We usually don’t realise a little nip & tuck here & there financially can really help our overall finances, we always seem to put off budgeting or cutting down on things because we think it won’t work, well I’m here to tell you it does work & WILL if you really implement cutting back on things & stick to it.
For instance, when you move to a new part of the world, or even just moving house, this can be quite a drain on your expenses. After all, this whole new adventure of uprooting yourself & moving to a foreign land, even if it’s 50 miles away, can result in many changes, including your bank balance! So maybe it’s time to consider a new approach to tackling your spending habits. Especially, when you’ve just landed in a new place & you want to do some exploring but you also need to save money, so you can you get the best of both worlds by cutting back on the unnecessary things & using the extra you’ve saved to enjoy your new surroundings.
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If All Else Fails Be A Tourist! (It’s Free)
Amazingly, when we live in a cultural hub, we don’t take advantage of the tourist attractions. A lot of places are free! From museums, to art galleries, to very simple walks in beautiful parks. When you are trying to acquaint yourself with a new place, or even finding a way to keep the family from being bored without spending, take the tourist approach. When I was in Dubai I would stare in awe at all the tourists flocking to see things that were the norm for me, but I realised, these tourist attractions are pretty good sources of entertainment for the whole family without having to spend a thing, so why not play tourist for the day & save your pockets?
Moving to a new place is all about hitting the ground running, but when you are struggling with your money, it can feel like you haven’t got the opportunity to take advantage of the new place just yet. But while there is a lot to be said about the benefit of hindsight, saving a little bit of money is going to make your move & life much easier.
Clearing Previous Debt
If you’re in any debt, it’s important to know how to negotiate with bill collectors & ultimately clear anything as soon as possible. Fresh starts require no stressful debts hanging over us for us to truly enjoy the exciting times ahead, if we cant clear debts, we can find ways to save on unnecessary things to help us pay off anything outstanding.
5 Ways To Cut Back Financially
- Cut any bank fees/late fees – Why are you paying for using your own money?? This is one of the easiest ways to rack up any debts! Anything related to automatic withdrawals, writing checks or excess transaction fees need to be avoided. Take a look at your monthly spend & see what charges you’re accumulating & cut these out of your spending. How many times have you been charged this month for ATM fees? It costs sometimes £1.50 – £3.00 per withdrawal, imagine you just need to buy some bread or something small, you withdraw £10 & get charged £11.50 imagine the amount per month they are making from you to use your own money?? Its easier to pay by card or make the time to do a weekly withdrawal from a free cash point. Try to also stay within your overdraft limit or within your minimum monthly balance.
- Insurance Fees – Have you reevaluated your mobile/home/car insurance lately? could you be saving? It takes about 10minutes to call up a comparison company & have a talk about switching to a lower cost company that will probably offer you a new member bonus that will save you more!
- Change Internet/Mobile monthly package – I just saved £130 by switching from one company to another. I was paying £30 a month, the exact same package was offered for a much lower price for £17!
- Meal Plan/Budget – Are you shopping savvy when it comes to groceries? You could save a whole heap if you plan your meals out weekly, yes it may take all of 10 minutes of your time, but that time spent is saving!
- Subscriptions & Memberships – I’m sure you’re guilty of having one or more subscriptions to something you hardly ever use, can you live without that Netflix Subscription? What about the gym! Can you do without the membership fees? It’s free to run in the park, follow a Zumba fitness class on YouTube or do some sit-ups in your living room!
See – How To Work Out Without Actually Working Out. Cancelling these can really pay off & save you lots.
Healthy Money Habits
There are numerous money saving apps out there that can help us develop healthy money habits. Plum is one good example that assesses your bank balance & puts a small percentage away for you into savings. Due to it being an algorithm, it analyses your bank balance & calculates the bare minimum that can be syphoned out of your account & put away into savings. This way, you can save a decent amount every month when you think you are struggling.
Hey! Have you started to budget your spending? Did you benefit from these ways to cut back on your finances? Do you have some tips to share? If so, let me know in the comments below & don’t forget to share!!