7 SIMPLE WAYS TO CUT DOWN EXPENSES AND SURVIVE ON A LOW INCOME

As a millennial, I know how difficult it is to stick to cutting your coat according to your size. Not with the influx of marketing emails and ads we are greeted with on a daily basis on social media, in movies, and so on. It’s getting increasingly difficult to manage your finances; that’s why lots of universities now offer personal finance courses to help undergrads make better financial decisions. By visiting a helpful site like https://crixeo.com/debt-consolidation/, you will learn how to handle proper finances.

 However, while growing up my mother was an excellent example of a prudent woman who made the best of sparse resources she had available. She would make me tag along to different types of markets so I could understand the importance of buying in bulk, knowing sale days and reducing frivolous expenses.

Fast forward to being a wife and mom of two,  everything she taught me sometimes seems almost impossible to adopt. I’m trying my best to adjust to the realities of raising kids, living within my means and navigating through daily life especially living abroad.

Contrary to popular belief, life on this side is so expensive that if you fail to apply caution, no matter how much you earn you could end up being in so much debt.

I wanna share with you 7 things I’ve been doing every month to cut down our expenses as a family, avoid debt and also ensure that we save monthly.

1 Monthly budget and inventory 

I have a foggy idea of how much my husband and I make each month so I make sure that there’s a budget for almost everything. 

From grocery to bills and unforeseen expenses I try to put a number to it in a spreadsheet I keep on my phone. This helps me monitor every penny spent and to ensure that no bills are left unpaid because that could easily happen if you don’t write things down. Every month there are water bills, electricity bills, gas bills phone bills, offerings and food expenses to keep track of and so far keeping this budget spreadsheet handy has worked for me. 

Documenting also gives me an understanding of areas where we can cut expenses and areas where we need to allocate more funds. Taking a regular inventory of groceries also gives me a clearer idea of everything we need instead of just guessing at the grocery store.

2 Use Cashback and points to pay down credit cards and loans

Whenever we get cash back or points to redeem in cash, I make sure to use that extra income to pay down credit cards or to get things that are worth it. If you are looking for good mortgage deals, speak with top Rotorua mortgage brokers. It’s easy to get tempted to use free money to buy a bunch of trash, I resist that temptation by immediately using that extra to buy something important we need at home. That way, I can save the money already allocated for it in the budget. Do banks give cashback or rewards in Nigeria yet?

3 Bulk buying 

I try to shop for our groceries in bulk so I buy things that will last us at least 2 full weeks or most times more. For grocery shopping, Walmart always gives good deals when you buy in bulk, you’ll often find things like buy 3 for $5 instead of buying one for $2 and that goes a long way to reduce the money allocated for each item on my list.

 On the other hand, African food is so expensive here. Sometimes I wish I could do without it. Sadly, I can’t. So I buy what I can afford and I ensure that it lasts a certain period. It’s advisable to buy in bulk and store properly so that you don’t run out and have to spend more money later. Also, it’s important to buy what you really need and not just everything you see on sale.

4 Thrift Stores and AliExpress 

I’ve never been one to spend a lot on clothing so I don’t have a problem at all but if you have a shopping addiction you should be intentional about curbing it. 

Although I’m not much of a fashion shopper, I struggle with turning the other eye when it comes to shopping for my kids. From online advertising to departmental stores, these cute baby clothes just won’t stop calling my name. 

The sad part about this is, they outgrow these clothes so fast, you’ll wonder why you even purchase them anyway but that regret only lasts a second. The next time you see something cute again you wanna go and get it for them. Life of a mom! 

Lately, I decided to start mixing and matching clothes from Thrift stores with the costlier ones from department stores and that has slashed the clothing expenses for the kids in almost half. 

I’ve been thinking of doing a thrift-haul on Youtube, hopefully, I get around to that soon so you guys can see how I pick out stuff from the thrift store coz I’ve been lucky to get some really great finds. For myself, I go to the thrift store, buy on Amazon occasionally, more regular in Ardene or Old Navy and of course, Aliexpress is one of the most affordable places to shop too(mental note to buy some stuff from there soon coz it’s been a while I did). 

I picked this leather jacket and denim from the thrift store and also the Calvin Klein coat was a thrift store find. Omg so warm and cozy! It’s been a repeat item in my wardrobe. 

Luckily, being a blogger comes with some perks like getting free clothes and lots of free products so that also helps. Got this cute dress from a brand.

5 Extra income sources

Asides my work as a freelance writer and blogger, I also do a lot to make income on the side. One of which I’ve shared within this video is Facebook Marketplace. I have made a ton of side income just selling stuff we don’t need anymore on the platform. Just yesterday, I made $120 selling an old chair I used in my home office to a new owner who was in dire need of it. Another thing I do to make extra income is Instagram, I post content and share reviews for a set fee and I do at least 3-4 of those paid posts monthly. That fetches me some side income also. Read here about side hustles that you can start doing today.

6 Reduce Eating out and try to live within your means

If you spend your weekend meal prepping, you’ll have less need to spend money during the week on food. Try as much as possible to reduce the cost of eating out by going to work with your own food or snacks, it’s a lot cheaper and most times even healthier. That way you can save some more money and add that to your monthly savings. I know people would tempt you to go on hangouts and meetings that will cost you so much but you have the power to say no to these things. I’m never ashamed to say “I can’t afford this right now” because I have kids to think of so I avoid impulsive buying or expenses as much as possible. It’s important to let people know that you are not cut out for frivolous spending.

7 Unsubscribe from monthly subscriptions you don’t really need.

So many people are subscribed to things they hardly ever use. Asides subscribing to a plethora of marketing emails from brands, some of us are subscribed to multiple services like Netflix, Irokotv, Spotify Premium, HayU, Cable TV, Beauty or skincare monthly subscription boxes, etc. How many of these things do you really use every day? It’s best to unsubscribe from some so as to cut down expenses that are unnecessary. I have had to do this myself and it’s one of the best decisions I’ve made. Right now, I’m only subscribed to Netflix coz that’s the only service I really use, the others I paid for just not to be mean to the salesperson. Lol

Anyways these are some practical ways to cut down expenses and live within your means. 

Let me know what you have been doing to cut down your expenses in the comments.

Love,

Lqueen

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