5 Ways To Cut Down On Expenses Part 1
Nigeria as a nation is in a state of economic meltdown and this is not news, but what is news is how you or your family will survive through this period. The Dollar is up against the Naira causing spending to increase in all areas and wisdom demands creative ways to cut down on expenses. The lack of power by Power holding company of Nigeria or DISCOs as they are now called and the fact that they increased their tariffs by over 50% has worsen the situation. Inflation in the country is not helping matters as prices of foodstuff and clothes have skyrocketed and school fees and rents are waiting in the wings to go up. To add to the cost, the government of President Muhammad Buhari hiked the fuel price by 67%, and the long queues at the filling stations where ample hours of man power is being wasted has further complicated the situation. There is the need to reduce the amount of money being spent in order to make ends meet. I want to share with you 10 tips on how to cut down on expenses.
Here Are The 10 Ways To Cut Down On Expenses.
Shopping is what every woman cannot do without and no woman wants her budget to be tempered with. When groceries are properly budgeted for, you can find openings to reduce spending and thereby have some savings. There are times when big supermarkets have sales which offer opportunity to buy in large quantity at a reduced price. You have to be on the watch out for bonanza especially at festive periods like Christmas and Sallah. Getting coupons also help you to have some savings while buying foodstuff in bulk reduces the amount you pay for compare to buying in small quantity. You can also get good bargain when you buy perishables like vegetables from the outskirt of town at better prices.
School fees tend to take the bulk of your money especially here in Abuja where schools are expensive. What you can do as a parents is to send your wards to school in Jos, Kaduna or the outskirts where the educational standards are high but the fees are moderate. Doing this reduces the cost but then you have to put into consideration the stress of visiting days and the risk of travelling. Another option at this critical time is to allow the children to go to public institutions instead of private universities or polytechnics in order to cut down expenses while planning ahead for them to attend a private institution at the masters’ level.
To reduce the amount of money you spend on transportation and fuelling the car, live near the office, the children’s school, or your business premises. Owning a bicycle or a motor cycle is not a bad idea. Also in planning to buy a car buy a fairly used as against a brand new one and look for a fuel efficient vehicle to reduce fuel consumption. Insure your car comprehensively against accident, fire, theft etc.
Utilities like power and water can take a great percentage of your money and when you add cable payment, laundry, security, garbage etc, the bill piles up. Monitor your light consumption by switching off all lights and appliances not in use, and heat water from one point in the house. For cable subscriptions, go for the lowest till holidays period when you and the children spend more time at home. Most time no one will be watching the TV and paying for the premium bundle increases your expenses so consider this seriously.
- Have No Spending Days In A week.
Cut off spending as much as possible to reduce expenses and falling into debts. Anytime there is financial crunch, the first things to give way include clothing, eating out, reduction of credit on phone and others. Try not to buy lunch in the office, while you bring food from your home in order to have no spending day in your place of work. Reduce the amount of money you spend on expensive clothes. Airtime on phone can go down when you use free call opportunities and the bonuses offered by various networks in the country. Do your laundries yourself if possible and then give them out for ironing to save some cash. Go natural hair ladies and if it fits you, lucky you or use wigs to have a different look.
Nigeria is going through so much and the pictures are very gloomy and only God will have mercy on us as a people. There is the need to cut down expenses in all areas of our lives. Not knowing where every naira and kobo goes to through not having a good budgeting and tracking system is what leads to the accumulation of debts. To live a debt free life is my heart desire and I believe yours also and to have that, follow the 10 ways to cut down on expenses to reduce your cost and also have some savings in this economic trying period.