Every family in the US is now faced with same struggle every month. How to save more money and reduce wasteful expenditure? You can improve your quality of life by reducing your monthly expenses in number of ways.
The first and the most crucial step to save money is to change your mind set. We Americans are used to very high standard of living so this can be the hardest part. We are actually conditioned to spend more and more! So the first step is to change our way of being. You should train your mind that frugality is necessary and key to a financially fruitful and happier lifestyle. Once you’ve convinced yourself to modify your spending habits now the technical efforts can begin.
Pay your bills on time
You should begin by making a list of your net monthly income and expenditure. Then, you should visualize ways to reduce those expenses. If you are paying some of your bills late and are paying excess late fee then you can set up automatic drafts to be deducted from your checking account for eliminating those wasteful charges.
Eat out less each month
According to a 2009 report by US Bureau of Labor, an average US household spends about 6.9 percent of their money on eating out at restaurants. Since everything you spend on eating is discretionary, this can be a huge area to save money! There is no need to stop eating out again. You should just reduce the number of times you eat out and soon you’ll be surprised to see the amount of money you save every month.
Bring your lunch to school or work
An average US household spends hundreds of dollars every month on lunches at work or school. If you have kids going to school and you pay for their lunch, you should consider switching to homemade lunch for them. Likewise, you can save good money by bringing your lunch to work.
Create a shopping list and stick to
An average US household spends about 9.8 percent of their after tax money on groceries. Of course, food is the necessity of life, but there are ways to be more frugal without missing your meal. You can save a decent amount just by being more conscious on how you are spending at your grocery store. Even though the age-old “shopping list” is still the best way to go, you should stick to your list and avoid impulsive buying. You should also shop around for deals on the items you use daily. Aside from that, you should USE COUPONS….it’s free money!
Use generic brands
There’s no explanation needed in this tip; just do it! Nobody would know whether you’ve bought fancy branded milk or cheap Walmart milk. Milk comes from the same cow anyway. So the best way to save money is to go generic and you’ll be surprised how much you could save.
Lower your utility bills
You should ask for tips from your utility company to lower your energy bills. They may offer you lots of suggestions, such as using window coverings, insulating and weather proofing your home and using energy efficient appliances. For every one degree you turn down your AC, you can save about four percent on your cooling bill each month.
Other suggestions to save money
You can lower your phone bills by using less text-messaging or other features, and by switching carriers. Instead of credit card, you should use your debit card. You should regularly monitor your checking account so that you don’t bounce any check or pay extra fees. Use only the ATMs of credit union or your bank. Try to shop online as cut throat competition among online sellers mean huge savings for you!
Do you know that you can still save more by avoiding these ways you waste your money?
Image Source: http://creativecommons.org/licenses/by/2.0/deed.en
Powered By DT Author Box
Written by Jon the Saver
