Which practical stragtegies are you using to cut cost?

[Pi$$]

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.

Cutting down expenses will only do more harm that good. For the meantime it might seem to be working out. After sometime inflation will  be greater till it becomes impossible to cope anymore. The solution is to keep increasing our earnings. I will suggest that we go into something that even with time will still be of demand as the price for it will also increase. This is the only way to have hedge over inflation. One is to invest and the other is to do business. If possible both of them is good if we want to maintain our standard of living.

[Callido]

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.

Management at first, if the flow of income isn't increasing same way inflation is happening in the country then every one will have to manage from their needful spending's, how much they spend on entertainment and how to cut certain bills that has a way of improvising. There are also important needs that cannot be skipped, this should be the whole focus and not targeting what has less significance to the family, if you can't control the rapid cost of goods and services then you have to live past them by managing and creating a different source that attracts income.

[dezoel]

What you've mentioned are basic things that people do to save some money on a monthly basis. There are some things that one can do to avoid excessive or unnecessary expenses, hence saving some money.

The very first and most important thing is to make sure you are not spending a lot of money on branded stuff such as clothes or shoes, etc. If you are very rich and can easily afford to buy anything you want and you don't need to save money at all, then well and good, but if you are struggling with your finances and savings are a must-do, then you will need to compromise.

Another thing is not to spend a lot of money on unnecessary things such as smoking or drinking. These are unhealthy as well as take a good chunk of your earnings that you can save if you do it on a regular basis. So, if you refrain from doing that, and save the money instead, it will boost your savings greatly.

[slapper]

Reducing expenses is about caring for our mental health and emotional bandwidth as much as about saving money. Although "bulk buying" seems like a basic trick, the actual magic is the relief it provides when you know another price increase won't blind you. That relaxation affects your family's sense of security and your own. Another area where little deeds have great benefits is the use of electricity. Turn off appliances, flip that switch, and see how your monthly expense and stress level both drop. Making dinner at home? Two benefits follow from this: expenses drop and you can spend more intimate times with friends or relatives. Food becomes personal once more, not only a transaction

There is also emotional cost: those impulse buys that seem fantastic but later strain our finances. Confront that urge head-on. Ask yourself if the quick rush is worth a heavier financial burden. Maintaining a happy life while saving costs isn't easy, but it's definitely worth it

[viljy]

Saving of electricity or other resources (water, gas) is possible only up to certain minimum possible limits. Wholesale purchases are not always the optimal strategy, as they involve large one-time expenses, which may not always be convenient.

But cooking on your own is the most important thing both for saving money and for a healthy diet for you and your family. I'd noticed for a long time that nowadays most people don't know how to cook, or they can cook the simplest dishes, but they don't want to because of laziness, or lack of time, and for other reasons. And this means that they overpay for ready-made food at least about twice, and as a result they eat the food of very questionable quality. Healthy eating is very important. And you can cook it yourself.

To assess how much people overpay for the delivery of ready-made food, I can cite as an example that for the money that is spent on one ready-made meal, I can cook a Michelin 2-star dish from the original ingredients (okay, maybe not two, but 1 star for sure). And besides, it will be a healthy diet, and not a dubious mass in which it is not a fact that they did not piss or spit.

[Rabata]

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.

In any situation, an earner must reduce his expenses to survive. Not every person is financially self-sufficient, which is why they constantly have needs. Many people have the habit of spending more than their income. If a person tries, then if he calculates a little, it is definitely possible to reduce his expenses in any situation.

If the earner divides his total budget for different needs, then if he tries, it will definitely be possible to reduce expenses.
Especially if he spends 50% of his income on monthly essentials such as food and house rent and various utility bills, it will be a good rule for him.

If he spends 30% on other expenses and can save 20%, then his expenses will also be at the right level according to his budget.

Some needs are sometimes so urgent that it is difficult to solve them systematically. In that situation, to survive, it is not only beneficial to reduce expenses, but also to increase his earning capacity. If you can increase the area of ​​the workplace, then it will be easier to control the situation.

