Hello friends, hope everyone is fine. I outlined and lucidly expounded the different ways of cutting costs while living a satisfied Life.
The economic phenomenon that human wants are insatiable is apparently felt by everyone. No one would ever say I've had enough irrespective of the level of wealth amassed given to the fact that it's only the dead that have need for nothing.
Consequently, Satisfaction in Life doesn't transpire by the magnanimous accumulation of one's wealth but through a well planned and coordinated living habit. However, wealth and money is gained through different forms. It could come as a result of personal effort or inheritance. Whichever way it is amassed, it is paramount we guard it prudently.
There are two concepts I would love to expound in relation to this article, and they are: extravagance and cutting cost. Extravagance as we know is simply the excess use of money while cutting cost is a concept which Intel polarized on the reduction in personal expenditure. It's unambivalent that saving or means of getting money is quite difficult relative to how it's been spent. Hence, It makes no economic sense to equal one's monetary income with his personal expenditures.
Nonetheless, most persons are paying a lifetime debt given to the volume and height of loan they borrowed yet they aren't aware of the impact of such malignant impulse. Although it's not bad borrowing, it's better borrowing to invest than borrowing to show off. It is more rational having an excess of income over expenditure than observing the excess of expenditure over one's income.
Although there is an increasing rate of unfavorable economic instances in our respective economies, there is still a way out of managing our little or large volume of money in order to live a satisfied life like every other rational person in the society.
However, I have observed that there is no accolade in expenditure but there's pride in saving and Investment. For instance, despite your degree of patronage to a store or shop, they'll ever have more to add to your debit balance but a moderate expenditure will reduce the intensity of this.
Having gained a crystal knowledge on the underscored Intel above, let's now consider the different ways we can live by cutting extravagance expenditure from our respective lives while living satisfactorily despite the level of income.
Living off the shores of extravagance might seem impossible to most people but the sincere truth is that the exquisite deductions below can be of good help to every observer.
Pay More Attention to Your Needs Than Wants.
People have found it difficult to discrepanciate their needs from their wants making it impossible to know what to buy and the things they never needed. Sincerely, there are many things we own that has never been used from the day we bought them. It doesn't mean we don't have need for these things but given the fact we have not been able to differentiate our needs from our wants, we keep accumulating things that aren't useful at the moment.
Needs are more pressing and demanding than want because wants are mere desires that impounds and capitalize on our inability to effectively control our financial disposition. For instance, as good as it is to own about three to four cars, it's no longer a need as it's then a mere want because you can easily afford a car so why not take a public ride than maintaining a want which in order instance stands as a liability given to the fact that it's an asset that is prone to depreciation.
Put Checks on Bills With Higher Cost.
In every monthly or daily transaction there is always a bill or some bills that drains a larger part of one's income, it could be car maintenance, food stuff, or other personal expenditures. At this instance, finding a better alternative to these bills like reducing them or possibly unfooting them will help in domineering the rate of unnecessary expenditure.
For instance, if you have a car with high fuel consumption, you can sell it and go for one with lesser fuel consumption or possibly use a public transport which has no effect as a preference. In compendium, bills with higher cost will always drain your money income irrespective of the level of your income.
Find Ways of Diversifying Your Means of Income.
There will always be room for expenditure even if you aren't working. However, the diversification of one's means of income will mitigate against unnecessary expenditure. Although there are certain things that may not be observed in first world countries but not in third world countries.
There is a high rate of suppression and class discrimination in most developing countries where the rich will always find a way to oppress the poor but having different streams of income will help to measure against such domestic anomaly and Inhumane demeanor from people which would have cost some level of extortion from individuals.
Consequently, one needs to work on his daily tasks to make the best out of his different means of income. Moreover, diversification of one's income will also result in knowing when to spend and on what to spend unequivocally.
Extirpate Irrelevant Subscriptions.
Most persons will keep subscribing to different cable stations which keep sucking down their income with nothing to give in response. Well, Netflix and some other channels like: Hulu and Amazon prime have some free options that one can navigate to ease stress.
Moreover, if you're the type kids wouldn't give rest till the cables have been subscribed, you can set months when and when not to subscribe the cable so it wouldn't be a monthly routine and by this, you'll reduce the rate of unnecessary expenses.
Use Banks With Lesser Transactional Fees.
No one would keep paying for irrelevant fees when there are other options of cutting costs. This is why most people in the cryptocurrency invention would not venture into certain tokens like Ethereum given the volume of gas fee involved in its transaction which is hell compared to transactions in some other cryptocurrency.
Nevertheless, one can easily cut costs by swapping to banks with lesser transactional cost if the bank he's operating with charges higher transactional and maintenance fees.
Clear Your Debt.
No one loves being a debtor but given to certain circumstances, issues asuch are ineluctable. However, it is important to clear one's debt within a short period than leaving it to linger for a longer period because the longer the loan persists, the more it compounds interest.
Consequently, if there is the need for one to borrow, always look for loans with lesser rate of interest and when these assertions are observed, irrelevant expenses must have been cut at the end of the day.
Always Go For Quality Products.
It is apparent that cheap products, although having a lesser cost, are liable to spoil quickly. Hence it's advisable to always buy quality products against consistently buying the same product over and over again.
Some people may ask; how can one identify a quality product? The answer is simple, through market research. It's good to first know and also be precise about the product you intend to use than going with the concept of anything goes.
Use Natural Water and Waste no Consumable.
It might sound funny at this point but it's also factual because life is business. Most people would even bathe with sachet and table water which isn't bad. Contrarily, one can use tap water by boiling and cooling it using the freezer if you don't trust taking it directly.
However, some people would love to waste food, which is against the canon of economy. Eat and cook what you or your family can exhaust. Always take cognizance of the eating capacity of your family if you're a family person again wasting food and even if it's a party, just take what you can finish. This will help individuals in cutting costs.
Sell Dormant Properties.
Well! I don't really buy into the idea of selling things since everything I have is important to me. Nonetheless, sell off properties that aren't in use and channel the fund to other sources that need attention.
I also concede to the fact that there are dormant properties which are antique materials. Well, such properties could be left for monuments in the future.
Learn to Cook and Also Eat at Home.
Have you been able to compare the expenses you incurred on food alone? Assuming you're spending $5 on food per day, that's $1,825 in a year which even exceeds most people's salary for a year. However, if you're the type that loves eating outside, you may be spending nothing less than this even if your feeding ratio is 1:0:1.
Nevertheless, it is important to always cook and eat in your house. Moreover, if there are certain recipes you aren't in trend with, you can learn on YouTube and start consuming it in your house rather than spending irrelevant money eating outside.
It's not easy to make money although our level of income varies, hence everyone should spend circumspectly by cutting irrelevant costs rather than draining our respective means through uncoordinated expenditure.
Life is business and when our individual costs are greater than our respective incomes, that means we're losing but taking proper measures like the elucidations I gave above will lead to immeasurable success unequivocally. Thank you for going through.
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