Tuesday, February 22, 2011

12 Easy Ways to Reduce Your Expenses

Reducing expenses


The output of agricultural products is affected by weird weather and it is costing more just to get the basic items such as wheat, rice and chili. There is, all the more, a need to trim your household expenses.  Look closely into your spending pattern and adjust your lifestyle to shield the impact of rising cost of living.   


  1. Insurance premiums: Find out if you are over insured. Avoid paying too much for personal accident coverage because you have many friends who are insurance agents and you just want to oblige them.

  1. Children: Are your children working now? If so, let them pay for their own personal expenses. You love your children but they have to be financially independent. 

  1. Technology: Do take advantage of Internet. Use email instead of telephone or cell phone.  Pay your recurring bills online. Make online purchases as far as possible. You save time and save on transport and related costs. You can also read or download books on the Net instead of buying the actual books.

  1. Avoid debt: One effective way is to stop getting what you want on credit. Without credit, there is no debt and hefty interest charges. .

  1. Medical expenses: Apart from getting adequate insurance coverage, the best assurance to avoid medical expenses is to keep fit and be healthy. You don’t have to enroll for a gym membership, Jogging, cycling or brisk walking is even better. Instead of staying indoor, you exercise and at the same time you breathe in fresh air.

  1. Telecommunication package: Are you able to get your Internet access provider to bundle with free local and outstation calls? You save on calls among fixed-line subscribers while you surf the Net. In Malaysia, Telekom Malaysia Berhad is able to provide packages for Internet access through Streamyx with free calls among fixed lines.

  1. Food: Eating at home more often is the surest way to trim food cost. Drink water instead of sugary drinks. Moreover, home- cook food and water are good for your health.

  1. Entertainment: You can cancel your subscription to satellite or cable TV. The free channels are more than enough to kill your leisure time. You can even watch movies on the Net.

  1. Utilities: The key is to control wastage of water and electricity. Whenever possible use the fan instead of the air-conditioner.

  1. Car maintenance: Can you live with just one vehicle?  You will save a substantial amount on vehicle maintenance. Always inflate tires for optimum performance. I check tire pressure once a week for a better and smoother ride.

  1. Shopping: go shopping with a list and stick to the list .Do it once a week and use coupons for further savings. Buy apparels for durability and comfort and not shop for expensive brands. Do it during sales.  Get house brand for everyday items to reduce your household expenses.  

  1. Avoid bad habits: Can you kick the habits of smoking, drinking and gambling? Just think of the amount you can save and the benefits of better health to go along with it.


Reducing expenses is to save even more for rainy days. However, it is equally important to open up more income streams. There is a Chinese saying-开源节流. It means you   open up more sources and reduce outflow.     



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