How To Drastically Cut Expenses & Save Money

Business & Finance, Investment

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It is very important to save money than spend money. There is a saying that, to save a penny saved is a penny earned. We hope you are aware a very much of this saying but do you really save money on your spending?

No matter where you are during your financial journey, but you should always look at your financial life too. Sometimes taking a step towards the right direction to get things moving in your favor but it is very hard to change.

Here in this article, we will show you some of the best ways that help you saving money even on your spending, so that you can save that money and invest it to grow your money for your bright future. You will receive a lot of bills each month, you can’t deny that. But you can at least try some steps towards saving some bucks from your spending to make money from your expenses too.

Best Ways to Save Money Each Month

Cut your Cord

Cable TV is still cost a lot than you think. Majority of cable companies are struggling to make their living as so many people now know the fact that they can save money if they don’t use cable TV.

An average rate of $100-$150 monthly bills can be saved by this. Instead, you can try some cable TV alternatives like Amazon Prime, NetFlix, Hulu, Sling, YouTube TV like options. We are living on the Internet and now everyone has an Internet from where they can watch every TV shows, episodes or their favorite movies online.

So it’s a time to review your monthly bills for your cable and consider when you can cut your cable to get rid of this unwanted expense. Do you really watch 1000+ TV channels? If the answer is no, then You could put more than $100 each month back into your budget that is really surprising.

Cut your Grocery Budget

Just check your last month’s grocery bills, check out the things that you bought from a grocery store last week. Have you opened a bag of potato chips that were on sale? Have you cooked the recipe that you have purchased from a discount or combo offer? The fact is that we often purchase more than we need from the grocery store because of the tempting and arrangement item & their discounts too.

Just identify the items that you don’t need and take care of this thing on your next purchase. You could save up to $50-$100 from your monthly spending just by doing so. If you don’t have time, just make a list of your Grocery and try AmazonFresh for unlimited grocery delivery at your doorstep.

Following this step will surely save money each week on your grocery trips.

Buy Used, Sell Used

Just check out your working or room to find unwanted things you no longer need. Sell your unwanted stuff online or offline and make some money out of it.Also, you can save a very good amount of money if you buy used items. There are so many websites that help you to purchase used items on sale, you can bargain and purchase the same thing at a discounted price.

Suppose you want to buy a sofa for your living room, you will notice that the price of a new sofa set will cost you from $400-$1000 depending upon your selection. Try to buy a used sofa set that has not much used, or some people selling because of the urgent need of cash. This way, you will get the same sofa set at $600-$700 price range which would cost you $1000-$1000.

Likewise, do the same thing for all the items you need and you don’t need. You will make money when you sell and save money when you buy.

Get a Reward Credit Card

If you spend a good amount of money using your credit card, you should consider switching to rewards credit cards. So that you will earn reward points when you purchase something using that rewards or cashback credit card. You can encash the reward points you earned from your spending or use those reward points to purchase the stuff you like.

Get a Balance Transfer Credit Cards

If you are paying huge interest on your credit card bills, you can negotiate the rate of Interest on your credit card bills. If they don’t negotiate the interest rate, you have the right to transfer your balance to a new credit card by comparing the interest rate of other credit card companies.

All you need to do is, call customer care of your credit card issuer that you will find on the back of your card. Give a request to decrease the rate of Interest that you are paying, if you don’t see further progress, you can try some balance transfer credit cards that help you save hundreds of dollars in interest on the long run.

Use Coupons

When you purchase anything from an online store, just check out if the coupon is available for your item or store. Suppose you are buying from Amazon, then you should always check out if you can get a coupon for Amazon store online.

Usually, when there is any special day like Black Friday, President Day or Holidays, Amazon time to time launch new offers and discount codes for the users. You can check out Latest Coupon Portal like couponing websites to find out the latest available coupons online. Now use those coupon codes when you shop online and save money when you buy next time.

Parking Coupons – You would come to surprise that you can save up to 50% on your monthly car parking bills. Just use coupon codes for parking from these parking aggregator websites and save money.

Online Cab Booking Coupons – When you want to ride outstation, try to use discounted deals from Ola, Uber where they offer oneway or round trip discounts. If you are a first time user, you can have 100% cashback too. So why to spend money on fuel if you can get ride for FREE?

Invest Your Money

Now you have saved your money by cutting your expenses to the bone. But if you use that money to purchase the things again, you will lose what you have saved. But you can try investing in paper assets like mutual funds, stocks, bonds or even buy a real estate to make passive income in the long run.

Think of you have 3 apartment that you have rent it, you are earning $300-500 from each apartment as a monthly rental. Your passive income will be 300 x 3 = $900. You have done nothing and you earned $900 a month just by purchasing the property from your saved money.  So always invest your money when you have saved it, this way you are growing your money for your bright future too.

We hope this article on how to reduce expenses and save money has helped you. If you think we have missed anything in this article, please share your thoughts in the comments section below.

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