How to save money on everyday expenses

In today’s fast-paced world, saving money on everyday expenses is a goal shared by many.

Whether you’re saving up for a big purchase, building an emergency fund, or simply looking to reduce financial stress, cutting costs on everyday expenses can make a significant difference.

Especially now that a dollar to naira is over #1000, a litre of fuel goes for #600, paint bucket of ‘groceries’ garri is now way above a dollar, and inflation in Nigeria does seem to have a quick remedy, you need to save that extra cash. Yes, You!

In this article, we’ll explore practical strategies to help you save money without sacrificing your quality of life.

1. Create a budget: You have to say no to impulse spending. The foundation of saving money on everyday expenses is creating a budget.

Start by tracking your income and listing all your regular expenses, such as rent or mortgage, utilities, groceries, transportation, and entertainment. Once you have a clear picture of where your money goes, you can identify areas where you can cut back.

2. Meal planning: We know you like Iya Basirat’s food and you might also not have the time to prepare meals due to ‘adulting’ engagements.

However, one of the most effective ways to save money is through meal planning. Plan your meals in advance, create a shopping list, and stick to it.

Cooking at home is often more affordable and healthier than dining out. You can also batch cook to have leftovers for future meals, reducing food waste.

3. Cut unnecessary subscriptions: Take a critical look at your subscription services. Are you really using that streaming service or magazine subscription?

Cancel or downgrade services you don’t use frequently. You’ll be surprised how much you can save by eliminating unnecessary subscriptions.

4. Buy generic brands: In many cases, generic or store-brand products are just as good as their name-brand counterparts, but they come at a lower cost.

Consider switching to generic brands for groceries, household items, over-the-counter medications, and other fancy items.

We know you want to make a statement and you need bragging rights, however, resist the urge to “shalaye” unnecessarily, it is just what it is, a bag or shoe, as the case may be.

5. Shop smart: When shopping, look for sales, discounts, and coupons. Haggling is not a crime, it is a smart money move, you need that skill.

Compare prices as well and consider buying in bulk for non-perishable items that you use frequently.

Don’t forget to use cashback and rewards programs to save even more.

6. Energy efficiency: Reduce your utility bills by being energy-efficient. Turn off lights and unplug devices when not in use, install energy-efficient light bulbs, and use a programmable thermostat to regulate heating and cooling. These small changes can lead to substantial savings.

7. Transportation: Cut your transportation costs by carpooling, using public transportation, or biking if possible.

Consider fuel-efficient driving habits and explore options for remote work or flexible work schedules to reduce commuting expenses.

8. Reduce unnecessary luxuries: Evaluate your daily spending habits. Are you buying expensive coffee or lunch every day?

Reducing or eliminating these habits can save a considerable amount of money over time. Consider making your coffee at home and packing your lunch.

9. DIY repairs and maintenance: Learning some basic DIY skills can save you money on home repairs and maintenance.

Fixing minor plumbing issues, doing yard work, or even basic car maintenance can reduce the need for professional services. The Internet is your friend.

10. Regularly review your budget: Your financial situation can change, so it’s essential to regularly review your budget and adjust it as needed. Monitor your progress, set savings goals, and celebrate your achievements.