Can you cast your mind back to when you were just a child, impatient to grow up? You dreamt of late nights out, having your own vehicle, your own money, and most crucially, your own place. Jump forward to the present, where now you’re faced with all the responsibilities of adulthood and find yourself yearning for those carefree days of childhood.
As a child, you didn’t see the strings attached to your dreams. Having your own car also meant car-related expenses, having your own money meant spending five days a week at work, and having your own house meant dealing with rent or mortgage.
Many hardworking adults juggle these responsibilities successfully, but it often comes at a steep cost. As cities expand, living expenses follow suit, causing rent and car insurance to surge while your income remains the same. Therefore, a few lifestyle adjustments may be required to break free from living paycheck-to-paycheck.
Start by reducing your dependence on eating out. It is usually more expensive than home-cooked meals, whether you are single or have a family to feed. Fast food, which ranges from $8 to $15 per person, gobbles up the money that could be diverted to savings or more important expenditures. Americans apparently spend a lot on eating out and wasting food. A report from theguardian.com indicated that 150,000 tons of food waste is produced by US households daily, enough to feed many starving children in Africa. Interestingly, those who live healthier lifestyles tend to waste more food due to the perishability of the fruits and vegetables they purchase. Here are few ways to limit your expenditure on food:
1. Look for coupons for your frequently consumed food items.
2. Buy in bulk.
3. Be aware of the prices at various stores.
4. Freeze extra cooked meals.
5. Try meal delivery kits.
Next, consider cutting the cord on cable. It often comes with channels you don’t watch, making it an unnecessary expense. More people are disconnecting cable and switching to streaming platforms for movies and shows. Platforms like Firestick, Hulu, Sling, or Roku couple with a fast internet connection give you the freedom to watch your favorites anytime, without undervalued subscriptions. And a lot of the content is free!
Lastly, consider cancelling any unused memberships. You might be surprised by the quantity of unused gym and health club memberships. Reflect on your subscriptions, add up the costs and see if any can be terminated. Track your expenditure through apps that can help you cancel all unnecessary subscriptions. While some gyms may require a contract breakage fee, it’s still more advantageous than paying for a service you’re not using.
So, ready to initiate these changes and make a difference to your financial future? Join our growing community of over 8000 subscribers dedicated to increasing their net worth and building wealth.