Monday, January 21, 2013, AM | Leave Comment
If you’re struggling to make ends meet at the end of each month, then your salary isn’t the only thing you need to look at. While getting paid more will of course leave you with more disposable income at the end of the day, this is also dependent on a number of other factors and particularly your outgoings.
If you think of your household like a business then, it’s possible to think of your income as your turnover. This is how much money you see at the end of every month – how much business you do. What really gives you more of an indicator of your financial stability though is your profit which is just that amount that comes in once you’ve accounted for all the outgoings.
So if you want to increase this number then you don’t just need to focus on how much money is coming in – but also on how much is going out. Here we’ll look at some of the drains on your finances that you may not be aware of, but which could save you a lot of money.
If you’re paying for lots of television channels then really you’re wasting a lot of money and there are several ways you could still get the same entertainment without the high cost. Get a television that’s capable of browsing the web for instance or plug it into a games console or PC with a HDMI port, and this way you’ll be able to watch catch-up online, download films and stream YouTube. All for free!
Tea or Coffee
If you’re one of those people who buys a cup of tea or coffee on the way to work, during your lunch break or several times a day, then you could be spending hundreds every month and not realising it. To stop this habit, consider buying a good flask that will keep liquids warm and sealed and then just take this with you so that you don’t need to buy anything.
Your Phone Contract
If you pay for a landline then tip number one is to stop doing that. I haven’t had a landline for years now and it’s never been a problem because I have free calls on my mobile. And meanwhile if you have a mobile contract then look into changing it and paying less. Ring up now and threaten to end your contract with your current provider and they’ll almost certainly offer you a better rate. And when you get a new contract make sure to avoid freebies and incentives. That cheap iPhone might sound like a good offer – but actually the cost of the contract means you’ll be paying much more for it (otherwise they wouldn’t offer the deal!).
I think everyone should work out regularly so I understand if you currently have an expensive gym membership. Still though, you don’t actually need to go to the gym in order to work out and if you can create a home gym or just spend some time jogging or doing pull ups in the garden then you’ll be able to maintain just as good a physique but it won’t cost you a dime!