It’s payday week, and you are probably reviewing your expenses and budget for next month. Let’s face it, with the current state of the economy, you can’t afford to overspend.
So we put on our thinking hats and started finding every possible avenue to save money. Some of us, like a friend during our university days, never went out with excess cash. Nowadays, I know going out with my ATM is a recipe to swipe more money than I planned.
This is why I have scoured the internet and my personal experiences for 10 brilliant tips to help you save money on everyday expenses. Some of these tips are basic stuff, but we need the reminder. Check out these tips below:
1. Stop buying unnecessary things
Picture that strict aunt or parent (yes, that exact one is in your mind right now), saying the above with a straight face. It doesn’t get any easier than this — stop buying unnecessary things.
You have every shopping app on your phone, and your WhatsApp status is now an e-commerce hub. You’re testing every new perfume, slipper, dress, and gadget, only to discard them for the next shiny item. No law says you must buy another home accessory you don’t need because there’s a promo going on.
I read this on a forum: sometimes it’s not about saving, it’s about not spending.
2. Learn to DIY
I have this friend who told me he only goes to the car mechanic after he’s tried fixing his vehicle himself. He is very handy and has this natural gift of dismantling and recoupling most mechanical equipment. He learned to troubleshoot and fix his car from YouTube.
Do-it-yourself (DIY) is such a popular trend, there are global communities built around DIY on various subjects. You may not need to call your plumber for every plumbing job at home. All you may need to do is buy and fix a plumbing accessory, which you can learn about on YouTube.
Taking the DIY approach can save you considerable money on minor home repairs. However, be careful with critical repairs, which require professionals.
3. Use electricity and energy efficiently
This point is a separate entry because there is a general misunderstanding of the efficient use of energy.
I still see people buying old electrical equipment with high power ratings, and not switching off appliances when not in use. If your energy bills keep soaring, then it’s time to do an energy audit of your home and plan how to manage your consumption.
Using a fan over an AC can save you some money on your next power bill.
4. Cook at home
Home cooking not only saves money but also allows you to have better control over the ingredients and make healthier choices. Eating out may seem fashionable, but it leaves a big dent in your pockets.
If you prefer to eat out, take a monthly challenge and only eat at home. Compare your monthly spending when you eat out, you’ll be amazed at how much you would save eating homemade meals.
5. Don’t save your card details on apps or websites.
Think of this as some sort of two-factor authentication for buying things online. You can choose to only shop online on your PC and never save your card. Desperate times call for desperate measures.
6. Sleep on the purchase
I’ve wanted to buy a new pair of earphones lately. I scouted it for some minutes, checked on the best deals I could find, and then just when I wanted to hit ‘buy now’, I saved it to the cart and closed the page.
I needed time to sleep over it. It is generally recommended to give up to 48 hours for purchases like this. If, after you give it time, it’s still important to you, then you may purchase it. Oftentimes, you find out you no longer want the item.
7. Cut down on subscriptions or Cable TV
I have this friend who has no Cable TV at home, he doesn’t even have a TV. He says there’s no need for it as he can stream the news on YouTube, then keep a sports subscription for Tennis and another subscription for series like Netflix.
8. Never go shopping when hungry
I thought about this tip carefully and can understand where it’s coming from. If you shop on an empty stomach, you may end up buying some items you don’t need (especially food).
9. Travel during off-peak times
You’ll notice weekly flight plans are more expensive on certain days of the week. Even for urban transportation, ride-hailing apps charge higher rates in the mornings and evenings.
Plan our commutes or travel around non-peak times. If you can take a break from work, book your annual holiday during the off-peak season and ahead of time. Flights are cheaper, and you can save on other expenses.
10. Embrace Secondhand and Thrift Shopping
Buying brand-new items can be costly. Embrace the concept of secondhand shopping and explore thrift stores, or online marketplaces for gently used items.
You can find great deals on clothing, furniture, and more. With secondhand items, you have to be patient and have a sharp eye to get the best out of the crop.
Give these items a second life, while keeping your wallet and the environment happy.
As you adopt some of these tips, remember to bank with a financial partner that cares about your well-being.
Download the Mkobobank app today using the link below.
Google Play Store — https://bit.ly/3kLwy3S
Apple App Store — https://apple.co/409P32g
Visit https://mkobo.bank/ to learn more
