| Standard Chartered Bank |
TIPS on cutting expenses around the household to help reduce your spending or increase your cash flow.
Turn your trash into treasure
Conduct a spring clean around your home on a regular annual basis as an activity with your family so that everyone gets involved and has more accountability over their possessions. Categorise the cleaned out items if they can be recycled or if they can be sold. For items that can be recycled, ie, paper, plastic and metal, bring them to a recycling centre where you could get paid for the items being recycled.
For items that are still in good condition but not wanted anymore, such as toys, books, clothes, appliances or even furniture, consider organising a garage sale or joining a car boot sale thereby earning some money back over the sales proceeds. You not only get some money back over your recycling or reselling activities, you’ll also get to enjoy more space in your home by reducing clutter.
Review your monthly bills
Many times, monthly bills come and go. You pay them on time but never really spend the time to review how these bills could possibly be reduced or consolidated. Make conscious efforts to reduce the usage of electricity in the household by switching power points off at source and even consider using solar powered lighting for the compound. Switching to power saving bulbs could also help to reduce your bill.
Instead of just switching off the TV with the remote control, switch off the power source as well to reduce waste from stray electricity. Review your TV channel subscriptions and internet subscription bills. Do you watch a lot of TV? Or do you use your Internet more? If you don’t watch a lot of TV, consider cancelling your TV channel subscription altogether. You’ll be surprised at how little you will miss TV especially when you hardly spend time watching it in the first place.
For Internet subscriptions, review your usage habits and if the plan suits your actual needs. If you don’t need alot of data, then perhaps you could change your monthly plan to a lower plan and save on your monthly bill.
Review your mobile service provider bills as well. Sometimes while you may have signed on for a cheaper monthly plan, your usage may go above the package and you may end up paying more for what you’ve used.
Sometimes it makes more sense to upgrade your plan to take advantage of better bundling features. Set your mobile data limit to match that of you monthly plan allowance so that once it is reaching the limit, you will be alerted and therefore allow you to purchase a prepaid data package which will be cheaper than letting the charges roll on.
Buy smaller amounts of electricity top ups if you are running on pre-paid systems. Topping up via smaller amounts will give you more units per dollar top up compared to if you top up with a larger amount. This will help you be more conscious about the amount of energy you use and how much you spend on your monthly electricity top up needs.
Get crafty with furnishings and decorations for your home
Start getting creative and explore the myriad of free resources online for ideas and inspiration on DIY projects for soft furnishings and simple house renovations for your home. Making your own curtains or pillow covers can save you spending large sums of money for home furnishings.
Not only will you get to learn or expand your arts and crafts along the way, you’ll also get to customise and decorate your home to really showcase your own personal style. You could also learn simple floral arrangements and make creative use of the flowers you already have in your backyard.
Do the chores yourself and involve the family as well
If you are a family with children who are old enough to learn and take up responsibilities you might want to consider not having a domestic helper and opt for part time help instead. While getting the chores done and doing the cleaning may sound like a lot of work to manage, getting your older children involved with house work and chores will give them a greater sense of responsibility and ownership towards the household. To add to that, housework is a good way to stay fit and keep your body moving.
This article is for general information purposes only and while the information in it is believed to be reliable, it has not been independently verified by us. You are advised to exercise your own independent judgement with the contents in this article.