How to Reduce Expenses Amidst Tough Economy

As we continue to live a new normal life because of COVID19 pandemic, a new challenge arises like week-on-week price hike of gasoline in the market which in the end causes an increase as well of basic needs like foods. Money makes the world go round and helps us continue to live the life we want. We use money for buying food, clothes, medicines, gasoline, transportation expenses, house to live , paying bills, and other necessary needs. Money is used as well for the wants and leisure we want to experience in life while we are living in this wonderful world like traveling, staying in a luxury hotel and resorts, eating delicious foods and others. No matter how much money we have, or I must say you have (because I don’t have that much money) still it is important to have some sort of plan and budgeting.

For the likes of me who sometimes run out of money, especially in time when most needed, Payday Loan is my remedy. Still, spending money wisely and saving for the rainy days is important. I’ve learned from my spending habit mistakes and come up with solutions. I think this will also be helpful to you. That is why I decided to share these tips on how to reduce expenses especially amidst a tough economy and live debt-free life.

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Avoid Impulsive Shopping

I have the habit of impulsive shopping. When I see promos and deals online, I add it to cart and check them out. It feels good to avail promos and discounts, but I realize that most of the items I shop impulsively are just my wants and don’t need it after all. If you have this kind of spending habit, better cut it now for it will wreck your budget. Instead put the budget you spend on impulsive shopping directly to your savings or retirement funds.

Turn Off Auto Pay

Auto-paying bills is helpful, it enables automatic withdrawal directly from your bank account to pay bills and goods you shop or subscriptions availed. It’s good to autopay monthly bills on basic expenses like water and electricity because it will avoid you from having a surcharge for late payment. However, when it comes to auto-pay or auto-fill on shopping websites, this kind of idea is not good or recommended. There’s a possibility that you’ll not be able to control the amount you spent, especially if you have an impulsive shopping habit. Other expenses that you shouldn’t auto pay are credit card bill, memberships or subscriptions.

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Avoid Using Credit Card

Shop Now, Pay Later! With the magic card called credit card, having an item you want right away is possible even if you didn’t save up a budget for it. That is the power of having a credit card and the convenience of purchasing something without spending cash. Yes, using a credit card might be convenient and reliable, but it leads you to building up debts especially if you’re swiping it for the items that are out of your budget. To reduce expenses avoid using credit cards because at the end of the month and you’re unable to pay, charges apply. Instead, Save Now, Buy Later if you want an item that is not urgently needed.

Let the financial success journey begin now! Apply these simple things to reduce expenses and you’ll be amazed at the amount of money you can save.

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16 thoughts on “How to Reduce Expenses Amidst Tough Economy

  1. Stephanie says:

    We have definitely cut back on the impulse shopping. There have been a few times we were out and wanted something but decided against it. We have not stopped using our credit card but we pay it off every month and build points to use on our travels.

  2. Beth Pierce says:

    These are all excellent tips. A lot of people don’t think about the fact that you have to alter what you do a little bit when the economy starts to get iffy. You have to insulate yourself.

  3. Gervin Khan says:

    Such a great tips on making our expenses lesser and lesser. Definitely a big help for every household, reference we must note and always to keep in mind!

  4. pacioalita9 says:

    I have a habit of impulsive shopping too. When I’m happy I shop and when Im sad I shop too lol But I gotta cut this habit. Thanks for reminding me.

  5. Eileen M Loya says:

    I ditched all my credit cards years ago and that really helped in keeping my expenses in check. I like that idea of using Auto-Pay only for paying utility bills. Thanks for your tips. Tough times call for tougher budgeting measures!

  6. Oli says:

    These are such great tips you got there. I totally agree that saving money is really important. Thanks for the share!

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