[Yucky]

Avoiding anything that will make you spend excessively especially outdoor events.  For example you know some of us like attending parties and showing up with out of the world exclusive outfits, this year it is not necessary.  You don't have to dip into your account to get an outfit you want to impress people with also if the event is not for family members or a friend that has really come through for you then you don't have to go for the party.

Because some people don't like going for events without new clothes, new shoes these things are expensive and prices are on the increase by the day. And probably we might try repeating our event clothes this year, funny how some of us  pull out new outfits for every event.

So I think that's one aspect to cut cost this year. Not doing more than yourself and not leaving to impress. If the event is not important, if it's not impactful and about building a network or getting a better job then you don't have to go or do the extras in outfit especially. Then try saving no matter how little you think it may be, make saving a habit, you'll be shocked at what you'll gather by the end of the year.

[el kaka22]

The best way is to stop online shopping. These days the biggest mistake people do is having big online shopping addiction, it's so easy, you just click a few buttons and amazon brings it to your house next day, so easy, so convenient as well.

However, if you stop that, then think about a life, where you wake up, drink some coffee, work, eat lunch, work, home, dinner, watch tv, and sleep, for five days a week, on Saturday, wake up, rest, then go out, dinner, then pub, drink, go home, on Sunday, go to breakfast (or brunch) go home, rest, and keep doing that every single week. Just this, nothing more, just do these, and it would be very very hard for you to not save money. Of course you could still fail if you just go to expensive places, or eat expensive food everyday or whatever, but if you are in your limit, this should be a cheap life.

[Smack That Ace]

The best way is to stop online shopping. These days the biggest mistake people do is having big online shopping addiction, it's so easy, you just click a few buttons and amazon brings it to your house next day, so easy, so convenient as well.

If you are addicted to shopping, whether online or offline, you will spend a lot of money on them. Don't blame online shopping for your shopping addiction. On the contrary, I find online shopping much better because we save a lot of time and save more money because we get more deals with online orders.

However, if you stop that, then think about a life, where you wake up, drink some coffee, work, eat lunch, work, home, dinner, watch tv, and sleep, for five days a week, on Saturday, wake up, rest, then go out, dinner, then pub, drink, go home, on Sunday, go to breakfast (or brunch) go home, rest, and keep doing that every single week. Just this, nothing more, just do these, and it would be very very hard for you to not save money. Of course you could still fail if you just go to expensive places, or eat expensive food everyday or whatever, but if you are in your limit, this should be a cheap life.

Everyone's life is different, we don't need to follow any general formula to save money. What we need to do is always plan our monthly spending to match our income, avoiding wasting too much on useless hobbies or habits. However, life is to be enjoyed so don't be too stingy with yourself.

[eightdots]

The best way is to stop online shopping. These days the biggest mistake people do is having big online shopping addiction, it's so easy, you just click a few buttons and amazon brings it to your house next day, so easy, so convenient as well.

If you are addicted to shopping, whether online or offline, you will spend a lot of money on them. Don't blame online shopping for your shopping addiction. On the contrary, I find online shopping much better because we save a lot of time and save more money because we get more deals with online orders.

However, if you stop that, then think about a life, where you wake up, drink some coffee, work, eat lunch, work, home, dinner, watch tv, and sleep, for five days a week, on Saturday, wake up, rest, then go out, dinner, then pub, drink, go home, on Sunday, go to breakfast (or brunch) go home, rest, and keep doing that every single week. Just this, nothing more, just do these, and it would be very very hard for you to not save money. Of course you could still fail if you just go to expensive places, or eat expensive food everyday or whatever, but if you are in your limit, this should be a cheap life.

Everyone's life is different, we don't need to follow any general formula to save money. What we need to do is always plan our monthly spending to match our income, avoiding wasting too much on useless hobbies or habits. However, life is to be enjoyed so don't be too stingy with yourself.

Opportunities in online shopping save people from paying more for a product. When you do some research and wait, you can catch many opportunities. We can see online shopping as an opportunity in this regard. If you have a shopping addiction, you should first try to end this situation. Make a list of your needs and be careful not to go beyond this list. After a while, you will see that you have gotten rid of unnecessary shopping.

