How to reduce costs and increase savings

Reducing your expenses is easier than you thought if you have a solid plan to follow

07:39 05 September 2013

Everybody would love to reduce their expenses and start a savings account, but most people believe they just can't lower the costs anymore. However, this is rarely true. The fact is that if you have a solid plan and stick to it, you can greatly increase your family's savings account. Here are some useful tips to get you started:

• Reduce utility costs

 

1. Compare the prices that other utility companies have to offer and consider switching to them; in most cases, rival companies will even give special offers just to make you their client; put everything you earn this way into your savings account!

 

• Stick to necessities only

 

1. stop paying for memberships to Gyms or fitness clubs if you can find other ways of having a healthy life, such as jogging for example; use that money for your savings account instead;
2. downgrade your TV package; most people don't even watch or like those extra TV channels that they pay so much for;

 

• Reduce you interest rate

 

1. if you want to grow your savings account than you should really look to pay your bank debts or find other ways of reducing the interest rate for these debts;
2. try not to use your credit cards for all of the payments you make, because you may end up paying for commissions or other bank taxes than if you were paying with cash;

 

These are some very useful tips to get you going. Use the every money you save by following these steps to increase your savings account! Always keep in mind that it's useless to reduce your daily costs if, instead of saving that money, you end up spending it at the end of the month!