Lets live our best lives by cutting the costs, planning our spends and prioritizing what is most important to us.
Payday: First we pay ourselves savings. We pay the bills. We pay expenses. The rest is ours to enjoy. But what if we could reduce our recurring expenses such as groceries and lifestyle costs and free up more money for more things we enjoy?
A habit I’ve adopted after creating my budget and tabulating my monthly expenses. I find it is easier to keep track of specific recurring expenses when I buy them in bulk ahead of time and divide the costs per month.
Bulk buying works best for items that you know you will use every month, such as household, cleaning, pantry and toiletries e.g. shampoo and soaps.
Be aware of the price per unit… The idea is that by buying in larger volumes and quantities versus individual pieces, you are saving money on each unit of product. Just ensure you have storage space and can consume the products before expiry.
Buy on Sale:
There is nothing more satisfying than buying something you need on sale at a reduced price. You can even go as far as planning specific times of year to purchase specific products. Know when clothing sales are happening. Buy Christmas decorations for the following year in January. Seek out Brands for Less type retailers. Buy second hand. Buy imperfect fruit and vegetables. Look for bargains.
However, warning! Know when you are making a good investment and not just buying for the sake of buying. It’s easy to get carried away with sales items. Be disciplined and only get what you need. Always watch the bottom line.
Use Discount Codes:
Why spend full price if you can take advantage of promotions? Use discount codes found online for clothing and/or other goods. Look for food deals such as 20% off or 2 for 1 meals often found on entertainment Apps or Food delivery sites. Look for new places that are looking to attract business and enjoy short-term cheaper rates.
Again, I am not promoting a heavy consumption lifestyle. Food can be cooked from home for example and costs dramatically reduced but the idea is to plan carefully and still allow for leisure and enjoyment while working towards your wealth.
Always shop around for better, lower prices. Don’t be in a rush to snap up the first thing you see. You will be surprised at the price differences between different retailers and that money is better off in your pocket.
Smart investors always shop around.
Avoid many trips to the mall:
Plan ahead for shopping days and do not shop for fun. Buy what you need and nothing more. Do not be seduced by window shopping.
Controlled online shopping is sometimes preferable as you can ensure you are not going to spend more than you planned.
Visit the mall once or twice per month maximum and find other ways to pass your time which don’t cost money. Don’t lead yourself into shopping temptations!
Simplify your Life:
By simplifying your lifestyle you can save a lot of money. Take a look at your personal care, your hobbies, daily routines and products you mostly buy. For example, skin care and beauty takes an expensive chunk out of your budget. Consider substituting expensive branded creams for cheaper alternatives or natural alternatives which are also better for your skin.
Choosing non branded products along with branded will save you a lot of cash and they are often equally or sometimes better quality. Just remember, you are not the brands you buy, you are your own brand. Build that wealth.