Network rail needs to cut expenses while making improvements

Many of us need to make budget cuts in our finances without affecting our ability to pay bills.

10:39 14 June 2013

It appears that cost reductions are in order for the Network Rail, but without causing safety issues.  The cuts need to reach approximately £2billion over the next five years. Network Rail is also expected to improve their punctuality significantly.

 

Many times it feels as though we have to reduce expenses, but still do more than what we were previously doing. It can be difficult to manage banking accounts and budgets when there’s more to do than our finances can allow. 

 

Here is how to reduce the amount you expend in your budget so you can do more of what you need to do each month.

 

• Necessities—there are certain necessities that everyone includes in a budget, such as groceries, petrol, rent or mortgage payments and other similar aspects to your finances. Many times, there is not much you can do to alter these, but if you have the freedom to relocate or sell a vehicle and carpool instead, you might be able to make your finances go much farther during the month. 

 

• Services—for any services that you pay on a monthly basis, check periodically to ensure that there are not any similar services, which could save you money. If you are able to do with fewer services, or a reduced level of some services, you might be able to put some extra money in your finances. 

 

• Splurging—splurging is good for morale, but it is not something that should eat a hole in your budget. If you tend to splurge more than you should, try setting a goal for how much money to use for splurging during the month. 

 

• Sacrificing—if your finances are in a tight spot, you might need to sacrifice a service or splurge that you would rather not. That situation is never desirable, but if you do make the sacrifice, you will probably find the situation is temporary.