Lifestyle: 5 Frugal Ways to Cut Down on Your Yearly Expenditure

When looking over your budget, you may find it simply is not possible to cut down on your annual expenses. However, if you want to put more money away in the savings account, pay off debt or tuck money aside for a vacation, you’ll need to find ways to cut down on your yearly expenditures.

Here are five ways to do exactly that. 

Make Your Food and Drink at Home

Eating out becomes expensive. This isn’t to say you should never go out and enjoy yourself with friends or family, but you’d be surprised at how much you can save. For starters, make your coffee and tea at home instead of stopping by the coffee shop. Also, make your work lunch at home instead of picking something up while on break. This alone should put a good amount of money back into your pocket. 

Additionally, if you’d like to enjoy a beer or glass of wine with friends or simply after a long day of work, do so at home. A beer at home is often half the price (at least) of a pint at the bar. The best way to identify ways to save on food and drink is to look at what you typically spend in a month. This should give you an idea as to what you can save by simply enjoying a coffee or glass of wine at home instead of out. 

Discount Codes

Just about anything you purchase online can come cheaper. By searching for a discount code first, you can trim away expenses on everything from gaming systems to tea, photo products and more. Savings options and voucher codes do rotate every month, so if you’re shopping online, make sure you check the details of the code before finalizing your purchase. 

Pay Off Your Debt

As you begin saving money, put more money towards your debt. This reduces the amount of money you pay every month on interests. Whether on a car, your home, credit cards or some other form of debt, you likely are spending a substantial amount of your budget just on interest. Imagine what you can do with this added money once your debt is paid off. Every little bit counts, too. Look at the monthly interest rates charged on your different debts, then focus on the debit with the highest amount and pay this one back first. 

Ditch Cigarettes

If you are a smoker now might be the time to quit. Outside of your home and food, this may be the largest expense you have annually. Ditching the cigarettes will do wonders not only for your pocket book, but your overall health as well. Even if you can’t quit cold turkey, consider moving over to a vaporizer. These devices are less expensive in the long run, and you can adjust the nicotine levels, which makes it possible to slowly wean off your dependency on it. 

Save at Home

Your monthly utilities can sometimes come as a shock (especially during the dead of winter and the middle of summer). Opt for a smart thermostat. This is an upfront investment that will pay itself off tenfold. With a smart thermostat, you not only can program the temperatures but it can identify if anyone is inside the house and adjust itself. Using such a device allows you to save money by not heating or cooling the home as extensively while you aren’t home. Also, think about dropping your water thermostat by three degree or so. This will boost energy savings by nearly 5%. 

These are just five of the ways you can cut down on your yearly expenditures in order to save money. You won’t see a substantial drop off in fun activities, yet you will have more money for paying off debt or saving for your dream vacation. 

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2 Comments

  1. March 10, 2017 / 2:39 pm

    Love this! I’m always trying to save a bit more money 🙂 I find that if I do things like only have lights on in the room i’m in and reduce the amount of time the heating is on by 15mins, this really helps too 🙂

    Rachael xx.
    theteacozykitchen.blogspot.co.uk

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