10 simple steps to cut down your spending

Many times we wonder to see our neighbor or relatives who have low income but afford the entire necessary item which people with high income find difficult to plan. Reason could be that those people may have found better way to cut on expenses and are able to save much more to buy the things they strongly desire.

My husband has just started learning how to drive from a local driving school. During conversation with him, he found that he has 2 LIG flats in vicinity where we cannot afford even one and not only this, he also own 2 Janta flats and 3-4 taxis. Still he is running a small driving school and teaches people driving. He has managed everything he has today from his own savings. Despite of this, he is still living in janta flats so that he can manage to save more money for his kids and rented the LIG flats.

Here are 10 simple steps to cut down spending

 Always visit different places to compare prices for any bulk purchase.

 Avoid taking children when planning to shop groceries item as they would fill the shopping cart with unwanted stuff.

 Avoid purchasing items just because some offer is going.

 Never buy a toy or game just because your child is through temper in the middle of market area.

 Avoid going out daily for meals. Better option is to cook food at home and create dinning out experience right from the comfort of your home. Try to cut down your entertainment allowance.

 Plan your goals and try to invest with help of professional. This will ensure that a part of earning will get saved every month.

 Keep watch on every spending by keeping watch on expences.This will help you to cut down useless expenses which are not at all that important.

 Do not borrow to spend .Better option is to use debit card.

 Save electricity by using it to limit it is required. Switch off fans/lights and other appliances if it is not required.

 Review your phone bill every month to find out unnecessary calls which can be avoided.

Gist is that, decide some monthly budget. Celebrate or go out for a surprise party with kids if there is money left at the end of the month. That gives this exercise a positive spin.