If you want to save more, you should also review your mandatory living expenses. Because there are ways to save money for your compulsory expenses that allow you to continue living.
There are compulsory living expenses such as house rent, electricity bills, food and health expenses that we cannot waive in order to survive. Since these expenses are compulsory, we often make direct payments and we cannot think that we can save on compulsory expenses.
While the importance of saving every day increases a little more for all of us, there are ways we can save for our compulsory expenses.
You can discover some simple ways which you can save from on vital, compulsory expenses:
Eat your meals with your family at home
Did you think we were living at a very wrong time? Personally, I think I live in the wrong period at some times. This period is not for me. We are in a crazy world. Everyone is busy, busy, everyone has more work than the previous day and we don’t even have time to cook. Naturally, it seems more attractive for all of us to eat outside in this fast world or to meet this mandatory need in a restaurant.
The only thing we earn when we eat in restaurants is time. Because in this case, we lose money. Eating out is not cheap. In case of its recurrence, its monthly cost disrupts our budget. For this reason, if you have a habit of eating out, you need to consider eating at home to save some money and relax your budget.
Try to Live in Small Home
Individuals worldwide allocate a significant part of their monthly income to rental expenses. If you’re renting, that home is not yours. You can consider finding a new home that has more economical monthly rental cost.
Living in small houses offers many advantages. For example, winter is coming; It is always easier and less costly to heat a small house than a larger house.
Although changing a house is a troublesome process, it will save you more money in the short term as it will reduce your monthly rental cost.
Try not to Make any Extra Payment to the Banks
Regardless, try not to pay banks. Avoid commissions on bill payments, account management fees, credit card fees, EFT money transfer fees and other similar charges. To avoid these expenses, you can make a new choice among branchless banking alternatives or other inexpensive banking products.
On the other hand, try not to withdraw money from common ATMs or even inquire balance. The costs incurred as a result of using common ATMs are a huge waste. In addition, make it a habit to use products such as cash advances or overdraft accounts provided by banks for emergencies only in very emergency situations. Because the usage costs and interests of these products are quite high.
Consider using cash
According to the data of the World Bank Association, 1 million 18 thousand 576 people could not pay their credit card debt in the past years and they were taken to legal proceedings. If you are among the consumers who have difficulty in paying credit card debt, you should consider using cash.
There are advantages to using credit cards, but if you have difficulty in paying your debts and your expenses exceed your income and continuity without saving, you should only consider using a bank card or banknote linked to your bank account. Because delays in your credit card debt payment will not only require you to pay interest, but also draws your financial outlook to negative.
Apply these suggestions and give your budget a chance to save on your essential living expenses.