Which practical stragtegies are you using to cut cost?

[Salahmu]

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.

So long as is home there would definitely be several ways people can use to cut costs, however we can start from the key ones such as rice because in were I come from rice is considered to be the second best food, so to cut the cost a lot of people who normally buys through measurements of custard robber or the cups has to reduce buying with such method because if a bag of rice will cost $100 just assuming they would spend more than this amount with buying in measurements, so instead a bag of rice is what they will go for to reduce themselves from spending much.

[Darker45]

Live simply. You'd save a lot by doing that.

That means cutting significant expenses on clothes, food, fuel, and many others. Coffee alone is a big deal. Making your own coffee at home rather than getting one from Starbucks and other coffee shops saves you a lot.

If you have a small lot or even if you have none, you can grow certain spices and herbs and vegetables on pots. That also saves you lot.

Also, you don't have to have new clothes, shoes, phones, cap, painting, utensils, place mat, and everything every Christmas or birthday or Black Friday sale.

Furthermore, it's also important to take good care of what you have. Much will be saved by this. For example, I'm using the same laptop for around 8 years. My rice cooker has been around for 5 years. My phone a few years. I would have spent considerable amounts had I not taken good care of them.

[icalical]

Buying bulk definitely lead to safe money, except for something like snacks because it will be disappear fast no matter how much we buy or fruit that better fresh. I mostly buy bulk for vegetables and meal ingredients, limiting my grocery list so I won't overspend. I also batch cook, it saves time and discourage me to buy take outs. Though most of this only safe small money, but it will add up in the long run.

[Wexnident]

~

I think there was one that really got me before, it was about subscription services. Like they look small, seem small, but on the grand scheme of things they're still a pretty big chunk combined all together. I used to have quite a few, but after cutting it down I've managed to save up quite a bit really. Other than that I always live frugally anyway. Clothes are whatever in the drawers (only reason I'd buy more is IF they don't fit me anymore). Same with other general stuff. Only get a new one IF it doesn't work/serve its purpose anymore. And home cooked food!

I guess one thing I'd want to learn is the tricks people use to get discounts/vouchers when buying stuff? Always avoids me how they manage to get a lot really.

[Oluwa-btc]

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.

Cutting costs is not really the issue,the rate at which the price of goods are escalating is extremely difficult;talk more of cutting costs.That means people will have to consume every item of food under a specific measurements.The advice over cutting costs is not really working for me,and this calls for another approach towards the survivality in this economy.

[maydna]

Doing frugal living will help you to cut costs in your home. You can say many things to do that but it needs discipline if you really want to cut costs. Only buy the things that will meet your needs and not what you want because sometimes we want something but that is not too important. We have learned to be consumerized but also learned how to cut costs.

It will depend on how we live. Stay away from online commerce which can attract you to buy that product because of the cheap price. When you receive your salary, cut that salary and send it to your bank account as a deposit to save money or invest in Bitcoin. Don't be tempted to buy something that looks like you need it but actually because other people buy that product so you want to have it.

[Plaguedeath]

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.

It's true, but my point is still correct.

The cost to feed your family is really huge because women always asking more and more, which make you can't save money. If a guy can live $200 per month, it doesn't mean you only need $600 per month if you want to have a partner and one baby, but it could be more than $1K, $2K etc because women always increase their lifestyle.

Stay away from online commerce which can attract you to buy that product because of the cheap price.

Nah, online commerce does help to reduce cost as you said the price is cheaper.

If I go on offline store, I need to spend $10 for a product, if I buy from online store, I might only spend $9.50 and I get cash back like $0.20 for the next purchase, this really help to reduce cost.

[Kelward]

Cutting cost for me is basically to spend bellow my income, although it's not easy to do this if you're not rich but it's the only way to cut cost. But sincerely if your income is not enough to take care of your basic or primary responsibilities it'll be very difficult to cut cost. To be able to cut cost a person who is not rich needs to live below his means, he should move to a neighborhood that is bellow his income standard, avoid unnecessary expenses before he can truly cut cost. It's better to cut cost and invest when you're younger than to live lavishly when you're younger without having any assets to fall back on when you're old. From my observation old age is very unforgiven if you don't plan adequately for it or don't have loved ones to look after you, the person will suffer because there's no strength to work again again.

