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It is no more a news how the coronavirus pandemic has caused so much inflation and the serious challenge it as posed on every individual and the home. Things are tough which leaves us with no option but to cut down on our daily expenses and buy only what we need. We go through different phases of our lives with each phase bearing its responsibilities. One of these many responsibilities includes the burden of keeping up with your finances: You’re caught in the web of saving for emergencies, and investing in your kids’ future.
In a bid to ensure continuous financial flow, how can you, in the most effective manner manage the finances of your household without compromising on essentials? I have outlined some simple steps to facilitate this journey.
1. Cut Down On Food Budget
The hiking in price of food stuffs has made it obvious that food is likely one of your biggest outgoing costs on your budget. Eating out is also one of the ways the overall food cost escalates so quickly. Most family do not have a meal plan which is the reason why majority of families involved in food wastage forgetting you are indirect or directly wasting money that would have been used to fix something else. In summary, reduce your food wastage, buy only what you need.
2. Manage Your Utility Bills Effectively
Truely, paying of utility bill can be daunting. However, paying off all your debts and also staying on top of bills will help you avoid many problems. Keeping your lights on, watching your DSTV or GOTV news and sports, your water running, and a place to live are really basic needs of life and good excuse for paying your bills. However, it will save us from financial stress if we cut these bills down to the bearest minimum, for instance reducing the amount spent on cable subscription. Making these decisions may be difficult as at first but as time goes we fine that it is necessary. When we make the hard choices of cutting down some of these bills, the better it is for us.
3. Reduce Your Cost Of Shopping To Boost Your Savings
Why do you have to buy an item at most expensive shops when you can have it at your neighborhood at low cost. Second handed items without loosing it’s value is another good saving tips of your finance. You don’t pretend when you Know it will affect your income, just get what you need within the limit of your budget and your financial life will be at peace
4. Sell What is No longer Needed
Rather than throwing out old items in your house, why not put them on sale to generate additional income. Your old clothes, refrigerator, electric fan, electric cooker etc. Items that is obvious you no longer need them, put them on sale and have more money.
Isn’t this a great of boosting your savings? Consider this.
5. Save Money By All Means
As I have established earlier, making money in this pandemic period might be difficult, and it doesn’t seem like the never-ending bills would disappear into thin air anytime soon.
While these bills are incredibly increasing, it is advised that you have a savings plan you religiously abide with. You can begin by saving any amount either on a daily, weekly or monthly plan.
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