It’s not out of place to want to cut down on spending, if you notice the need for it. It is a sign of financial discipline.
Deciding to reduce spending could increase your chances of saving more, and avoid financial leakages. How can you intentionally cut down on your expenses?
- Trace previous expenses
This is the first step to cutting down on spending. You can look through your bank statement and receipts from previous purchases. This gives you a glimpse of where your money goes. You’ll be surprised at what you’ve been spending on.
The surprise might be a good way to get you to be intentional. You can also track it by looking out for items that you have bought.
- Plan your meals
If you’ll be outsourcing your meals, you might want to negotiate with your supplier or cook to give you meals at a cheaper rate over some time. For example, the supply of cooked meals monthly as opposed to buying your meals per unit, every day.
If you’ll be making your meals, you can buy groceries in bulk as opposed to buying them per unit and seek ways to store them appropriately. This will help to cut down on spending.
To cut down on spending, some applications have an autosave option that you could use. Here, a specific amount of money will be taken out of your account, however, this depends on how much you have programmed it to deduct and when.
- Keep your savings account credit card out of sight
If you have savings in an account, and you know you can easily access the credit cards. You can either give them to trusted people to keep for you or avoid collecting the credit card.
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