There are a lot of little ways to cut costs at home as well as your business
Today’s post is by Troy Lowe; Vice President of Development at SafeSourcing.
While we focus on helping companies reduce their costs in all areas, not enough of us use those same skills to focus on our own expenses. Here are some ideas for you to use in those areas.
Even though a lot of things have opened up in recent months, the pandemic is still going strong. Because of this a lot of people are still out of work or making less than they were at the beginning of the year. Because of this you may need to look around and see what things you can do to reduce spending until things turn around. There are a lot of little ways to cut costs and the best way to figure out where and how is to start a budget. A budget is basically a plan for your money. Creating a budget involves tracking all of your expenses and income. When you sit down and create a list of all of your expenses it will help you to understand when and where you are spending your money. A lot of people do not realize how much money they are spending on frivolous things until they complete a budget. For example, how much do you spend on that morning cup of coffee? It doesn’t seem like much until you multiply the number of cups by the number of days purchased per year. According to some researchers, the average American spends approximately three dollars a day or 1,100 dollars a year on coffee. You may not of have thought about it, but this and other things that we do daily can add up to a lot of extra cash that could be used for more important things throughout the year. Creating a budget can help you identify all of the small spends that could add up to a lot of extra savings. Below is a list of some common expenses that could be lowered by creating a budget and researching cheaper alternatives. There are many more.
- Energy Usage
- Food Options
- Streaming Services
- Credit Card Interest Rates
- Interest on Loans
Interested in learning how SafeSourcing can help your company run more efficiently? If you would like more information on how SafeSourcing can help you, please contact a SafeSourcing Customer Service representative. We have an entire team ready to assist you today.