to work now, I buy no lunch anymore as I take it from home and as far as clothes go I make a list of things I need and only buy what is on the list. You can start implementing these small changes to your budget by just looking at your bank statements and tracking your spending for a month to see what else there is your spending heavily on and start cutting back on those areas.
What Are You Going To Cut Back On?
This is just a list of 3 things that I cut back on to help me save more money but I'm working on cutting back on other areas. I know it will take time and that's alright I have more in savings than I did probably a year ago.
I'm happy with the progress I've made and you can build your savings too. These are just 3 ideas that you can cut back as it's something that a lot of people spend their money on but like I said have a look at your bank statements, track your spending and read other personal finance articles to get more knowledge on how you can save your money.