Since you need to spend according to your income, you should avoid unplanned spending. We don't always have to do the same things, we can also turn to saving completely at certain times. I agree with you that we don't have to follow a general formula when it comes to saving money. Everyone knows their own needs and unnecessary expenses and should organize them themselves.

[Jewan420]

I focus more on increasing my income than on reducing my expenses. The purpose of income is to spend. If you are not willing to spend, then why are you earning? Or saving money? I will never be able to struggle with daily needs to reduce expenses, rather I will focus on additional income to increase my expenses. My purpose in life is to save with the money that is left after meeting daily needs. I focus more on enjoying more.

If you are not a lazy person, then instead of focusing on reducing your expenses, you should work more to promote yourself and increase your income. Reducing expenses is not the best strategy for saving, but to work more to increase your income with the rise of the market in your country. If you want advice on reducing your expenses from your position, then you should sleep more outside of work and remain single, so that you have to eat less and do not have to use daily necessities and bear the expenses of your family.

[batang_bitcoin]

Cooking at home isn't only cheaper but also healthier. With all of the fast food that everyone is liking to eat and the junk foods that becomes part of a daily habit. If it's about staying healthy and people don't get to hit the gym or jog outside, then just eat healthy food and that starts from cooking your own food.

I focus more on increasing my income than on reducing my expenses.

This is also a good approach. If you can't lower your lifestyle and have a downgrade, then find a way to sustain them all by increasing your source of income.

[Faisal2202]

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.

Well if I am not wrong the price increment in grocery is not that frequent here especially in my city. So what I do to save my money is I have opened a account like I buy the product and pays at the end of the month. I know this can be very expensive but still I find it not and most suitable to my condition as if I buy bulk it finishes early hehe that's what I have realized so.

Speaking of saving electricity, we have 4 seasons here, in summer we get the most electricity bill, so I try to use Solar Panel for almost every small appliance like Fan, Bulbs, etc. to save more electricity. I don't really spend money on buying food as I just buy the product and we cook it at home, no junk food, only home made food.

[Lanatsa]

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.

If you do saw your income is really just that less on what you are spending or simply talking about expenses then it will really be that normal that you will be thinking up about cutting everything into those things on which you can be able to save up on which this is really that indeed a common approach.  The key on here is that you do live into those lifestyle on which this will really be that getting in line on how much you are really that earning into.  This isnt something that you should really be that doing when you are already experiencing some issues but rather you should be doing this at the time or moment that before things do happen. Everything should be cut off cost and be able to save up for the sake of future cost and other potential expenses on which it is really that you arent that expecting.

Each person will really be that different when it comes to lifestyles and on how much they do earn but in general sense that saving up will be giving out that chance that you do have that funds for you to be able to spend up.

[landheer]

If you do saw your income is really just that less on what you are spending or simply talking about expenses then it will really be that normal that you will be thinking up about cutting everything into those things on which you can be able to save up on which this is really that indeed a common approach.  The key on here is that you do live into those lifestyle on which this will really be that getting in line on how much you are really that earning into.  This isnt something that you should really be that doing when you are already experiencing some issues but rather you should be doing this at the time or moment that before things do happen. Everything should be cut off cost and be able to save up for the sake of future cost and other potential expenses on which it is really that you arent that expecting.

Each person will really be that different when it comes to lifestyles and on how much they do earn but in general sense that saving up will be giving out that chance that you do have that funds for you to be able to spend up.

Yes, it depends on the lifestyle apply, and the income you get determines whether someone will save or not, because a small income is difficult to save and is used up for daily expenses, even so, you need to try to save no matter how much income you get, because saving concerns a better future.

[Miles2006]

Aside from the fact budget planning is essential during times like this when price of goods cost high anyone can exceed their budget limit. This is a honest truth I believe few people also experience this, thinking of minimizing the cost of my consumption but, doesn’t necessarily mean I will have to settle for less quality product hell no. My plans is learning how to stay on track without wanting more (exceed budget) not minding the situation perhaps I will get the rest when I’m ready financially and it takes 3-4 weeks. Also focusing more on essential needs which involves spending less and saving more.

