Budgeting is an excellent life skill and one you should practice as soon as you can. Budgeting techniques can be as simple or complex depending on your goals. Condo owners at the Emerald of Katong, for instance, can start saving money while they enjoy life in their new homes with these five ways.
Smarter Utility Usage
Utility bills comprise a significant percentage of a family’s monthly spending. The good news is that there’s always something you can do to reduce utility bills, such as simply being mindful. In a more high-tech fashion, you can install fixtures or appliances that are more energy or water efficient.
Remove Unused Subscriptions and Monthly Expenses
Take stock of all your monthly expenses and see which ones you don’t need or aren’t using. Magazine subscriptions, streaming services, and even cellular phone plans can be downgraded or cut out entirely. The extra money you save can be put towards savings or directed to essentials, such as clothing and groceries.
Reduce Eating Out
Making coffee at home is an excellent start to saving money. At the same time, you can probably do away with weekly eat-outs at expensive restaurants. Save them for special occasions such as birthdays and momentous events.
Download a Budget and Financing App
An app can help you understand your financial standing and provide helpful comments so you can save more money at the end of the month. You can try free budgeting apps on your smartphone and become financially literate one day at a time.
Save Some Money for a Rainy Day
Allocate a percentage of your income for savings and you’ll have money and peace of mind when facing emergencies. The money can be stored in a savings account or an e-account such as Wise or PayPal.
Lynn Martelli is an editor at Readability. She received her MFA in Creative Writing from Antioch University and has worked as an editor for over 10 years. Lynn has edited a wide variety of books, including fiction, non-fiction, memoirs, and more. In her free time, Lynn enjoys reading, writing, and spending time with her family and friends.
