The formula is simple: the less you spend, the more money you have left for the things that really matter.
Here are some tips for reducing expenses:
- Take an allotted amount of cash for recreation – going out with a large sum of money may end up spending more than you planned.
- Recreation does not have to cost money – a movie at a friend’s, a trip are a great pastime at a low cost.
- Stock up on coupons for attractions – you can download coupons from the various sites. It is recommended to purchase tickets in advance for the event you want to go to.
- A group is cheaper than an individual – buying tickets as a group and sharing travel costs will make your entertainment cheaper.
- Sometimes you give up – it sucks but if you don’t have enough money for entertainment, sometimes the best option is to give up the entertainment, although it sucks but that way you can go out and have fun another time.
- Shopping – Shopping should be planned in advance, what you want to buy and by how much. Planning ahead will allow you to compare prices and buy discounts, and will allow you to think for a moment whether you really need the item and whether now is the time to buy it.
- In malls, money escapes from pockets – going to the mall does not require unnecessary buying of things. Do you like hanging out at the mall? This doesn’t mean you have to buy something.
- Take food and drink with you for entertainment – shopping at the supermarket for food and drink will save you costs.
- Limit birthday gifts – spending on birthday gifts from friends and family is significant. Set rules for giving gifts between friends, this will reduce the pressure and also the amount of spending. Some make decisions in a family or social setting that there is no need to buy gifts.
- Remember how much you owe or how much you owe – there are always those in the group who are short of money. If you are a serial lender, try to meet the budget framework you set for yourself and not live at the expense of others. In any case, write down how much money you took/gave and from whom/to whom. Recording the accumulated amounts may seem high to you – make sure to pay your debt and demand the money from those you lent to.