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7 Ways To Save Money And Cut Down On Expenses

8 min read
The Economy

The COVID-19 pandemic has most of us at home, uncertain when the economy will return to normal. It has affected our standard of living. Despite the difficulties, there can be some decisive things you can do with your money. One of the biggest hurdles in this lockdown is estimating out ways to spend less money- and the best ways to achieve this is to cut down on your expenses.

Below are the 7 best ways to minimize your expenses and fit into the COVID-19 economic crises.

Cut Back On Subscriptions

Photo by Andrea Piacquadio

Look at the services you pay for each month, and resolve if the money you’re wasting is truly worth it. Think of your gym membership subscription, the software you rarely used, magazines or newspapers in the mail which you’re not reading anyway, and so on. If the losses on those subscriptions are not worth it, just abandon the services and look for other alternatives that can achieve the same thing for less. Consider using some free home exercise routine from YouTube or any other software to replace your gym membership for now.

Track your money habits by taking a record of all your accounts; it could be your checking account and all the credit cards you have. This will help you to catalog where you’re spending most.
I usually use free budgeting software like the Nerd wallet to keep track of my spending goals, expenses, and budgets as well. It also helps me to see how I’m doing and get accustomed to my finances.

Apply The 24-Hour Rule

What is the 24-hour rule?
The 24-hour rule is a strategy you apply before flipping out money from your wallet to buy something. This rule says, use 24-hours or a day to meditate and reflect whether the item is worth it.

Lower Your Utility Bills

Are there any electrical devices around the house that stay plugged in, but that you seldom use? Most electronic devices steadily draw a small amount of electricity, that can add up swiftly when you analyze how many devices and small appliances you own.
To drop that usage, unplug any items or power strips you use sporadically.
Lower the temperature of the water heater a few degrees to save some money off your electric bills.

Using Coupons And Discount In Shopping

Using coupons on shopping is a great way to save money nowadays. Most stores have websites that offer discounts and coupon codes to their customers. Today, shoppers can save by just giving a cashier their shopping cards and any applicable coupon deducted automatically from their grocery invoice.

Below are the best coupon sites I personally used to cut back on my expenses.

Consider Buying Your Groceries And Household Items In Bulk

To buy items in bulk has never been easier particularly during this outbreak. However, it is worth it, if you have the funds to settle for a bulk purchase upfront, and the capacity to store it.

Also, it’s vital to note that, contrary to popular belief, you don’t need to buy everything in bulk to save a lot of money. I advise you to buy items that you’ll go through with to avoid wasting it when it’s unused. Items such as; Paper towel, Toilet paper, Toothpaste, Soap, and Cereals can be bought in bulk to save you some money in the long-run.

Limit The Time You Normally Spend Online

I can give you a rough estimate of the time I run through this morning. 

  • 30 minutes spent reading and watching posts on Instagram about Gary Vee and other motivational discussants.
  • 20 minutes spent engaging my Facebook fan page with motivational quotes (that’s quite interesting).
  • 10 minutes spent on WhatsApp, viewing my friend’s status, and watching some funny videos.

One hour spent, just this morning. You can limit the time you spent on the internet and avoid unusual spending on data usage. Don’t get me wrong; I believe we all go to the internet to study, write about a project, or whatever, but by the time we realize, we’ll be scrolling down Facebook.

To keep you on focus, try eliminating notifications, block access to the place where you waste much of your time temporarily.

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