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30 Ways To Cut Your Monthly Expenses

30 Ways To Cut Your Monthly Expenses

A while ago, for one month, myself and a then work colleague lived money-free—I cut expenses by 100%, pretty much! The job I was in at the time paid for my accommodation and transport, so all I had to worry about was food. On the second day of the experiment, however, we met a ‘freegan’ who regularly collected food thrown out by all the supermarkets in town. So, following her lead, we went along, filled up her truck with perfectly packaged food, including toothpaste and other essentials, and lived money-free for the month.

Now, I’m not suggesting you go and rummage around in supermarket bins for a month to cut expenses, because, for one, I think it’s illegal in many parts of the world! Still, there are many other ways you can cut your expenses and have lots of your monthly income left to spend, save and enjoy.

1. Write down all of your expenses

How many times do you hand over $1 or £1 for something and think, “Oh, it’s only a dollar,” and then repeat the same process every day for a month? Be mindful of where you’re spending your pennies and write down everything you spend for a month—you can then see where to cut costs in the future. Trust me, this one really does work.

2. Cut out the takeaway coffees

Get yourself a nice flask and make your own coffee. If you’re serious about cutting your expenses and you still buy a takeaway coffee every morning, buying a flask will save you at least $80 a month.

3. Cycle or walk to work

I know many of you probably have long train or car commutes, but 10km is still do-able on a bike, right? And if you’re a little on the lazy side, invest in an electric bike to help you up those hills in the morning. Ditching the train or car for a bike is a serious money saver; plus, you’re getting fitter at the same time!

4. Shop in thrift stores (at least some of the time)

You can get designer items for pennies; you can find cheap tat and upcycle it for next to nothing, and find one-off clothes you’d never find on the high street. So, if you’re looking to update your wardrobe or buy new stuff for your home, check out the cheaper alternatives first.

5. Buy the unbranded products in the supermarket

You may only be saving pennies per item, but there really isn’t much difference in the taste—do not be seduced by pretty branding! The only difference, for example with unbranded tinned tomatoes and branded ones, is the lack of salt and sugar and you can add that yourself. Why pay loads extra for it?

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6. Take your own lunch to work

Yes, it’ll take up a few extra minutes of your evening, but wouldn’t you prefer to have an extra $100 at the end of each month instead? Over the course of a year, that’s a saving of over $1,000.

7. Bulk cook your meals

Set aside a few hours on Sunday and make a load of different dishes to prepare you for the whole week. Pop them in the freezer and you won’t be tempted with takeaways or packaged meals midweek.

8. Compare gas and electricity prices

Are you really getting the best deal with your gas and electricity? It only takes a few minutes to compare deals on an online comparison site.

9. Cut out the pricey drinks

Perhaps you don’t drink much, but for a lot of people, spending a good proportion of their monthly salary on expensive boozy nights out is part of their monthly regime. If this rings true, try cutting back or going alcohol-free for a month to see how much you save.

10. Keep a penny/cent collection

Throw your loose change into a jar, then count it up at the end of each month and see how much you’ve saved—over time, you’ll be surprised by how much money you’ll make.

11. Use Freecycle

In the UK there’s a scheme called Freecycle, where you can give away your unwanted furniture, or anything else you no longer need, for free. Obviously, in return, if you need any household essentials—kitchen table, bicycle, bookshelf … you can just log on to the site and see what’s available.

12. Ditch the large overdrafts

If you’ve got an overdraft of $1,000, chances are you’ll spend it each month if you’re not careful with your money. If you’re scared to lose the overdraft completely, halve it and see if it makes you any more cautious with your money.

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13. Clear out your unwanted stuff

Have a car boot sale, sell your unwanted things on eBay … if you’ve been living in the same house for over a year, chances are that unless you’re super-organized, you’ll have at least a few things that are worth selling to make some extra money.

14. Share car journeys

If you drive to work alone every day, see if there are any other people who live near you so you can share journeys and cut your costs on petrol. It’ll pay off in the long run.

15. Re-evaluate your insurance

Whether it’s life, health, or travel insurance, shop around, compare prices and make sure you’re getting the best deal for the least amount of money. Remember though, that cheapest does not always equal the best.

16. Change your phone deal

Do you really need all those minutes and extras? Is there a cheaper phone deal that will save you money in the long run? Shop around and see what other phone deals are out there.

17. Do not take out any pay day loans

The adverts may be appealing, but the interest rates on pay day loans make these companies no better than con artists!

18. Dry clean at home

If you’re a regular at your dry cleaners, cut costs by buying a home dry cleaning kit and a spot remover pen.

19. Take another look at your internet bills

Can you get a better deal elsewhere? Do you live in an apartment block? If so, perhaps you can share an internet connection with those around you—providing you trust them.

