Category: Finance

5 Simple Steps to cut your expenses

Finance

There are occasions whereby you have cash in your hand and the temptation to spend gets triggered. However, as with every other aspect of life, financial management requires great discipline. So, without much ado, we shall take you through 5 simple steps by which you can cut your expenses

Consider your purse and your lifestyle

First off, you have to take stock of your spending to see those extra stuff you are spending money on, and as the saying goes, cut your coat according to your cloth. And if possible, just do away with the coat and save some cash.

  • Consolidating your debts and lowering your interest charges

According to a report in the Financial Times, made available earlier this year, credit card debts among UK consumers rose by 10% which translates to an addition of £746m being accrued in January alone. This goes to show that credit card usage is one of the likely ways one can plunge into debt. Owing to this, it is best to consult a counselor like Trust deed Scotland to help liaise with your credit card company in order to work out modalities towards helping you pay off what you can afford while the interest rates are lowered.

  • Energy saving

Energy bills could ‘zap’ a good sum from your purse hence it’s advisable to save energy whenever you can. You can choose the energy efficient light bulbs instead of the power consuming alternative. Turn off the lights and/or air conditioners in rooms that are unoccupied and make sure you always switch of the lights whenever you are leaving home and for emphasis sake, winter season is indeed a great time to save the energy cost.

  • Go for public transport

Let’s face it: owning and using a car could make out for a burden on your budget. From parking charges, money spent on gas purchase and general maintenance, the expenses never end. To put this in check; you should let the car alone in the garage and use public transportation or walk the distance if you can.

  • Stay off Social media

This may not sound so simple but it’s something you ought to consider. In the first instance, considering that time is a ‘currency’ on its own; you could save a whole lot by staying off the radar from time to time. Moreover, you will get to save data cost by doing so.…