Need to save? Nine tips to cut your monthly budget

OWhen prices go up, costs go up, so saving can seem like an even bigger mission. O Doctor Finance thinks it’s even more important to control spending in this scenario in order to cut down on the monthly budget, and leaves nine tips.

1. Reduced water consumption

“This is already an ‘old’ recommendation as we should try to make it a permanent habit and not just because of price increases. Reducing water consumption, in addition to helping to reduce the monthly bill, is an important action for us to help conserve the resources of our planet. It can start with everyday activities like turning off the faucet while brushing your teeth and washing dishes, for example.”

2. Reduced energy costs

“There are several ways to reduce the cost of your electricity bill with small gestures in our daily lives. The simplest and most obvious is to turn off all the lights in the room when we do not leave it. Another very effective tip is to change the incandescent bulbs in your home to LED bulbs.”

3. Less eating out

“Lunch or dinner at a restaurant, or breakfast at a bakery near your home can be the perfect way out of your daily routine. However, when it becomes a regular habit, it represents a bold hole in the monthly budget.”

4. Are you going to the supermarket? Only with a list and no hunger

“Many of us make this mistake, quite often: we know we have to go to the supermarket because something is missing at home, but we don’t really know what. necessary, because we doubt whether it is missing or not.

5. Set a monthly budget and stick to it

“Planning your monthly expenses and listing all your expenses is a great strategy to get an idea of ​​where you can save money. You can start by creating an Excel file with “mandatory expenses” such as home loans, electricity, water, internet, etc. Then write down any additional expenses (such as eating out, buying new clothes, etc.). and you will have an estimate of your monthly expenses.”

6. Have you ever heard of the 50/30/20 rule?

“A good method of planning a family budget is the 50/30/20 rule. This formula breaks down your monthly expenses into three parts:

• 50% of the monthly budget must meet fixed expenses as mentioned earlier: house rent, water and electricity bills, food and transportation costs, etc.
• 30% can be used for extra expenses such as travel, eating out and buying new clothes.
• 20% of the amount must be used to pay off existing debts or create a reserve fund. Thus, he is always ready for possible failures in the future.”

7. Say no to food waste

“Laziness or ignorance can lead us to throw away leftover food that could be used later. Take the time to plan your meals for the week so you don’t waste food and use what’s left for lunch the next day.”

8. Consider investing your savings

“At times when inflation does not subside, as now, “stagnant” money begins to depreciate. This is due to a decrease in purchasing power, so the ideal solution is to start investing your savings.”

9. Negotiation can be key

“We often view contract renegotiation as a consequence, meaning we view it as a last resort to avoid default. However, renegotiating the terms of your contracts – be it personal loans, home loans, insurance, internet and others – can actually help you save several hundred euros.”

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