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20. Make more gifts for people

Now that we’re coming up to the festive season, rather than splashing out on expensive gifts for people, cut expenses and make your own cards and presents—at least for some people. The gesture won’t be forgotten. Plus, everyone knows the gift of time far outweighs the gift of money.

21. Cut back on expensive cleaning products

There are loads of ways you can make your own cleaning products; for example, vinegar and baking soda work wonders for cleaning your drains; spray lemon juice on surfaces to get rid of stains and streaky grease marks; and use vinegar to scrub up wooden flooring.

22. Simplify your beauty regime

We can all be seduced by fancy creams claiming to minimize pores, get rid of wrinkles and leave our skin looking healthy and plump; but, in reality, all your skin needs is a good diet, plenty of water and hydration. Try ditching expensive creams for almond or coconut oil. It’s really cheap and will leave your skin looking incredible.

23. Cancel your gym membership

Get on your bike, jog round the park, and lift weights at home. You could even organize regular work out sessions for free with others who want to ditch the gym. You don’t need to pay to be fit!

24. Turn your lights off

When you leave a room, flick the switch and cut expenses on your electricity bills. If you live with forgetful people, place little stickers by the switch to give people helpful reminders.

25. Replace bulbs with energy saving ones

Cut expenses and save the environment at the same time. It’s a no-brainer!

26. Pay for things with cash only

Allow yourself a certain amount of money each week and spend only that amount. Unless you’re constantly checking your finances, there’s no way you can keep up-to-date with what you’ve really spent if you keep paying for things with your credit or debit cards.

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27. Tell your friends and family that you want to cut expenses

If you’re ever tempted to spend more than you intended, tell everyone you spend time with what you’re doing. Or even better, arrange for a group of you to all cut expenses at the same time.

28. Get savvy with deals

Sign up to Groupon, or get Amazon deals sent straight to your inbox, and save heaps of money on theater tickets, holidays, restaurant meals, and much more.

29. Take care of your teeth

Brush your teeth twice a day and don’t forget to floss. If you don’t take care of your teeth now, you’ll pay the price in expensive dental bills years down the line.

30. Be grateful for the money you have

Change your attitude towards money and be grateful for what you have rather than complaining about not earning enough or having enough of it. You’ll be surprised by how much a simple change of attitude can help you to manifest more money and help you cut expenses.

If you think there are any useful tips missing from this list, please leave a comment below.

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Published on November 8, 2018

How to Answer the Tough Question: What are Your Salary Requirements?

How to Answer the Tough Question: What are Your Salary Requirements?

After a few months of hard work and dozens of phone calls later, you finally land a job opportunity.

But then, you’re asked about your salary requirements and your mind goes blank. So, you offer a lower salary believing this will increase your odds at getting hired.

Unfortunately, this is the wrong approach.

Your salary requirements can make or break your odds at getting hired. But only if you’re not prepared.

Ask for a salary too high with no room for negotiation and your potential employer will not be able to afford you. Aim too low and employers will perceive as you offering low value. The trick is to aim as high as possible while keeping both parties feel happy.

Of course, you can’t command a high price without bringing value.

The good news is that learning how to be a high-value employee is possible. You have to work on the right tasks to grow in the right areas. Here are a few tactics to negotiate your salary requirements with confidence.

1. Hack time to accomplish more than most

Do you want to get paid well for your hard work? Of course you do. I hate to break it to you, but so do most people.

With so much competition, this won’t be an easy task to achieve. That’s why you need to become a pro at time management.

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Do you know how much free time you have? Not the free time during your lunch break or after you’ve finished working at your day job. Rather, the free time when you’re looking at your phone or watching your favorite TV show.

Data from 2017 shows that Americans spend roughly 3 hours watching TV. This is time poorly spent if you’re not happy with your current lifestyle. Instead, focus on working on your goals whenever you have free time.

For example, if your commute to/from work is 1 hour, listen to an educational Podcast. If your lunch break is 30 minutes, read for 10 to 15 minutes. And if you have a busy life with only 30–60 minutes to spare after work, use this time to work on your personal goals.

Create a morning routine that will set you up for success every day. Start waking up 1 to 2 hours earlier to have more time to work on your most important tasks. Use tools like ATracker to break down which activities you’re spending the most time in.

It won’t be easy to analyze your entire day, so set boundaries. For example, if you have 4 hours of free time each day, spend at least 2 of these hours working on important tasks.

2. Set your own boundaries

Having a successful career isn’t always about the money. According to Gallup, about 70% of employees aren’t satisfied with their current jobs.[1]

Earning more money isn’t a bad thing, but choosing a higher salary over the traits that are the most important to you is. For example, if you enjoy spending time with your family, reject job offers requiring a lot of travel.