[shinratensei_]

there's only so much you can do to cut cost, do more and you become ascetic .

joke aside, I stopped subscribing into entertainment such as netflix and so on just to cut cost because they really not worth it and I'm grateful enough with youtube these days, already saved plenty for that and reallocate it for food.
as for food, I guess there's not so much you can do, you can cut cost, but then it become unhealthy food for the whole month for you.

I think the problem right now is not about frugal living, it's just the price just keep increasing and the only way is to get higher income.

[Lanatsa]

Cutting cost for me is basically to spend bellow my income, although it's not easy to do this if you're not rich but it's the only way to cut cost. But sincerely if your income is not enough to take care of your basic or primary responsibilities it'll be very difficult to cut cost. To be able to cut cost a person who is not rich needs to live below his means, he should move to a neighborhood that is bellow his income standard, avoid unnecessary expenses before he can truly cut cost. It's better to cut cost and invest when you're younger than to live lavishly when you're younger without having any assets to fall back on when you're old. From my observation old age is very unforgiven if you don't plan adequately for it or don't have loved ones to look after you, the person will suffer because there's no strength to work again again.

This is something you should really be that considering or putting up into your mind on which you should only that spend only into the amount which is really that below on your income or simply expenses on which trying out to lessen as much as possible because on the moment that you will be having that kind of luxurious kind of lifestyle which is more than on what you do earn then you will definitely be ending up on overdropped when it comes to budgeting. One of the main reasons on why people do end up on having tons of loans or borrowing money on which this is the main reason on why they do really struggle on living. Therefore, it will really be that up to you on how to make out adjustments accordingly. Cut cost on something which is too much or not necessary.

If you do want a life on having no problems when it comes to finances then you should really know to budget because at the moment or time that you will be missing this one out then you do end up on having that kind of problems onwards. This is why you should really be that knowing on what you should gonna do when it comes into this aspect because on the moment that you will living out that too much then you do really know on whats ahead.  Strategy will be that intense budgeting and stop yourself on buying into things on which arent necessary because if you are really that buying this and that then you will be having a serious problem on the moment that time comes where emergency comes.

[DrBeer]

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.

1. The first and most important thing is the accounting of income and expenses. Especially in terms of itemizing expenses by cost item (food, clothing, entertainment, medical,...).
2. Use energy efficient solutions - if it is home lighting - LED lamps instead of incandescent bulbs, if it is a car - consider replacing a car with an internal combustion engine with a hybrid or electric, ....
3. Do not buy unnecessary products and things. Unfortunately we are all susceptible to the urge to buy, but not always wisely.
4. Buy everyday items in bulk format. Detergent is not worth buying in 250 ml, there are 3-5 liters of convenient packaging, which will make your REGULAR costs lower by 2-3 times.

In short - reduce regular costs by optimizing the price, and unnecessary costs - by reducing these costs.

[Su-asa]

The economy in my country has taken a different turn and this is the case of so many other countries as well, things are different from how they were in the past so financial planning must be made otherwise you would realize that you'll spend a lot without taking care of so many things. I don't really have a strategy, In order for me to cut cost I just take off the things that are not necessary on the list, and by that I mean things that we can do without. If you do this you would be able to spend less and save more. Cut out unnecessary expenses from your budget that's the easiest way to cut cost.

[maydna]

Stay away from online commerce which can attract you to buy that product because of the cheap price.

Nah, online commerce does help to reduce cost as you said the price is cheaper.

If I go on offline store, I need to spend $10 for a product, if I buy from online store, I might only spend $9.50 and I get cash back like $0.20 for the next purchase, this really help to reduce cost.

Yes, that is cheaper than the offline store but that can make you buy many cheaper products. So that will not makes you save your money but will spends to buy the unnessary product because the price is cheaper than the other offline store.

I can say like that because I already experienced that. So that is why I say that stay away from online commerce because that can attract you to buy many cheaper products without thinks your reason to save your money to cut cost and expenses for your family.

[pooya87]

Money management (not just cutting cost) is important and as part of that I found it best to write down everything, usually expenses but if you have various incomes you can write them down too. I've been doing it for years because I'm used to it by now. It can be done in a simple excel worksheet with each sheet being a different month in different years.

