Strapped for cash? Eight expenses you can cut back to save more

Living pay cheque to pay cheque can be an extremely distressing experience. While you may be struggling to save, having some money in your savings account is crucial for emergencies. Even though it may seem impossible to create any financial wiggle room, we’re here to help you save more.  

In this post, we’re sharing some expenses that you are probably paying too much for. Let’s take a look.

Overpriced energy plan

When was the last time you looked at your energy plan? It’s quite possible that you’re paying for an overpriced energy plan without knowing it. It’s time to find and compare various energy plans available in your area. If you are looking for a competitively-priced plan, check out Origin Energy plans.

Dining out or ordering in

Dining out is fun and ordering in is convenient, but that is an expensive way to live. You can increase your savings by cooking at home. This is also an excellent opportunity to refine your cooking skills for future dinner parties.

Expensive habits

Yes, we get it! Your early 20s are for partying the night away. Going out every weekend is costing you a lot and impacting your overall quality of life. Drinking and smoking are expensive habits that also affect your health. Take this as a sign to quit these habits, or at least try indulging less.

High rent

Are you living in a two-bedroom apartment by yourself? You should consider getting a roommate. Apart from cutting your rent in half, you will also enjoy splitting other expenses, such as utility bills, grocery expenses and so on.

Alternatively, you can also think about moving to a cheaper neighbourhood or staying with your family for a couple of months.

Grocery shopping

You probably think that grocery shopping is essential, and you are not wrong; however, there are some easy ways you can reduce your grocery bills.

Start buying generic brands instead of name brands. The quality of ingredients is usually the same, but generic brands are often cheaper.

Additionally, search for a bulk store in your area to buy pantry staples at highly discounted prices. It is also a sustainable way to shop!

Retail therapy

Some people cope with stress through retail therapy. As we know, shopping frequently can further damage your savings and cause even more stress. It’s time to look for a better and more affordable coping mechanism.

Instead of going to luxury boutiques, you can save significantly more by shopping at thrift stores. You can also check out online reselling platforms such as ‘Depop’ and ‘Poshmark.’

Impulse purchases

Late-night scrolling never ends well. Do you often end up buying a fancy bag or a random kitchen gadget just because it seemed like a good idea in the moment? Impulse purchases will impact your wallet.

We suggest waiting at least a few days before splurging on something frivolous. This will stop you from buying things you don’t need.

Streaming subscriptions

No one needs Spotify, Amazon Music, YouTube Music, Tidal, and every other music streaming service out there. The same goes for movie and TV shows streaming platforms.

It’s better to stick to a few you use every day and cancel the rest of the subscriptions. You can also share various subscriptions with your friends and split the cost.

There are only so many expenses you can cut back. In addition to reducing your spending, it would be helpful to look for an additional source of income. Taking up another shift at work or starting a side hustle can help you bring in extra cash and improve your finances.

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