Reducing expenses is the easiest way to generate some monthly savings. Discover some tips and tricks to reduce your expenses and increase your monthly savings. Without becoming stingy or drastically reducing your lifestyle.
When you have a limited projected budget, it is difficult to save, even if you want to.
The only way to do so is to reduce your daily and monthly expenses .
At first glance, this proves to be a complicated task. But if you really want to have something to save at the end of the month, you have to make some sacrifices.
So, I’m going to suggest some techniques that will help you reduce your expenses.
Reduce your energy consumption
In order to save money, you have to learn how to manage your budget. Energy bills take up a large part of your monthly budget.
The best thing to do is to anticipate these expenses in order to gain financial freedom.
There are different types of energy subscriptions, including :
- The subscription with a basic monthly consumption: which obliges you to pay a monthly flat rate throughout the year. At the end of the year, you will have to pay for your excess consumption or you will be reimbursed if you have not spent all of it.
- The subscription directly provides for the monthly payment of your consumption.
It would then be wise to monitor your energy consumption throughout the year in order to adjust it better.
For electricity, take advantage of off-peak consumption times (electricity will be cheaper at night) to start your washing machine or dishwasher.
As soon as you buy a new washing machine or dishwasher, give preference to the most energy-efficient appliances.
In the event of poor insulation, make sure you optimise your heating by closing the shutters in the evening to accumulate heat and dusting it regularly.
Turn off all the appliances you are not using.
Replace your light bulbs with LEDs, which are more economical.
Take short showers instead of baths to significantly reduce water consumption. It is also possible to install flow reducers on the taps.
A tip: turn on the radio during the shower. In 2 songs, you should be finished, about 5 minutes. And turn off the water when you soap yourself.
Water your plants in the evening and place straw around them to retain moisture.
For cooking, turn off your oven 15 minutes before cooking time and avoid heat loss by always covering your pots and pans.
Change your means of transport
After energy consumption comes transportation.
If you live in an underserved area, carpool with your colleagues living in the same city as you and share the cost. For your children, give them to another parent if possible.
If you live in a large city, leave your car in the garage and take public transit. Otherwise, you can walk or ride your bike. Your body will thank you.
Another change to be made concerns consumption patterns. This may concern food but also the small pleasures of life.
To avoid consuming more than you need, make a shopping list and don’t be tempted to buy things that are not on it. Opt for the cheapest brands for basic foods.
Buy products for the whole family in bulk containers, cheaper per litre.
When it comes to alcohol, tobacco and gambling, getting rid of them all is key to improving your overall quality of life.
Keep your hobbies but be smart
Your hobbies are necessary. So don’t deprive yourself of them! But you can limit them …
Only take out a subscription in a gym if you go there. Otherwise it’s just a few euros that makes a lot of money being thrown out of the window.
Prefer movie rental evenings at the cinema, especially with your family. And if you treat yourself to a movie treat, bring your popcorn and other treats.
Invite your friends to dine at your home and make participatory evenings: some bring the starters, others the desserts, you propose a comforting family dish.
Optimize your banking and financial products
Saving on banking products is a bit of a stretch. But with so many offers on the market, it’s all the more possible to find cheaper ones.
You can consult this overview of savings account rates to help you choose the account that will give you the best return. Beware, “more” is not “better”, beware of the conditions!
For insurance, use one of the many insurance comparison tools (house, car, …). Or take out insurance with a single broker to benefit from a preferential rate. Note the renewal date and remember to call them to renegotiate your offer.
You see… By being clever, with a few simple tricks, it is quite possible to reduce your expenses without complicating your life too much. And without becoming stingy.
You can use your savings to finance a project that is close to your heart or to enrich yourself.