6 Ways to Cut Your Monthly Expenses & Save Some Money

One of the most significant challenges in personal finance is to decode the ways to spend less money, and the right way to effectuate that is to cut your monthly expenses. The initial step of handling your monthly expenses is almost similar if you know what is eating your income. However, regular bills and recurring payments might seem small or trivial on their own, but their collective effect can be gigantic. It can become a massive exhaust of your resources. To reduce the damages caused by extra monthly expenses, people look for ways to minimize the expenses that are effective and easy to accomplish. 

There are plenty of ways to cut expenses every month, but it takes little effort to find out how to reduce expenses on online spending, transportation, luxury foods, and premium subscriptions. So if you are wondering where to start, here are some hassle-free ways to slice off some expenses. 

1. Track your spending:- Detect all your monthly expenses done through net banking, UPI, and credit cards. Various net banking apps can help you track your spend analysis as well as categorize them like shopping, grocery, and health expenses. It will make it easier for you to track the spend analysis, and you will able to know in which area you are spending more money. Be mindful of where you need more attention and where to cut the cost in the future. This step does work. 
2. Save costs on transportation: If you have access to public transport, then you can save some money on petrol, gas, parking, and maintenance for some time. Also, you can use the cycle and even walk to work, if your workplace is on walking distance. Every time you’ll leave your car behind, you’ll be saving money. If the vehicle you have is rarely in use, consider selling it, if nothing more, you will save money on insurance. If you are getting a good market price of your vehicle then you can use that money to bolster up your saving fund and get rid of debts. 
3. Control utility consumption:- It is another way an effective way to cut down your monthly expenses. The air conditioner is the biggest power consumer. So, set your AC temperature at the reading that can reduce your overall electricity cost. Turn off your lights, lamps, and computers while you are using them. Wasting electricity can be a rip off at the end of the month, so use it wisely. And it doesn’t mean that you live in one dark room shack without resources and cut off from the world. You just have to use electricity wisely. Turn off the preprogrammed utilities like the air conditioner, because they can pop up sometimes when they are not really needed. This is the most effective step and can a huge difference in your budget sheet. 
4. Cook your healthy meal at home:- Take up an extra hour in the evening and cook a healthy meal for yourself. Most of the people avoid cooking at home and order food from online websites. Instead of spending money on unhealthy and luxury food items, you can cook healthy food in your home. It will save you money as well as improve your health. 
5. Quit smoking and cut down the pricey drinks:- Speaking of getting healthier, you can consider this option. According to the Centers for Disease Control and Prevention, 3,200 people younger than 18 smoke their first cigarette every day. Cigarette smoking have caused more than 480,000 deathsper year in the United States, including more than 41,000 deaths resulting from secondhand smoke exposure. If the thought of killing yourself or people around you doesn’t bother you, then consider this- an average cost of these cigarette packets (Approx 20 cigarette per pack) can range anywhere from 50 Indian rupees per pack to 3000 Indian rupees or even more. So if you quit smoking it can improve your health as well as save your good amount of money.
   Besides, if you spending a good proportion of your monthly salary on sottish nights, then its time to cut back or going alcohol-free for a month. Quit smoking and limit spending on pricey drinks, and see how much you save at the end of the month. 
6. Pay your credit card bills and save money:- Pay your credit card bills on time to prevent spending too much on the interest. If you have more than one credit card, and you are delaying payments then you will get your pockets tights at the end of the month. These small delays in the payments can make a huge difference. So pay your bills and get rid of all your debts. Start saving a small proportion of salary every month to boost your savings funds.

Also Read, Women’s Biggest Money Fears: How to Overcome Them