Nowadays, there are many more possibilities to spend additional money than in the past. Consequently, people should be more attentive to their budget and spending structure. While analyzing the methods of saving money, it is crucial to refuse all expenditures, which do not correspond to this question: “Do I really need this now and here?”
To begin with, it is important to consider that only daily spending might be eliminated from the budget structure, so more than 70% of any possible spending during the months are already absent. However, there are 30% of spending left, so they should be considered more specifically, but from the theoretical side, because there is no concrete daily budget spending structure.
First, lunch spending might be reduced by 50-60% by refusing to eat in cafés and restaurants. Every place that offers some food is logically interested to sell dishes for a higher price. Consequently, people are overpaying for food every time they visit such places (Lampert, 2021). Homemade food in the lunch box may lessen the cost at nearly 50%, and for the first time, this amount will be spent to buy qualitative items that help a person in cooking at home, so it may be 50 dollars per month, which makes 600 dollars a year.
Secondly, it is critical to analyze the everyday route, because transportation plays a significant role in the spending structure. In big cities, some people spend two times more because of the route sophistication, using different types of transport during their morning and evening trips. In addition, one might benefit from frequent sales on municipal transport needs for students, which may lower the transport costs by nearly 40% or $15, combined with route analysis. This makes 180 dollars a year, and the sum of 780 dollars of easily economized.
Finally, a person should begin counting their savings and create a place where they would be waiting for the right time. The three possible saving instruments, the individual would benefit from making large purchases by their own money, instead of making the credit purchase. If the objective is a big sum for a person, then it should be attentively analyzed for real utility by answering the question: “Would I buy this 3 weeks later?” This will help not only analyze the need for some products, but also save additional money and, eventually, become financially disciplined.
Reference
Lampert, T. R. (2021). 52 Smart Ways to Slash Your Food Budget. Cheapism. Web.