Hola, senorita, senor y LGBTQ! Today, I wanna talk about finances. Boring AF, but bear with me because this blog post might help you or someone you know who’s struggling coz of covid19 global pandemic.
How to spend less money?
That’s probably the most common question people are asking right now. It’s challenging especially when you’re living paycheck to paycheck and don’t have much savings. We have lots of outgoings to consider on a monthly basis.
I don’t know about you but since I married my best friend a few months ago, I’ve been adulting and trying to be good wifey. If you follow me on TikTok, you’ll see what I mean by being a “domesticated millennial.”
Anyhoo, spending less money is not an impossible challenge as there are quite a few things you could do. So to help you, here are a few suggestions…
From mortgages to credit cards, many of us have debts to pay. If you don’t get on top of the debts in your life, you are never going to make your money grow, so it’s important to do what you can to eliminate or reduce your debts. You can do this in the following ways:
Consolidate your debts
If you can find a credit card or a bank loan that has a lower rate of interest than what you are currently paying, then it makes sense to consolidate your various debts into one cost-effective, easier-to-make payment. Here are the top three low-interest credit cards:
Discover it® Cash Back
Blue Cash Everyday® Card from American Express
American Express Cash Magnet® Card
Refinance your mortgage
If you are currently locked into a high-interest rate, it’s worth shopping around for a new mortgage broker. As is the case with Altrua Financial, you might find better rates of interest if you shop around, and especially if your financial circumstances are better now, you might be entitled to a better mortgage deal anyway.
Pay more than the minimum
When you pay the minimum each month, you are usually only paying off the interest. (that’s approximately 3% of the outstanding credit card balance). So my suggestion is to pay as much as you are able. This way, you will make deeper inroads into paying off your debts faster.
Your Utility Bills
Love them or loath them (its obviously the latter), those bills are always going to appear whether you like it or not. However, you can reduce them by tweaking some things around the house.
Create good habits around the home
By switching off the lights in rooms you aren’t using and unplugging appliances that aren’t being used, you will save money. Use less water when you’re getting a bath or shower too, and follow these other energy-saving habits to make savings at home.
Replace your energy drainers
Older appliances could be responsible for your high energy bills, so replace them with the Energy Star equivalents that are currently available. And if you’re still using incandescent lightbulbs around your home, replace these with LED or CFL bulbs, as these will cause less of a strain on your electricity.
Add smart appliances to your home, as you can save a lot of money in the long run. Choose high-quality products. From smart thermostats to smart lighting, check out these smart home devices that are guaranteed to make a difference to your home energy bills.
You need to eat, but you don’t want to bankrupt yourself in the process. Don’t be like Kylie who spent $10,000 on Postmates, I mean she can afford it coz she’s a mutha fuckin billionaire. (no hate, just stating facts) Anyways, here are two useful ideas that I use to save moolah.
Learn how to cook
If you can learn a few recipes, you will be less reliant on takeaway foods and microwave meals. You might even start to eat healthier too. I’ve been following Legion Athletics blog for more than a year now and it changed the way I look at food.
Grow your own food
If you can grow your own food, you will be less reliant on supermarkets, and consequently, less likely to spend money on foods that could be expensive. You will also reduce the risk of buying foods that could be unhealthy for you.
In our backyard, we have mint, basil, tomatoes, lettuce, cucumber, beets, bok choy, and a pear tree. I find homegrown vegetables taste better coz there are no chemical pesticides. And also, outdoor gardening is a great exercise and it’s good for the environment.
The Bottom Line in Reducing your Expenses
The more money you can save, the more money you will have for the good stuff. And when I say good stuff I mean Marie Kondo method, only keep the things that “spark joy” or happiness.
I encourage everyone to reduce, reuse, recycle because it cuts climate-changing carbon emissions, saves energy, and it protects the ecosystems and wildlife.
Use these ideas if they were helpful to you and start to enjoy the benefits of the savings you’ve made. If I miss anything or you want to add some helpful tips, kindly DM me on IG. Thanks so much! 💕
KT is a digital nomad who quit her job, bought a ticket somewhere, got a tan, fell in love with mother nature and she would never return to the normal life that society dictates. You can also connect with her on YouTube, Facebook, Twitter, and Instagram: @pinaynomad