For many people, cutting down on expenses is one of the commonest resolutions for the New Year. However, this is undoubtedly one of the toughest decisions, and by February almost 80% of individuals tend to fail – only to immediately regret their failure. Unless you have a proper strategy, it is easy to fail and have your expenses gone out of your control. It is easy to fall prey to an unforeseen expense, such as a home appliance that has broken suddenly, a medical emergency etc. All this can add up to reduce the figures in your bank account. Here are some ways to reduce the extra expenses and make some savings.
Reducing/giving up smoking
Even if the rise in the cost of cigarettes has not discouraged you, the knowledge of the fact that you can save as much as 3,796 pounds (in case you smoke around 20 cigarettes every day), can probably make you quit. About 6,309 pounds less is paid by non-smokers for life insurance. It could be worthwhile to invest in a life insurance plan rather than on cigarettes in the running year.
Saving on coffee
As per research, those in the UK tend to visit coffee shops a minimum of thrice every week. This indicates that coffee shops in Britain, spend 8.52 pounds on an average about 156 times every year. Along with the cost of traveling to the coffee shop, it can be as much as 13.85 pounds. On an average, this can amount to 2,600 pounds of expenses every year. You can save most of this by taking your own coffee to the office.
Reducing traveling expenses
Begin with anything small, but which can be big enough in time to save you quite a lot. It can be possible for you to save as much as possible and customize your own needs to the type of ticket. Whether you get a weekly bus pass or a monthly one, you can save a lot as compared to when you purchase a ticket every day.
Even if you drive, you possibly do not know that as much as 168,880 pounds are spent in fuel expenses in the UK by an average motorist over a lifetime. With public transport facilities becoming increasingly efficient, you can easily satisfy your New Year resolution of saving expenses and save quite a bit of money.
Take lunch to work
Just like taking coffee to work, it is a good idea to take lunch on your way to the office. Having lunch outside can cost you as much as 1,288 pounds every day. You can also save a lot when you prepare lunch at home and take it to the workplace. You can take along a can of soup micro-waved or a sandwich made quickly at home.
Making such types of changes in the lifestyle can be a great way to save some money, and have a better year.