We live in a digital age where we have the convenience of making cashless transactions. As a result, you don’t even see the money we earn and spend. And thanks to credit cards, we developed a tendency to spend the money we don’t even have and then pay interest on the money we spend and forget the importance of reducing our expenses
And if you are not careful, then it can become the perfect recipe for a severe financial disaster. But you can avoid this kind of situation.
In this article, we’re going to show you how you three ways you can reduce your overall expenses significantly. So, without further ado, let’s dive in.
Make Your Own Food For Reducing Expenses
How often do you have your lunch or dinner outside of your home? Do you go to a restaurant with your family every weekend and eat lavishly? If your answer is yes, then you’re spending a hell lot of money which you could have saved otherwise.
The average cost of a meal in a restaurant for one is $13 roughly. Meanwhile, if you cooked the same food in your own home, you could have saved as much as 60% of your money. And for your information, the cost of dining out is increasing at a rate of 2.7% while the cost of making foods in your home is decreasing at a rate of 0.5% every single year.
That’s why if you want to have fun with your family, cook your food together and have fun.
Are you a regular smoker and having trouble to reduce your expenses? No problem. You can literally save around $2,250 every year if you just stop wasting your money on smoking which is actually killing you.
Let us show you some facts that will help you quit smoking. First of all, nearly 480,000 people die every year in the US alone because of direct smoking. And around 41,000 people die because of inhaling that smoke even if they don’t smoke. Basically, you’re wasting your money to buy death while killing others.
And you could save around $75,000 when you’ll be 50 only if you’re 18 and stop smoking right away. That’s why quitting smoking is one of the best ways of reducing expenses. And who you might even get to buy a BMW by then. So, what would you choose? A ride in BMW with your family or a hospital bed?
Check Your Transportation
Nowadays, we depend on our cars so much that it’s almost impossible to think about life without it. We use our cars to go to work, driving our children to school, and even when we go to a grocery store that is just a half-mile away.
But there is one more thing that comes with a great car. It’s the cost of maintaining and using it. According to AAA, you’ll have to shell out around $8,550 a year to use a sedan. That’s near $713 every single month. And that’s a lot just to ride a car.
And reducing these expenses is quite easy and you can easily do that. No, that doesn’t mean you shouldn’t have a car. Having a car is important. But you need to use it reasonably.
Don’t use your car if you can just go to any place walking. You can even bike to someplace so you’ll save money on gases and will have some exercise too. When possible, take public transportation to your office instead of using your car.
This way, you will not only save the environment but will also save your hard-earned money.