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5 Steps Towards Financial Freedom: Actionable Ways to Reduce Your Daily Spending

5 Steps Towards Financial Freedom: Actionable Ways to Reduce Your Daily Spending

by editorNovember 22, 2017

The best way to save money is to make small savings on a regular basis. While it would be lovely to be able to save chunks of money at a time, with stagnant wages and the cost of living on the rise, that’s unlikely to be the reality for many of us anytime soon. So, with economic conditions against us, it’s important to use our heads and make smaller savings as often as we can.

Of course, we’re not talking about cutting back on the little luxuries that make life worth living, whether it’s the Friday takeaway after a hard week of work or the day out with the family. Instead, we’re going to focus on those little expenses that you could easily do without. The Money Academy has some good advice for those who are seriously thinking about saving, but today we’re focusing on 5 helpful tips of our own…

  1. Gym subscriptions

Gym subscriptions can be a huge waste of money if you do not go to the gym regularly. Depending on the particular deal, you may need to visit the gym at least a couple of times a week to get value for money. For those that do, good luck to you. For those that visit the gym perhaps once a fortnight or even once a month, you should seriously consider cancelling your subscription. Instead, your local leisure centre is likely to offer a pay-as-you-go option. And if not, why not take some free exercise in the great outdoors?

  1. Mobile phone contracts

We’re not going to advocate that you ditch your mobile phone altogether, in this day and age that’s simply not practical, but with so much competition for your business, the cost of mobile phone contracts is on the slide. If you’ve been with the same provider for a couple of years, it’s definitely time you shopped around for a better deal.

  1. Make your lunch at home

Oh I know, saving money’s boring isn’t it, but just think how much you could save if you made your own lunch every day. Making your own lunch at home doesn’t necessarily mean you have to be greeted by a sad looking sandwich after a busy morning of work. Here are a few packed lunch ideas to make sure that, while you may not be the envy or your workmates, at least you won’t be openly mocked.

  1. Have one less drink

“Hands up, this is the fun police. Step back from the bar and have an early night”. We’re probably not selling this one so well, but if a fair proportion of your weekly spend goes on beer or wine, or whatever else you like to drink, just cutting back a little could really make a difference to the money you have left at the end of the month.

  1. Drive sensibly

You’d be surprised just how much driving in a civilised, well-mannered way will save you in fuel. Accelerating quickly, braking heavily and exceeding the speed limit all use more fuel than is necessary. The fact is, the more smoothly you drive, the more money you’re saving. And it really does make a difference.

Here are 50 more money saving tips to help you reduce your daily spend. Having any tips of your own? Please share them in the comments section below.

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