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We all face plenty of expenses on a daily basis. Some are necessary, and some are simply luxury purchases. Some expenses are expected, and some expenses definitely aren’t expected. However, we have more control over our finances than many of us appreciate. Your income matters, and there is a huge gap between the biggest and smallest salaries in the world. Yet, spending is one of the main things that determines your financial future. So, if you want to increase your wealth in the present day and the future, here’s some financial advice that will change your regular spending habits.
Reduce your energy consumption.
Energy bills can be very expensive. However, you don’t have to reduce them by turning off your heating and sitting in the cold. You might just need to rethink the way in which you consume energy. For starters, you should unplug idle electronics when you’re not using them and turn off your computer. The same goes for lights in rooms that you’re not using. Most importantly, you should naturally insulate your home. Get thicker glazing for your windows, draft excluders for doors, and thicker rugs or carpets for your floors. If you can trap heat more effectively in your heat, then you’ll be able to turn down your thermostat and still stay warm.
Grow your own food.
Another great way to improve your regular spending habits is to start growing your own food. Groceries are a necessity, but many people spend far too much on store-bought food. Rather than wasting money on vegetables from your local grocery store, you could grow them in your back garden. This would be a much cheaper and much more organic way to source your food. Plus, it wouldn’t come with the plastic packaging that is used for many vegetables in grocery stores. Perhaps you could grow your own fruit, too. Tomatoes and strawberries are delicious, and they’re very easy to grow. You just need to make sure you plant the fruit and vegetables you want at the right time of the year. That way, they’ll definitely be ready to harvest before winter comes.
Google discounts and coupons.
If you want to change your regular spending habits for the better, you should Google discounts and coupons before buying things. Shopping online is a much better way to use your money when buying things in general. It gives you the opportunity to compare prices. You can see which store offers a particular item for the cheapest price; it’s not easy to do that when shopping on the high street. But discounts and deals are definitely the biggest draws. And you shouldn’t just look out for products or services that are on offer; you should look out for companies that offer discounts and deals to new customers. Some businesses will even offer membership deals – in exchange for you becoming a loyal and regular client, certain stores will thank you by giving you cheaper prices or loyalty points which can be redeemed for goods and gifts.
Take another look at your providers.
This applies to any provider of any service that you use on a regular basis. Phone, energy, internet, and insurance providers are examples of companies which offer services on a subscription basis. But do you need the plans you’re currently using? It’s hard to figure out how much mobile data you need on a monthly basis or what kind of insurance coverage you need for your car. That’s why you should track the way in which you use different services. How much data do you use in a typical month? How many minutes do you use? How many texts do you send? If you consistently fall well under the threshold, it might be time to switch to a cheaper plan. Perhaps you could even check out these SIM only contracts. If you pay as you go rather than signing up to a contract which offers you more than you need, then you could save a lot of money on your phone.
You might also want to save money on your car insurance by reducing your premium. Many insurers allow customers to pay less money for coverage in exchange for the provider paying less if there were to be an incident with the client’s vehicle. Yes, that means you’d have to pay slightly more in the event of an accident or a breakdown, but this would be balanced out by the cheaper insurance plan you’d have in the long run. It’s better to be safe than sorry, but many people spend astronomical amounts of money on insurance plans when they only face a few incidents during their life. Make sure you have coverage so you’re always protected, but don’t go overboard. Think about the insurance plan you actually need.
Save your car for long journeys.
Saving money on car insurance will help to reduce the regular cost of owning and maintaining your vehicle, but these are still so many other expenses which make up the overall cost of keeping your vehicle. You should save your car for long journeys if you want to improve this regular spending habit. Obviously, a vehicle is a necessity in the modern world, but you don’t have to use it for journeys which could be walked. If it only takes 10 minutes to stroll to your local shop, then you should do that. You’ll save money, get exercise, and reduce your carbon footprint.
You could even get a bike for journeys which are a little too long to walk. A 20-minute walk on foot could be done in 5 minutes on a bicycle. Maybe it’s not quite as quick as driving, but it’s better for your physical health, the environment, and your bank account. If you’ve never felt that you had an incentive to start walking or cycling rather than driving to places, then maybe you should start thinking about your personal finances. This could save you so much money and help you get into shape. It’s a win-win situation when you think about it that way.