[Mikky02]

I think one other method to cut cost is going on a monthly budget this method involves stating down your income and expenditure this also include things that are important such as rent, food and electricity leaving less important stuffs at this point one must be able to differentiate between need and want and we most basically go for our needs for without them we can't survive so I think monthly budget will help

[Webetcoins]

I focus more on increasing my income than on reducing my expenses. The purpose of income is to spend. If you are not willing to spend, then why are you earning? Or saving money? I will never be able to struggle with daily needs to reduce expenses, rather I will focus on additional income to increase my expenses. My purpose in life is to save with the money that is left after meeting daily needs. I focus more on enjoying more.

If you are not a lazy person, then instead of focusing on reducing your expenses, you should work more to promote yourself and increase your income. Reducing expenses is not the best strategy for saving, but to work more to increase your income with the rise of the market in your country. If you want advice on reducing your expenses from your position, then you should sleep more outside of work and remain single, so that you have to eat less and do not have to use daily necessities and bear the expenses of your family.

Yeah, hikes in income is best if you can do in current time usually we are not able to control things which are happening so just doing this with having another income source always works for anyone. Even different countries and regions are having different conditions and culture, but recently we learn many things which are helpful for peoples those needed to have enough funds for living but sadly not able to do the latest technology which is bringing many facilities now also helping in this regard.

We can't control our expenses so going for another sources of income always pays if you have big family then surely its works better while if you have no enough big then still you can manage things for your own.

[milewilda]

I focus more on increasing my income than on reducing my expenses. The purpose of income is to spend. If you are not willing to spend, then why are you earning? Or saving money? I will never be able to struggle with daily needs to reduce expenses, rather I will focus on additional income to increase my expenses. My purpose in life is to save with the money that is left after meeting daily needs. I focus more on enjoying more.

If you are not a lazy person, then instead of focusing on reducing your expenses, you should work more to promote yourself and increase your income. Reducing expenses is not the best strategy for saving, but to work more to increase your income with the rise of the market in your country. If you want advice on reducing your expenses from your position, then you should sleep more outside of work and remain single, so that you have to eat less and do not have to use daily necessities and bear the expenses of your family.

Yeah, hikes in income is best if you can do in current time usually we are not able to control things which are happening so just doing this with having another income source always works for anyone. Even different countries and regions are having different conditions and culture, but recently we learn many things which are helpful for peoples those needed to have enough funds for living but sadly not able to do the latest technology which is bringing many facilities now also helping in this regard.

We can't control our expenses so going for another sources of income always pays if you have big family then surely its works better while if you have no enough big then still you can manage things for your own.

We should really be searching for another source of income on which this is something which you will really be needing up to consider on which at the time or moment that you be living in a life on which it isnt really that getting in line with your income source then you will be definitely be having that huge problem. Just like on what most people been saying on here is that on the moment that you will be having that kind of action then you will be having issues when it comes to budget. If you are just that earning less then it will be that recommended that you should be saving up even into those simple expenses because at the time that you will be having no control when it comes to spending then you will definitely be having that kind of disaster when it comes into your money. Live according into your needs and not into your wants because if you do put up that focus into your wants then you will be having that huge problem since you do keep on continuing on patching up or even the worst is that you will be taking up some loan just to fulfill on what you had wanted.  We do know that human beings doesnt really have that kind of contentment on which on the moment that they havent been able to reach up or able to acquire their wishes or things that they do want, then they would really be continuing on what they've been doing and ending up on taking up some loan as much as possible. Realizations will really be always at the end at the time that they will be having some issues or problems that they are facing just because of the wrong actions or decisions that they had made on.

[Zoomic]

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.

You've done well for trying to live within your means during this period when the price of everything is skyrocketing due to inflation. But, how long are you going to cut cost? If the prices get worse than the way it is now, what else would you do? This is the more reason why we should focus more on growth instead of just survival.

In challenging economic situations, cutting cost is just a temporary solution, the main focus should be on ways to increase income. It is understandable if you are only cutting down on reckless spending, but if your new approach is going to inconvenience you, then you should work harder. Instead of trying hard to spend less, try to get multiple streams of income. Invest, have a side hustle, learn lucrative skills inorder to improve your income. Living below one's standard of living just to spend less is not a good lifestyle.