Which practical stragtegies are you using to cut cost?

[Stepstowealth]

Let us have a practical discussion about different strategies you've employed to cut cost in your home or the methods you plan to use in saving yourself some money this new year.

I am very sure there is much we can learn form each other.
To reduce cost,
I realized that buying things in big quantities like bulk, saves me money because in my country, the retail cost of something today will likely not be the same price by the upper week. Prices are always on the increase, so when I buy in bulk, I do not have to concern myself with it for a while.

I turn off electric bulbs and appliances not in use to make sure that I reduce my electricity consumption.

I have planned to do more of cooking at home, and less buying of food from vendors because I am spending more on and cannot always trust the quality of the food I am buying.

share yours.

[Plaguedeath]

These all basic thing to cut cost.

But the question is do you happy to live like that for many many years? you have cut everything you can, you might cut cost for entertainment. It feels like you're just "exist" instead of "live" because you only want to save as much as you can.

Other thing to cut cost is divorce, because if you're married, you're forced to feed your partner and kids (if you have).

[Hazink]

You can either focus on cutting down the cost of living, or you can focus on increasing your earnings to match the economic situation of your country. The price of things is getting worse every day. By day, we can only introduce a pattern to reduce how much we spend on things we don't necessarily want and go for things we need more for our daily consumption and survival.

It will get to a point where even when you are economising, it won't still be enough to survive the stable increase of product price in the market, so if you ask me what my plans are for the year, I want to focus more on how I can increase my earnings so that enough money to compete with the price of the product will be made.

If you still want to get means of cutting down your expenses for those who travel down to the rural areas, they can stack up foodstuff from there; they are cheaper to buy from those areas compared to the city.

[freedomgo]

I might not fully relate to this because my mindset in life is a bit different. I’m more of a spender, so my focus is on increasing my income. As long as the result of income - expenses is positive, I’m already happy with that.

But since it seems like you’re looking for advice (I assume), I think what you’re doing is fine as long as it doesn’t compromise your quality of life.

Here’s what I can suggest:

- Prioritize your needs over your wants.
- Live below your means (if you’re earning $2k a month, try living as if you’re earning $1k)

It’s a bit of general advice, but I hope it helps!

[Wiwo]

For me this year, I don't intend to cut costs or reduce how and what I spend, but I am taking a different approach to saving myself some money this year, and that is to block some financial linkage around me.

In previous years, when I bought things from retail shops around my environment, I didn't ask for the price of things I let the seller do the calculations and tell me the final figures, this method of payment has cost me a lot of money since not everyone is trusted not to add what I did not buy to the bills.

So henceforth, I ask for the price of whatever I pick and calculate the total myself, this has helped save me some money this year and it helps me to discover price disparities in some goods since I now pay detailed attention to things.

[rodskee]

I turn off electric bulbs and appliances not in use to make sure that I reduce my electricity consumption.

same here i cut the time i use the air conditioning unit especially now that it is not yet that hot it would be hotter in the summer but i will take advantage of the cold air in these few months plus it helps the environment too

I have planned to do more of cooking at home, and less buying of food from vendors because I am spending more on and cannot always trust the quality of the food I am buying.

buying in bulk helps me cut cost actually and it motivates me to make the dish at home instead of buying it from a fastfood restaurant

[SmartGold01]

Yes food prices increases everyday without even reductions or a sign to show that there will be changes and of course those who buys things in bulk are the people who is gaining and cutting cost. Just as we do buy packs of water (Lasien ) size of 1.5 per liter at NGN 500 each while it's 6x3 inside at 2k currently but buying at single is worth about 3k so you see buying in bulk saves more money. Same thing applicable to Hollandia juice, exotic drink and others, buying them in bulk saves more money than buying them single.
That is I do love to cook and stock it inside freezer and when we need any of it then microwave it best than going to start the cooking process are afresh at then prices of things could be much more expensive. So cooking different varieties of food and stocked them up inside freezer helps a lot to reduce cost, this mostly helps those who are from Nigeria or African countries, this way it helps to reduce cost.

[cabron]

Yep egg prices are soaring.

Cooking food for yourself indeed saves a lot in cutting costs. You can see more if you cook more that you won't have to cook for the next meal, you just have to heat the leftovers and go on for the rest of the day. Save some gas and use a bike if you are just going to a store nearby, healthy way of doing it I think.

For electricity consumption, using solar would help if you only live in a sunny area. Must be worth buying since I'm seeing my neighbor having it.

[passwordnow]

Cut off subscription based services like Netflix. Calculate how much annual savings you'll get from that. If you're not hitting in the gym and you've subscribed in there, cut it off and stop wasting money and do the work outs at home or simply jog if you can.

For electricity consumption, using solar would help if you only live in a sunny area. Must be worth buying since I'm seeing my neighbor having it.

It's worth buying but it isn't cheap. Consider buying one as an investment, this is one on my list and hopefully soon I'll be able to have it.

[avikz]

But only what you need and not what you want! That's the key to cut cost. Many of us have a habit of impulsive buying which often leads to financial losses. As soon as you control this, you will start seeing savings.

But cutting cost is not enough. Unless you invest that money into an income generating asset, it makes no sense to cut costs. Because the money you save from cost cutting will loose its value if you do not invest it. So think about that aspect as well.

[Perfectbaby]

If you still want to get means of cutting down your expenses for those who travel down to the rural areas, they can stack up foodstuff from there; they are cheaper to buy from those areas compared to the city.

I don't think it's that way anymore because It is still expensive and judging from my location where I am now, rural or urban area are still the same and there is no difference because in the rural area where I based things should be less expenses but to my greatest surprised I still noticed things are the same and even people within us here complains more than those who are in the  urban areas. What we should know is that the price of things have hike and inflation is really eating up every angle of our country, in fact inflation is a global issues where every country suffers it.