Here are some important traits to consider:

  • Work and life balance – The last thing you’d want is a job that forces you to work 60+ hours each week. Unless this is the type of environment you’d want. Understand how your potential employer emphasizes work/life balance.
  • Self-development opportunities – Having the option to grow within your company is important. Once you learn how to do your tasks well, you’ll start becoming less engaged. Choose a company that encourages employee growth.
  • Company culture – The stereotypical cubicle job where one feels miserable doesn’t have to be your fate. Not all companies are equal in culture. Take, for example, Google, who invests heavily in keeping their employees happy.[2]

These are some of the most important traits to look for in a company, but there are others. Make it your mission to rank which traits are important to you. This way you’ll stop applying to the wrong companies and stay focused on what matters to you more.

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3. Continuously invest in yourself

Investing in yourself is the best investment you can make. Cliche I know, but true nonetheless.

You’ll grow as a person and gain confidence with the value you’ll be able to bring to others. Investing in yourself doesn’t have to be expensive. For example, you can read books to expand your knowledge in different fields.

Don’t get stuck into the habit of reading without a purpose. Instead, choose books that will help you expand in a field you’re looking to grow. At the same time, don’t limit yourself to reading books in one subject–create a healthy balance.

Podcasts are also a great medium to learn new subjects from experts in different fields. The best part is they’re free and you can consume them on your commute to/from work.

Paid education makes sense if you have little to no debt. If you decide to go back to school, be sure to apply for scholarships and grants to have the least amount of debt. Regardless of which route you take to make it a habit to grow every day.

It won’t be easy, but this will work to your advantage. Most people won’t spend most of their free time investing in themselves. This will allow you to grow faster than most, and stand out from your competition.

4. Document the value you bring

Resumes are a common way companies filter employees through the hiring process. Here’s the big secret: It’s not the only way you can showcase your skills.

To request for a higher salary than most, you have to do what most are unwilling to do. Since you’re already investing in yourself, make it a habit to showcase your skills online.

A great way to do this is to create your own website. Pick your first and last name as your domain name. If this domain is already taken, get creative and choose one that makes sense.

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Here are some ideas:

  • joesmith.com
  • joeasmith.com
  • joesmithprojects.com

Nowadays, building a website is easy. Once you have your website setup, begin producing content. For example, if you a developer you can post the applications you’re building.

During your interviews, you’ll have an online reference to showcase your accomplishments. You can use your accomplishments to justify your salary requirements. Since most people don’t do this, you’ll have a higher chance of employers accepting your offer

5. Hide your salary requirements

Avoid giving you salary requirements early in the interview process.

But if you get asked early, deflect this question in a non-defensive manner. Explain to the employer that you’d like to understand your role better first. They’ll most likely agree with you; but if they don’t, give them a range.

The truth is great employers are more concerned about your skills and the value you bring to the company. They understand that a great employee is an investment, able to earn them more than their salary.

Remember that a job interview isn’t only for the employer, it’s also for you. If the employer is more interested in your salary requirements, this may not be a good sign. Use this question to gauge if the company you’re interviewing is worth working for.

6. Do just enough research

Research average salary compensation in your industry, then wing it.

Use tools like Glassdoor to research the average salary compensation for your industry. Then leverage LinkedIn’s company data that’s provided with its Pro membership. You can view a company’s employee growth and the total number of job openings.

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Use this information to make informed decisions when deciding on your salary requirements. But don’t limit yourself to the average salary range. Companies will usually pay you more for the value you have.

Big companies will often pay more than smaller ones.[3] Whatever your desired salary amount is, always ask for a higher amount. Employers will often reject your initial offer. In fact, offer a salary range that’ll give you and your employer enough room to negotiate.

7. Get compensated by your value

Asking for the salary you deserve is an art. On one end, you have to constantly invest in yourself to offer massive value. But this isn’t enough. You also have to become a great negotiator.

Imagine requesting a high salary and because you bring a lot of value, employers are willing to pay you this. Wouldn’t this be amazing?

Most settle for average because they’re not confident with what they have to offer. Most don’t invest in themselves because they’re not dedicated enough. But not you.

You know you deserve to get paid well, and you’re willing to put in the work. Yet, you won’t sacrifice your most important values over a higher salary.

The bottom line

You’ve got what it takes to succeed in your career. Invest in yourself, learn how to negotiate, and do research. The next time you’re asked about your salary requirements, you won’t fumble.

You’ll showcase your skills with confidence and get the salary you deserve. What’s holding you back now?

Featured photo credit: LinkedIn Sales Navigator via unsplash.com

Reference

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