Thursday, 2 June 2016

SPENDING WISELY DURING CHALLENGING TIMES





GIDIMALL.COM

The current economic challenges is known to all; the rich and the poor; the young and the old. The question now is how can one save money when the price of almost everything is on the rise? The truth still remains saving isn't difficult when you spend more wisely.
Whether you’re cutting costs because you need to or want to, the process should be manageable and positive. “Either you are a master of your money or a slave to it. Use your mind and have fun,” says Sharon Lechter, contributor to the American Institute of CPAs’ book “Save Wisely, Spend Happily.” These tips can help reduce your spending this period without making major sacrifices or time commitments.
If you feel like you spend too much money on some things and end up not having enough to go around other items on the budget, then check out these ways to cut back without a lot of sacrifice. Cutting expenses doesn't just mean spending less. It's about spending wisely and getting the best value for your naira.

Here are some ways you can cut expenses without cutting into your standard of living.

Around Your House


  •     Use a programmable thermostat. Setting the temperature back 10-15 degrees while you're sleeping or away can save up to 15 percent on your heating bill.
  •     Replace light bulbs with compact florescent lights (CFL). Replacing a single bulb could save more over the life of the CFL instead of having to change the regular bulbs over time.
  •     Lower your heating and cooling costs by sealing leaks around windows and doors.
  •    Use improved rechargeable equipment to reduce energy costs.
  •    Thinking of buying substitutes of expensive goods. For example oranges are substitutes for apples.

Transportation

  •     Use public transportation.
  •     Check tire pressure. Cars with low tires use more gas.

Entertainment
  •     Eliminate cable or satellite TV and get local news by antenna and movies by the Web or from a library.
  •     Cancel subscriptions to magazines you don't read. If you must read; read online blogs.

Day-to-Day Expenses

  •     Clip coupons or use online shopping sites like GIDIMALL.COM.
  •     If you have a cellphone, do you even need a landline?
  •     Buy non-perishable items in bulk.
  •     Do only full loads of laundry or dishes.

Personal Finances
  •     Review your insurance. An insurance expert can help make sure you're properly covered and explain money-saving options.
  •     If you are not in Nigeria, use ATMs with no service fees.
  •     Pay cash when possible – psychologically it's harder to spend cash than using ATM cards, and you'll save on interest charges.
  •     Carry only one ATM/credit cards for emergencies to avoid excess spending.

With a little common sense and minimum sacrifice, you can reduce your expenses and start saving for the things you really want.

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