Tag Archives: personal finance

Save Money And Cut Back On Unnecessary Expenses

I am trying to cut back on many unnecessary expenditures so we can save more than what we should. This is because my daughter is going to college in 2014, we may start the house construction as well and we will be shuffling back and forth for those reasons. And because of those reasons, I am trying to augment our household income by blogging and creating handmade cards. I have yet to set up my handmade cards’ site as I build my stock but I will get there.

If you are in the same boat as I am or at least, have other projects to do that will require a chunk of your savings or have children in school or sending a family member to school then you will relate to these tips on saving money and cutting back on unnecessary expenses that my family have undertaken. Remember, it’s not too late so start saving now.

Lessen the family trips
We love traveling and every year we do that, not just once but several times. Even if we get super low fares because we are airline staff, we still need to bring pocket money, pay for the hotel (if we’re not staying with relatives) and pay for food and tours. It takes a slice out of the savings pie so this year and onwards, the only travel we will have is back home.

Sell unwanted items at home or those barely used or not used at all
My recent summer cleaning yielded plenty of great finds that I can actually sell and make money of. I found several barely used bags, some dresses and garments still with the tags on, my daughters old toys, my fashion accessories that I no longer use, some shoes gathering dust and books read only once. If I sell them all in the flea market, I’ll probably have a decent proceeds from my unwanted stuff.

Refrain from dining out
We love to eat out because by the time we come home, we are just too tired to even lift our fingers and prepare food for cooking. However, that has to change. I have been cooking more and more as the days go by. I cannot afford to spend ridiculous amount of money for fast food when I can cook healthier and cheaper versions at home. That will certainly cut back my expense to half.

Cancel magazine subscription
I used to subscribe to crafty magazines but decided to end the subscription this year. I can get ideas anyway in the internet and I don’t need another pile of stuff to gather dust at home. This saved me $70 per year.

Buy wholesale
Yes, it may sound like it’s hoarding but it’s not. We buy our food in bulk now unlike before. We would buy 1 or 2 and go back to the mall to buy for the next weekend. We try to get those food that are packed together because they are promotional offers. Also, we go to the fish market to get our fresh seafood supply which is 25-50% cheaper than the ones sold in the groceries in town.

Don’t go shopping impulsively
Before I even go to the mall these days, I ask myself if there’s something very important I need to buy. If the answer is no then I don’t go out. Sometimes, it’s just that sudden urge to window shop that leads to spending unnecessarily that gets me in trouble. Now, I know better.

Pay off your credit cards
If you have other means to pay bigger amount every month rather than the minimum, do so. Don’t let the credit interest pile up because if that happens, it will take you several years to finish one card. If you can, close them. Retain one if you have to only for emergency cases.

Put some money towards bonds
Check the financial institutions in your community and see if they have great deals for bonds that will give you high interest yield if you invest for a period of time. We have managed to save our money in various time deposit and bonds scheme so at least, there are interests going around in each account.


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