10 Tips to Reduce Your Monthly Financial Expenses and Save More: Beginners Guide

Monthly Financial Expenses and Save More

As soon as our monthly salary gets credited, we tend to make some impulsive purchases. We think of updating our home decor or closet, planning trips, and spoiling ourselves and our loved ones. We all know the importance of saving money but fail to incorporate saving habits in our lifestyle.

It seems easier said than done. However, it genuinely takes very minimal lifestyle changes to bring about a massive difference in your monthly savings. 

Do you think you have the will to reduce those exorbitant daily morning coffees, and taking cab rides instead of something else? 

If you’re looking to save more money in 2021, this article is for you!

1. Use of public transport 

Using public transport sounds like a task to some, yet you can save a fortune in the long run. Owning your means of conveyance has perks but not when it comes to saving money.

Travelling by public transport helps you save money on gas, parking and daily maintenance of your car. Rideshare cab services like Uber, Ola, Zip Car, Lyft, and some bike services like Rapido, uber moto, etc. have made life so much easier. Leaving home earlier than usual and opting for local city transport or share cabs can save you on more than 60% of your transport expenses monthly.

2. Sell Unused Items 

Declutter your closet and cupboards. Chances are you’ll find a lot of unused items you don’t even remember buying and end up using them. Or, if they are of no use to you anymore, you can sell them off and get value for it. eBay and other online platforms help you sell pre-owned items at a good deal. It is one of the best ways to get rid of petty debts/ loans and clear out extra unwanted stuff. 

3. Follow the 30- Day rule

Have you ever bought a product you randomly saw on sale and never ended up using it? Let’s admit it, we’ve all been there and done that. 

We tend to get multiple sale alerts on our phones every single day for different apps. These make us impulsively buy things which we don’t necessarily need. Next time you see a non-essential item you’re tempted to buy, add it to your wishlist and give yourself 30 days. Beyond that, if you still feel that the product will add value to your life- buy it!

As insignificant as it may sound right now, this technique helps to cut down on impetuous expenses. 

4. Avoid ordering food  

It is good to cook more often at home. Cooking as well as packing food at home will help you save a lot of money. You can cook once for a single meal course and refrigerate the leftovers from that meal and use it for lunch or dinner. All you need to do is to heat the refrigerated food in an oven, and it is as tasty and delicious as it was the first time.

5. Shift to a cheaper and less expensive neighbourhood 

This alternative is ignored by many when cutting short their expenses. Buying a house in the city area is comparatively economical. Consider the prospect of your employment, taxes and loans while choosing a home for yourself. The cost of living is the most important factor one must think through.

It has an influence on your financial success based on where we choose to live. In a less expensive or small area, the crime rate is comparatively low, along with less pollution and traffic. 

6. Stop spending on clothes 

Investing in a few good quality staples is better than splurging on items you wouldn’t wear more than twice. For fancier clothing, try checking out clothes when they are on the sale price or even explore local markets. Having a budget before you shop is essential to avoid overspending. 

7. Cut short your grooming expenses 

To save money, we need to cut our luxurious demands. If you are used to getting hair spas every month at a parlour, get yourself a box of the supplies, and you’ll be able to do the hair spa for at least five times at the same price. For women, spending a fortune on waxing every month is not required when shaving can give you the same results for a quarter.

Cut down the expenses on your expensive shampoos and conditioners. Natural beauty brands like Biotique, Khadi Naturals etc. offer great products at cheaper rates.

8. Cut down your insurance bills 

Health insurance is one that every household must-have. If you have aged members or patients at home, then you must have a plan to cut down your health insurance to a feasible amount. It is more likely to be helpful for the ones who need regular medicines or health emergencies. Hence, it is always safer to have a good laid out plan for the same.  

9. Lessen your expenses on entertainment 

The best way to reduce your expenses on entertainment is to start by the cancelling some of your club memberships. If you have gym memberships or country club memberships, you are not making use of during this pandemic. It is ideal to cancel them rather than wasting your hard-earned money.  

Try to get rid of your cable bills. If you watch only specific channels, then you can downgrade the premium and save a lot on that. You can easily plan and lessen your daily paid services. If you watch Netflix, Hulu, or Prime Video, then take subscriptions one month at a time. You do not need subscriptions of all three together in a single month.

10.Plan your groceries before shopping

It is essential to make a list of the groceries you need, so you don’t end up buying things that are already in your pantry. You can save over INR 2000 every month doing this. You can also stock up groceries for six months together if you are a working couple. This way, you can get a better discount on your heavy bill and be sorted for a long time. 

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