We are getting close to the end of 2023, and it’s time to start making plans for your finances. If saving money is part of your personal finance plans next year, then you should look for ways to avoid unnecessary expenses in order to achieve that. In one of our previous articles, we wrote about some expenses you should avoid. Let’s look at more experiences you should cut as the year ends.
If your budget is tight, it may be time to take advantage of markets where you’ll find fairly used items at discounted price options. You might find some good options by using online clothing sites. You could also keep an eye out for store-brand items, coupons, and deals when shopping for groceries. Here’s a tip for you. The year is ending and a lot of stores will be organizing Yard Sales. Take advantage of that.
Unnecessary subscriptions and TV channels
Always revisit your monthly subscriptions like Netflix, gym membership, etc, and work out which ones that are actually useful to you. You might be surprised to see you don’t need all of them. Paying for something you don’t use is the easiest way to throw money away.
If there are ‘Pay As You Use’ offers as against monthly subscriptions, you should utilize them. Also, don’t forget to unsubscribe from any free subscriptions before the expiration of the free trial.
Inviting more guests to your events
If you are planning on hosting an event this period, reduce the urge to invite everyone you know. You can have a closed event and invite only friends and family. This will help you to plan for the few invited guests, while you save money from the expense you should have made planning for people who probably don’t know you, but are there for the food.
Late fees and penalties
Getting penalized with a late payment fee or penalty is not worth it. Doing the best you can to pay on time is a great habit to get into, and can be as easy as setting up automatic payments via your account so that they don’t slip your mind while you are busy. You can also set up alerts on your devices to remind you of due payments.
If you really want it, try paying for it earlier so you don’t pay late fees.
If you should calculate how much you have spent on back charges, maybe you should be a millionaire now. For every activity you perform in the bank, you pay a charge for it. Using the bank app is not better either. Even withdrawing your money from the ATM attracts a fee.
The question now is, how can you avoid these bank charges? You should look out for platforms that allow you to save and withdraw without bank charges, like Reaprite
Reaprite has different savings plans that can help you save and grow your money. You can withdraw from your wallet anytime without any charges. Apart from that, you can earn interest up to 16% per annum. Want to get started? Download the Reaprite app on Play Store or App Store to start your journey to financial freedom.