Our monthly expenses multiplied by 12 months and however many years can add up to be an alarmingly sizable portion. Some expenditure is completely necessary and unavoidable but did you know how many hidden costs are disguised as essential ones? Once you dissect them you may come to the realisation they are simply wasteful and have to go!
Built-in life cover for mortgages are not only very pricey but also cease at the term end of the loan. Ask your credit provider what requirements are needed for you to cede your own cover and source out a more feasible option that doesn’t compromise your existing cover.
Do you pay for magazine subscriptions from retail companies that you don’t really benefit from? Is the frivolous light reading and coupons that you don’t even make use of worth the monthly subscription fee? If it isn’t; put a stop to it. Actually look at all your club memberships and cancel the ones that you are not benefiting from.
Compare the various options available at your bank. If you transact a lot did you ever add your monthly bank charges? Would it be more suitable to be on a plan that has a set fee that will cover all the costs and thus reduce your fees? Or if you are on a set pricing option but barely transact would it be more feasible to change your plan?
Sharing is caring so involve family and friends in your goal to be economical and I suggest encourage them to be savvy too.
Car-pooling is not only more economical but is environmentally friendly too. Be it to work or family trips out of town, etc. Where the load and costs can be shared; do so. Also bulk buying works out less expensive. If the quantity is too much, you and a close friend or family member can bulk buy together and split the costs to benefit from the discount.
Look at your phone calls, SMS usage and internet data usage. Sometimes, including a bundle in your subscription turns out to be much more cost effective. Alternatively is your current pricing plan option too much?
E.g. you could be paying for 10 gigs for your ADSL per month but really only utilising four gigs. Don’t take these phone and data payments for granted. Breakdown your expenses and scrutinise them. There are so many ways to avoid unnoticed wastage, you just have to be more conscience.
Don’t feel afraid to change bad spending habits. It’s not about being cheap by any means! Cheap is compromising on quality, being smart is not throwing away unnecessary money.
