Advertising
Advertising

5 Painless Ways To Cut Costs And Enhance Your Budget

5 Painless Ways To Cut Costs And Enhance Your Budget

Everyone wants to cut costs and enhance their budget, but nobody wants to cut spending on the things they enjoy most. The good news is that, with a little thought and preparation, you can actually save money without actually doing very much at all! The key is to plan to cut out the extraneous costs that you do not seem to notice when they are eliminated, hence the word “painless.”

Here are four painless ways to cut costs and enhance your budget in the process.

Advertising

1. Use Timers for Heating

Many people don’t use a timer for their central heating or hot water. If you’re heating your home to the same temperature while you are asleep or away from home as when you are in, you are spending unnecessary money on your heating bill. By simply setting a timer on a programmable thermostat to warm up an hour before you get out of bed or return home in the evening, your bill could be cut considerably.

The same goes for water heating. It costs a lot to heat a water tank, and most families only use it for a few hours each day. Set the timer to warm the tank an hour or two before you plan to use it, and you will in turn save energy and money.

Advertising

2. Make a Budget

It may sound like an incredibly tiresome thing to do, but if you don’t set up a budget, how can you possibly stick to it? It’s amazing how many people don’t realize how much money they have coming and going. When you write your monthly expenditures down, it will be much easier to determine where you can make easy savings that don’t affect your daily life too much.

You can take this a step further by visiting www.saveonenergy.com, where you can easily compare rates from top-rated energy companies.

Advertising

3. Nix Your Home Phone

Many families pay out every single month for a land-line, but rarely use it. With such inexpensive cell phone rates and Internet services, people are using their conventional home phone lines less and less. If this sounds familiar, it could be time to ditch it altogether.

The same applies for cable channels that you never watch. There is no reason to stick with a package that you selected five years ago if you don’t watch most of it anyway. There are loads of options available today, and changing over to a new package could save lots.

Advertising

4. Pack a Lunch

If you added up the amount of money spent on lunches at work or family days out over the course of a year, you would probably be astonished. Make sandwiches, and salads, and pack leftovers from last night’s dinner to take with you, and you can save considerably compared to eating out. Think ahead, save money, and eat healthy. Many times this can have a direct impact on your finances because many office-based restaurants take advantage and boost prices because of their convenient location.

5. Carpool

This may seem like something that comes off as common sense-driven, but not all people understand the benefits of carpooling. If there are 3 people in your carpool whom all live close to each other, you can cut your gas costs during the week by a vast amount. If you have a long commute to work, think about all of the things that you could do with this extra income sitting in your bank account.

Saving money is actually easier than you think. Simply make a budget, decide where all your money is going, where you would like it to go, and what you can cut out. Your cash-flow situation will vastly improve, and your wallet will thank you.

More by this author

5 Painless Ways To Cut Costs And Enhance Your Budget 7 Signs you Might be Spending too Much Time with your Car 5 Car Apps That Make Your Life So Much Easier 8 Ways to Improve Your Company’s Efficiency 5 Ways Your Smartphone Can Land You a Job

Trending in Money

1 How to Answer the Tough Question: What are Your Salary Requirements? 2 How Personal Finance Software Helps You Get More Out of Your Money 3 The Definitive Guide to Get Out of Debt Fast (And Forever) 4 35 Real Ways to Actually Make Money Online 5 30 Fun Things To Do With Your Friends Without Spending Much

Read Next

Advertising
Advertising

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.

Advertising

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.

Advertising

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.

Advertising

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.

Advertising

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

Read Next