That way you can analyze your spending behavior, what you buy and where the money is being wasted on a month by month basis. Then you can manage your money better.

If you have some excel skills you can even write some codes to get the sum total of certain spending behaviors like where you waste money on some bad behavior. Some people waste money on smokes, some one alcohol, some on gambling, some like me on buying sweets (confectionery and stuff like that) a lot. You can see the total money you waste on these things weekly/monthly/annually. Then try to cut them both for your health and your pocket.

Of course the stuff you already mentioned like buying in bulk (the so called hypermarkets give good discounts), trying to reduce bills, etc. are all good.

But sometimes we have big expenses in life, like rent that when compared to other things I mentioned so far they look miniscule. So it is best to try to cut them. Such a thing is more like a long term solution as well. For example if you purchase a house and stop having to pay rent, you'll be fine for decades not just for a short time.

[|MINER|]

~snip~

For reducing the expenses I do take some strategies like-
1. Take a certain amount of fixed budget for a month.
2. And also using the google form to calculate daily expenses.

Some times even I took a  fixed budget for a month but it will cross the budget but I keep the data of expenses and that will always give me alert that I have cross the limit and make a good amount of expenses it will always take remind that I have invested much and that also work out for when we go out for something we will try to buy the things which will cut my cost in lower amounts.

[Bd officer]

Currently, the cost of goods has increased in our country, so the cost has increased a lot. It can be seen that life has become difficult for common people. But in between, you have to spend and save. Now everyone's income is different, so not everyone's plan will be the same. You may not benefit from the tactics of others. However, I spend on my needs, because earning is mainly for meeting household needs and saving for future. As someone above said, unnecessary items should be removed from the list. I never try to buy unnecessary things, buy what is useful. So the best technique to reduce costs is not to buy unnecessary things.

[Iranus]

share yours.

In short, save as much as possible, limit spending on unnecessary things, things that are too luxurious beyond our ability to pay...that's how we cut costs. But besides that, I will continue to focus on improving my income instead of just focusing on saving.

For me, life becomes more difficult because of competition, imbalance between supply and demand, and especially currency devaluation because that is the nature of fiat. Therefore, there is no better strategy or solution than focusing on increasing income and increasing the accumulation of deflationary assets such as gold, bitcoin...

[N.O]

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.

We should not buy the things which are not important part of our life but middle class people always do the same mistakes and they copy the very rich people and that is the reason they are in the middle of poor and rich people. Many poor people have no money to eat and there could be many reasons behind the condition of poor people. But everyone should save money and don't waste his money on useless things. Don't buy branded shoes if you have less money because it will be burden on you . Don't attend in the parties of rich people because after that they will demand for party and you will lose all your money on party . always take decisions by using mind and always make friends who have same financial status.

[eightdots]

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.

We should not buy the things which are not important part of our life but middle class people always do the same mistakes and they copy the very rich people and that is the reason they are in the middle of poor and rich people. Many poor people have no money to eat and there could be many reasons behind the condition of poor people. But everyone should save money and don't waste his money on useless things. Don't buy branded shoes if you have less money because it will be burden on you . Don't attend in the parties of rich people because after that they will demand for party and you will lose all your money on party . always take decisions by using mind and always make friends who have same financial status.

It is not right to buy too many unnecessary and unnecessary things. The person who does this should take precautions against this situation and manage his/her economy well. There are many different methods to prevent this, one of these methods is to create a list of the things he/she needs and to be aware that he/she should stop himself/herself when he/she wants to buy something outside of this list.

Acting like you are rich without being rich is a mistake and can put you in a difficult situation financially. A person may have friends who are at different levels of financial status, but everyone should know their own economy and act accordingly.

[Free Market Capitalist]

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.

I am more for this option.  The OP doesn't say so, but being called Stepstowealth, surely he wants to reduce coster so he can save and invest.

First I would say there is something basic to do before that: a personal budget to control all income and foresee expenses.

So, saving is good, and anyone who wants to increase their wealth should start there, but it is better if they start early on to think about how to earn more. If someone is saving, I would recommend that they not become obsessed and above all that they do not sacrifice quality of life as much as possible to save.