The WoW Style

Have you ever faced a financial crisis in your life? What did you do at that time? Cut off your additional expenses or got another job? Each one of us might have gone through this situation. When you are stuck on a tight budget it becomes impossible to run the day-to-day expenses and then we try to put our efforts to save the money. You might have seen the videos of many financial gurus about how to manage money effectively. Generally, most people advise you to reduce the expenses and save some amount of money every month. 

Look for a way to cut down on the expenses 

The very first advice that we all get from our elders and financial gurus to come out of the financial crunches is to look for ways to reduce the expenses. Here we are not asking you to skip your meals or cancel your dentist appointments. You can always try out different ways to save money. For example, if you wish to buy a new phone then you can buy it from the online mobile store instead of the offline store since you can get good discounts on it and you can save a lot of money. You can even consider shopping for the additional grocery from the supermarket during the sale to save money. Reducing your expenses would surely give you a big relief in your financial crisis. 

Watch your food bill 

Another most important thing on which we generally spend more is food. Most of us tend to eat out most of the time which can incur additional expense than your decided budget. In this case, try to cook your meal at home whenever possible. Cutting out on your food outing expenses would help you to save a huge chunk of money in your right budget. You can consider eating the last night’s leftover in the lunch for the next day if you do not get time to cook during day time. This will help you to save money on your lunch. Technology has targeted the food industry as well and hence it has become very convenient now to order your favorite food from your favorite restaurant in any part of the city. This temptation can easily cost you few hundred bucks. Hence make sure to uninstall these food delivery apps for some time. 

Use cash for your day-to-day expenses 

Due to online payment facilities or plastic money such as credit cards we all have become habitual to spend our money easily. But due to this habit, we tend to spend more than our actual requirement. Hence experts advise you to start using the cash for your day-to-day expenses. This would give you a clear picture of how much money you have left in your purse and then you can shop for the rest of things accordingly. 

Try to pay off debt on time 

Do you know do banks or credit card companies earn money? Through interest. Whenever you take any loan from the bank or swipe your credit card for any transaction you are bound to pay additional interest in return along with the principal amount and this interest could be huge up to 16.88% per annum. Imagine how much money you owe to the bank and these credit card companies. But what can be done if you have already taken a loan or swiped a credit card? Try to pay off these loans and credit card dues as early as possible. You can try to save a certain amount every month to repay these debts quickly to avoid paying huge interest for a longer period. 

Try to cut down a bit on every expense 

You might have already got this advice from many people around there but this age-old method certainly works in your tight budget. Cutting down a bit on every expense would help you to add some amount to your savings fund every month. This would help to create a good amount of corpus at the end of the year. 

Change your DTH connection

We all have television or DTH service at our home for entertainment purposes. But there are many channels that you might have added to the subscription but never bothered to watch. So here comes the last step to cut down the cost. Check the channels which you will watch and remove the ones which you do not need. We know that this will not make a huge difference but it would certainly add few extra bucks to your savings fund.