Finding areas where you can reduce costs is a great way to have more money to put aside to pay off your debts or to invest. To help you find ways to save more money monthly, here are four areas where you can spend less.
1. Commuting
You can save money on your daily commute by switching to cheaper, and sometimes faster, methods of transportation than the ones you have been using. If you drive to work, you can carpool with your workmates or friends or even use an app-based carpooling service to meet your needs. If carpooling doesn’t suit you, you can still save money on petrol by buying it at cheap prices using apps that help you find the cheapest prices closest to you. You can also incorporate more public transportation. Lastly, you can get a workout and save money by biking or walking to work. During peak traffic, cycling may even be faster than using your car.
Cycling can save you money on your daily commute
2. Shopping
You can cut costs in your monthly shopping budget by being smart with your purchase practices. Instead of buying single items, buy things such as toiletries and staple foods in bulk. This way you can get discounts on bulk purchase and you also save money on having to go back to the store to buy more things when you run out. You can also make use of coupons to save money on your weekly shopping.
Buy toiletries and staple foods in bulk.
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3. Energy Bills
There are a number of techniques you can deploy to reduce your energy bills. Switching to energy efficient light bulbs, for example, will translate to a small electricity bill as they use up less electricity. You can also turn down your thermostat and dress warmer in the house when temperatures drop. Turning off the lights when you leave a room and properly filling up your washing machine and dishwasher are other ways to be more energy efficient, thereby, reduce your monthly bills.
4. Entertainment
You can still have fun doing the things you love while saving money. If you must go out to eat, go to lunch instead of dinner, as it is cheaper. If you like to watch movies, find the cinema that offers discounts or has promotions on certain days and take advantage of those. You can also host parties at home instead of going out to the bar to save money on nighttime activities.