The A-Z Guide to Saving Money like a Real Pro!
The cost-cutting process can go a long way in helping ease up the burden of debt. By lowering expenditure, we can get to have more money available for other endeavors. This initiative can also come in handy when one is looking to make the purchase of items of value that need a considerable amount to save.
Most people confuse cost-cutting measures with being overly frivolous. Of course, the best cost-cutting measures require one to have the element of thriftiness. However, this does not mean that one has to live in a constant state of self-deprivation. Instead, one can learn to make do with the essentials of life and neglect the unnecessary things.
Cost-cutting is all about living comfortable to a degree whilst saving up a little money on the side. There is a lot of subtleness involved. As per the Easterlin paradox, life satisfaction rises with average incomes. It is important to note that his argument clearly stipulates that happiness is only sustained up to a certain point. Anything beyond the bare minimums of happiness is sure to invite a marginal drop in satisfaction and happiness levels. Money can’t buy bliss. It’s all a game of balance.
We can all learn something from this and cut down on all the extra baggage. By spending less, we can trick ourselves into saving and in effect, achieve a semblance of happiness. We’ve compiled a list showing a couple of ways one can cut costs and direct more funds towards savings.
According to the Bureau of Labor and Statistics, housing is the single greatest item most Americans spend their dough on. On average, it accounts for about 27% of most people’s pre-tax income.
To cut down on housing costs, we can try out a couple of things to ensure that we have more money available at our disposal. Getting a roommate doesn’t sound like a bad idea at all. It doesn’t really matter whether one is single or they shack together as a couple. Having a roommate has the added advantage of cost-sharing on most if not all housing utilities and chores.
When thinking about savings, financial prudence can also take precedence. Measures such as moving in with relatives can go a long way in helping one settle and achieve some stability before they are ready to move out to the big, big world.
We can get more value for our buck by checking on the vast amounts we spend traveling from one point to another. Walking is an ancient mode of transportation and also the most reliable over short distances. With walking, we can get to see the outdoors first hand and marvel at establishments and our neighborhoods whilst making major savings.
Taking a bike is a great alternative to walking and is a sure fire way to cover longer distances whilst exercising. It can greatly help individuals who find themselves facing the stresses of living sedentary lifestyles like weight gain and diminishing health levels. Maintaining bike safety can go a long way in ensuring that all we always keep safe irrespective of the distances we plan to cover.
Taking public means of transportation or carpooling with friends can make for quite interesting rides to various destinations. Such rides have an enhanced sense of human interaction too. That’s also without mentioning the fact that we can register massive savings all thanks to such convenient measures.
Buying hybrid cars is a fantastic way to save on the cost of gas. On an annual basis, one can register savings in the hundreds of dollars range. If buying a hybrid car is not something do-able in the immediate future, at least ensure that car tires stay inflated. Doing this boosts gas mileage by up to 3%. Taking excess weight out of the trunk can lead to savings of up to 2%. Properly tuning the engine for driving comfortability can also lead to improved gas mileage by up to 4%.
When looking to buy a phone, purchasing in installments makes much more financial sense than taking on a multiyear contract. We can register massive savings by cost-cutting when we reduce our voice call frequency. Instead, services like Skype, WhatsApp, Vonage and numerous other apps incorporate data calls that are much cheaper compared to traditional voice calls.
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