7 effective ways to minimise your household expenses

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7 effective ways to minimise your household
expenses
7 effective ways to minimise your household
expenses
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7 Effective ways to minimise your household
expenses

• With the never ending needs of the millennial
  generation and the desire for instant
  gratification, it is no surprise that weve
  plunged into an age wherein our wants and needs
  outrun our resources

• The innumerable tantalising online shopping deals
  and offers dont help either.

• It has become difficult to differentiate between
  our wants and our needs.

• Here we have a list of 7 tips that have been
  proven to minimise household expenses and in turn
  increase your savings.

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Effective ways to minimise your household expenses
1. Set aside savings
To begin with, you need to put away a part of
your income, say 5 or 10, every month before
you allocate funds to any of your expenses
A lot of people tend to spend their money first
on everything they may possibly want, and then
save whatever remains at the end of the month, if
at all. This is a wrong way to go about it.
2. Create a Budget
You need to analyse your spending and make a list
of all the expenses you incur during a month.
Outlining the things you really need and the
things you want.
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Effective ways to minimise your household expenses
3. Avoid impulse buying
The biggest problem that most people face is
impulse buying.
You spend for stuff you dont need simply because
its in front of your eyes and looks attractive.
4. Lower your mortgage costs
The biggest drain on your income is usually EMIs
at exorbitantly high interest rates.
Find out if another bank is providing a lower
interest rate, and transfer your mortgage
accordingly.
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Effective ways to minimise your household expenses
5. Use Public transport
Fuel costs put a major dent in your income.
You could trade in your car for a less luxurious
model, or you could choose the carpool
6. Use efficient energy sources
Look up lucrative online shopping deals to avail
power saving options like LED or CFL bulbs and
lights which will save tons of money.
7. Cut away other unnecessary costs
There are a ton of miscellaneous costs that add
to your monthly expenses. Cutting them out saves
a lot of money. Like cable TV, unwanted junk in
your house and eating bills
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Effective ways to minimise your household expenses
With the right attitude, saving up, and cutting
down on expenses can be fun, and may even work as
a necessary economic cleansing that your life
needs.

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