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8 PRACTICAL BUDGET CUTS TO SAVE MONEY

practical budget cuts to save money

This will be the third blog in the budgeting series. We have been covering the basic principles of budgeting in a practical, easy-to-implement way. How cool is that! To bring you up to speed, in the, we have covered the essential budgeting categories, and addressed the commonly forgotten budgeting categories. And today we will tackle practical budget cuts.

I am certain that once we incorporate proper budgeting, many of us will be surprised to realize that most of our financial challenges are a result of a spending problem more than an income problem. One of the biggest challenges in personal finance is figuring out how to spend less money and on what kinds of things exactly. Here are some ideas on where you can start.

Stop buying more clothes 

I had to go for the head right away. I know at one time you’ve probably bought clothes just because they looked ‘nice’ only to discover that you don’t like the look or that it doesn’t fit well. Or we just never wear it ever again. We’ve all done it! Sis, wear all that stuff you bought and haven’t worn for months and save those coins for the real soft life that you deserve, financial freedom!

Cook and pack your own meals at home

Buying lunch a few times a week may seem harmless at first (particularly if your favorite restaurant is within walking distance from your workplace), but packing a lunch may save you a lot of money. With proper planning, you will be able to save a week’s worth of groceries for the same amount as two dinners out. Get into the habit of cooking your own meals and watch your savings grow month after month.

Buy non-perishable house shopping items in bulk

Purchasing in bulk is usually always less expensive per unit. When you buy something in bulk, you nearly always save money on each usage of that item. Sometimes this is saving as little as five shillings but if the item is something you use regularly like toiletries, the five shillings will add up quickly. 

The only drawback to buying in bulk is the steep initial cost, and this is something you will have to budget for.

Do more Whatsapp calls to lower your airtime bill

Airtime is one of the silent ‘money leaks’ that most of us ignore. Instead of paying for Wi-Fi/Data Bundles and also airtime, you can consider making some calls through WhatsApp. It is cheap, and the voice quality is equally good. For the calls that you must make through the phone, you can plan beforehand.

Learn how to DIY at home 

We are in that era where a quick ‘How to’ Google or YouTube search can save you a lot of money. How insanely cool is that? From doing your nails, make-up, and decorating your room to home maintenance, you can save a lot of money by learning to do things yourself. I have saved quite a lot of money just by learning how to take care of my hair at home and doing home spa days.

Cut on cab costs by catching the bus

This one will require waking up on time and planning ahead. Riding the bus does not equate to being a low-class human being. As long as you are faithful to your savings and financial goals, you should be glad to cut cab costs so that your future self can live a sustainable lifestyle.

Cancel subscriptions you do not use 

You’re probably paying for many subscriptions like Netflix, Hulu, Spotify, and gym memberships. While some of these subscriptions are good and improve the quality of your life, others you can do without, downgrade to a lower subscription, or share the cost with friends. 

And when you make the subscription purchase, make sure to switch off auto-renew. If you cancel and realize you can’t live without it, subscribe again—but only if it fits within your new and improved budget.

Build a healthy lifestyle

The greatest flex is being in shape and eating healthy. This way you will save on medical costs arising from multiples lifestyle illness. And you do not have to subscribe to that premium gym to start getting in shape, you can jog or do indoor exercise by following YouTube videos. Kick your bad lifestyle habits in the butt and your wallet will breathe a serious sigh of relief.

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