If we looked at all our bank statements and took note of where we were spending money and what on, we’d very possibly see that we spend far too much money on things we could easily cut down on or get rid of full stop.
People can be amazed when they see first-hand the amount of money they could save if they gave up or cut down on things that they really don’t need or could do with less of.
There are many elements that make up such a list of non-essentials and the following is just a few of examples that might be some that you too could cut down on.
Eating out
One of the most commonplaces of spending money is on food and we spend enough at the supermarket without having to spend more in restaurants.
Eating out as a family or as a couple is lovely occasion and can be very enjoyable, but there are some people out there that feel the need to do it week in week out when it’s really not necessary. Your food bill will be high enough, so why spend what can be a small fortune just for someone else to cook dinner for you?
If you can’t live without eating out from time to time, then just restrict yourselves to one outing a month and see you food bill fall.
Smoking
Possibly one of the most expensive habits in the world is smoking and there are people that spend £100s and $100s every week and every month on what is a very dangerous habit, as well as one that can eat up your money very easily.
Going cold turkey is the best option, but with smoking being very addictive, it is understandably very hard to give up completely and so just cutting down gradually is an important step to take.
Another option is to perhaps to try out electronic cigarettes that will help your health, the environment and also your bank balance as they are a much cheaper alternative. There are plenty of places to get a cheap electronic cigarette starter kit.
Drinking
Another unhealthy and expensive habit is drinking, and by drinking, I of course mean drinking alcohol.
Beer and wine accounts for a large percentage of the economy and that’s because there are so many people that overspend on such products; sometimes because of addiction, other times because people feel they have to “have some in” just in case.
Restricting yourself to just one bottle of wine or a couple of beers during your time off at the weekend can be a great reward and will save you a good deal of money.
Working out
Gym memberships are far from cheap and although it’s for a good cause (I’m not saying you shouldn’t exercise), it’s money you can be spending elsewhere.
Buying some equipment for the home for a one-off payment can be much more beneficial, as you’re not paying a monthly fee for a whole room of equipment you’ll only probably use 60 per cent of. Having the equipment that you know you’ll use and can use in your own time will cut out membership costs and can also work better to your schedule.
Driving
Cars are a massive expense and some people often buy a car that surpasses their own needs and eats up petrol, whilst costing more tax than they need to be paying for.
Another consideration is insurance. If you often drive on your own and not carry any passengers if you’ve got a 4×4 there’s little point in having such a vehicle and so downsizing would save of gas, insurance and the outright cost of the car itself.
If you could, get rid of your car altogether and rely on public transport and you will save an incredible amount.