If you are struggling with debt then there are many ways you can cut expenses for living and find yourself with a lot more available income. This can make a huge difference to your financial situation and help you to pay back loans or to put money aside for a rainy day. Here we will look at ways to cut expenses right away that will make a big difference to your life.
Kick the Habit: Whether you smoke, drink or have another vice, kicking a bad habit can be a fantastic way to cut expenses considerably. There are many other reasons to give up smoking of course, such as the social and health implications, but the finances are often mistakenly overlooked. If you want some motivation to help you stop killing yourself, then put the money you save each week to one side or even increase your debt repayments.
Walk: One way that you can cut expenses to a very high degree is to get rid of your car and start walking more places. For many this might seem like an extreme step, but the financial boons are difficult to ignore as you will save money on petrol, insurance, tax and your MOT and you’ll make a lot of money on selling the car too. There are more benefits to this too – for instance you’ll get more exercise walking and you’ll help reduce your carbon footprint.
Buy Value Food: Almost every supermarket has an ‘own brand’ that it sells for a reduced price. Often these value options aren’t as tasty or as well packaged, but does this really matter if it only going in your cooking or if its something bland like rice or pasta? Promising yourself to buy value for all of your condiments, flavorings and carbs is a great way to cut expenses and you’re unlikely to notice much difference in flavor.
Turn Off: We all have lots of direct debits coming out of our accounts that we don’t need, and one of the biggest culprits is extra television channels. Likely you pay for a ‘package’ of about 30 extra stations and will watch about two of these on a regular basis. It can go. Likewise do you really need your Xbox Live account? The great news is that by turning off the television and computer you can spend more time as a family or out getting exercise as well as it being a great way to cut expenses.
Make Gifts: We all love lavishing our loved ones with expensive gifts, but if you’re in a lot of debt this is an unnecessary waste of money and a lot of stress. Certainly the adults of any household at least can benefit from making a pact to make gifts or to do something nice together rather than spending a lot of money for Christmases and birthdays. Not only will this cut expenses but you’ll also find you put more time and effort into your gifts and that you have memories that are more valuable than gold jewelry or CDs.