[Alphakilo]

Some of the practical strategies I employ for cutting costs are

• Buying stuff in bulk
• Refrigerating my up to 3 - 4 meals. For the next few days, I'd save myself cooking and spending money.
• Thrift buying. I can't do designers.
• I do most calls on WhatsApp to avoid cellular charges.
• I cut-off drinking and any other activity that will keep me outdoors late into the night.

These are but a few. My life has been made easier as I have less things to worry about.

[Fortify]

Let us have a practical discussion about different strategies you've employed to cut cost in your home or the methods you plan to use in saving yourself some money this new year.

I am very sure there is much we can learn form each other.
To reduce cost,
I realized that buying things in big quantities like bulk, saves me money because in my country, the retail cost of something today will likely not be the same price by the upper week. Prices are always on the increase, so when I buy in bulk, I do not have to concern myself with it for a while.

I turn off electric bulbs and appliances not in use to make sure that I reduce my electricity consumption.

I have planned to do more of cooking at home, and less buying of food from vendors because I am spending more on and cannot always trust the quality of the food I am buying.

share yours.

Over the years I've seen the most effective way to cut costs is to simply spend less. If you do not have a strategy or even the ability to earn more money, your next best option is being as economical as you can be with your existing income. The irony is the less money you have, the more they often want to pretend like they have money by buying expensive gadgets and blowing money on things like food delivery every night. If you have got into bad habits when it comes to spending money, it can take a huge readjustment of your lifestyle to cut back. Try changing the shop that you use to buy groceries, even Aldi is beating Walmart on price these days and the quality is very similar.

[Jegileman]

These all basic thing to cut cost.

But the question is do you happy to live like that for many many years? you have cut everything you can, you might cut cost for entertainment. It feels like you're just "exist" instead of "live" because you only want to save as much as you can.

Other thing to cut cost is divorce, because if you're married, you're forced to feed your partner and kids (if you have).

You want too deep into this topic of cutting cost, I know those are part of things that when it’s not there, your cost on them will significantly reduced but that’s what you’ve signed up for when you decided to get married, so when thinking about saving up money and cutting cost, that is not an option to consider as far as I know.

Just like many things he has mentioned, they may be menial things that are seen as not having any significant impact while cutting cost, but it is part of them and the little they are can accumulate to save more cost. Just have a scale of preference and only spend according to them and make sure you take out what is not necessary at all in the list.

[AmoreJaz]

Some of the practical strategies I employ for cutting costs are

• Buying stuff in bulk
• Refrigerating my up to 3 - 4 meals. For the next few days, I'd save myself cooking and spending money.
• Thrift buying. I can't do designers.
• I do most calls on WhatsApp to avoid cellular charges.
• I cut-off drinking and any other activity that will keep me outdoors late into the night.

These are but a few. My life has been made easier as I have less things to worry about.

If I may add on your list, as I am also practicing those stuffs that you have listed.
> Use public transport
> Walk if it is only short distance where you need to go
> Don't buy unnecessary food junks, stick to the basics
> Tend your own garden
> Don't spend on luxury items
> Turn off lights/appliances which are not in us
> Employ renewable source of energy at home (solar/hybrid solar-wind), it will create savings long-term

[Die_empty]

share yours.

Buying durable products that will last for a longer period to avoid quick replacement.

Using the space in my house for gardening where I can plant vegetables and some cereals.

Relocating from the city to the outskirts where house rent is cheaper.

Buying a bicycle and using public transportation that will be used in place of a private car to reduce the cost of fueling vehicles

Using cheaper locally produced food instead of buying expensive imported ones. One can also seek cheaper food alternatives to replace some costly products.

[Stalker22]

I have been working on being more aware of what I spend my money on lately.  I downloaded this budget app on my phone to keep tabs on where my cash is going.  Its crazy seeing all those $5 lattes and $10 Uber rides add up over a month.  Cooking dinner at home rather than getting takeout is saving me a good chunk of change on groceries too. 

When I do have to shop, I need to get better about doing a quick price check online so I dont overpay for stuff and  those sneaky impulse buys by the register have to go too.

[wheelz1200]

Stop eating oit so much.  For one it saves an insane amount of costs and probably even more beneficial is its much healthier for you.  Food out is heavily salted and lots of fats to increase flavor.  In terms of cost for the last year ive spent a decent amount of time costing out my homemade meals. Most of the time save almost 70-80% by just making it myself.  Not saying i dont eat out but given the opportunity i just go home and eat.

[btc78]

These all basic thing to cut cost.

But the question is do you happy to live like that for many many years? you have cut everything you can, you might cut cost for entertainment. It feels like you're just "exist" instead of "live" because you only want to save as much as you can.

saving is to prepare for the future if we don’t save we would not even be existing we wouldn’t survive in my opinion it’s absolutely fine for someone to delay their own gratification because it will end up paying you in the long term not everything has to happen right now

[bitzizzix]

I prefer to cook myself rather than buy from outside, so this problem is not a problem for me, because cooking myself is not only more economical and more hygienic, I also will not reduce eating delicious, nutritious and high-protein food for my family and this is my priority to meet the body's needs and also stay healthy. And for the electricity problem, I am used to turning it off if it is not really needed, especially at night almost all the lights are turned off considering the very expensive electricity costs.

And besides that, the most important thing for me is to have a side job or additional income because this really helps maintain my finances so that I and my beloved family can still go on vacation and bring provisions including food from home and for me living frugally is important, but the happiness and health of the family are more important. So I have to prioritize what is important for the family and the family still feels happy and choose which ones to reduce and also having additional income is definitely a wise choice.