Whether you’re facing financial strain or are just looking to cut back on costs, finding ways to trim your expenses can be a very beneficial, but tricky, experience. Oftentimes, we lose track of our spending and find ourselves asking: “where did all my money go?”
It’s important to stay abreast of your spending habits and not let a sense of entitlement mean that you live outside of your means. Justifying a “you deserve it”, or “treat yourself” attitude all month long will mean that you end up deeper in a debt hole than you may ever be able to get out of.
To avoid this, here are 7 monthly costs you can do away with without hampering your quality of life.
- Coffee shops
Coffee shops are convenient, enjoyable, and overpriced. Buying coffee at coffee shops as opposed to making it at home can add up fast. While it may not seem like $5 here and there will make much of a difference, your Starbucks habit could be costing you upwards of $1,000 a year—that’s a lot of java.
- Reassess your cellular needs
Cellular plans vary widely between providers and only new customers get the best deals. This means that it’s important for you constantly shop around for plans and reassess what your plan gives you and if you really need it.
For example, consider whether you and partner can combine into one plan to save minutes, or if you truly need as much data as your plan provides you with. Cutting these added features or cutting a plan entirely to join with a partner can save you lots of money.
- Shop around for TV options
While cable television can be a great entertainment option, it’s up to you to make sure you’re getting the best deal. Like cellular plans, new customers are provided with the most lucrative deals for cable packages, so it’s important to shop around to different providers and regularly call your own provider for more competitive pricing.
- Eat the food in your fridge
Food waste is a huge loss for the average Australian family. Costing upwards of $1000 a year, we are constantly buying food that we let rot or throw out. This is because we overestimate our needs, don’t watch expiry dates, or don’t keep track of what we already have in the fridge before we go shopping. To avoid this, use a ‘first in, first out’ system that brings older food to the front of the fridge every time you shop.
- Pack your lunch
While brown bagging it may not be as glamorous as eating out every day, it can save you money and calories. Take time to meal plan and factor in making more so that you have food to take to work the following day. This can save you a surprising amount of money over the course of a single month.
- Don’t pinch pennies and lose pounds
If you have a big-ticket item that breaks down, you might be tempted to go for the cheapest option available in an attempt to save cash. Unfortunately, that doesn’t usually work out in the long run. Instead, replace breaking items with the best quality you can afford. Can’t afford it at the moment? Consider taking out a temporary loan like one from https://cignoloans.com.au/same-day-loans/. Keep in mind though, these are high-interest loans that should only be used in an emergency and should be paid off in full when due, otherwise, you won’t be saving any money with this trick.
- Put off the latest upgrade
While new iPhone’s, computers, and other devices may be tempting, stop and consider whether or not you really need the latest version. If you’re old device is functioning well or can be modified to function better, it makes much more sense to run the device you already have until it doesn’t fulfill its purpose any more than to buy new just to impress.
