Ever think of how much money you spend on things like electricity bills, phone bills, the internet and so on? We have the answer for you – a lot. You’re probably thinking that this is what you get up in the morning and go to work for! But what if we told you that there’s not just one, but various ways to cut down on these expenses so you can spend your money on something less drab and more fun?
Gen Y Finances: 2017 could be most successful year in your life!
- Switch out your old light bulbs for CFL or LED lights. These lights use less electricity, produce more light and last way longer than the old light bulbs. An upgrade to CFL, or better yet LED technology, would help you save a lot of money on your electricity bills. It’s always a good idea to upgrade electrical appliances to newer technology as they usually come with energy-saving features which automatically reduce the cost of the energy used.
- Unplug and switch off all the lights when you’re not in the room. Make a habit of it so you don’t have to pay for the power used for the fans or lights that are on when nobody’s in the room to have any use for them. It wastes non-renewable sources of energy and makes you pay more money on electricity every month. Make sure everything’s shut off before you leave the room and remind others to do the same.
- Stop using your car to get to work. If you don’t own a car, don’t buy one. If you do own a car, use it as less as possible. Make use of public transport and take a bus or the subway; or approach your co-workers so you can carpool to work. This way you won’t need to spend excess money on fuel for your car.
- Cook your own food and make your own coffee. Cut back on take-outs and eating out as much as possible. Apart from the immediate cost, it has long term effects. The food tends to be unhealthy and it will cost you in the long term by causing harm to your health. And instead of spending money on Starbucks, buy ground coffee and make the drink at home. It’s far less expensive and will go a long way in saving your money.
- Collect discount coupons. Hoard discount coupons from various sources like magazines, newspapers, brochures, promotional material etc. Whenever you go shopping, you can use those discount coupons to save money on necessities like groceries, toiletries and other supplies.
- Quit bad habits like drinking, smoking etc. Vices like these usually cost a lot, especially if you indulge on a regular basis. If you drink or smoke regularly, you usually end up spending a big portion of your income on them. Quitting these habits will not only help you save money now but also reduce chances of having to pay for hefty medical bills in the future.