If you’re finding it hard to make ends meet, or you do not have a surplus cashflow (i.e., you have more expenses than you do income), the first step is to review your expenses to determine whether there are any expenses you can cut back on, or remove completely.
- Some suggestions to modify expenses are:
- Changing the frequency of the expenses, an example might be eating out less often;
- Renegotiating with service providers. An example could be changing your mobile phone plan or electricity provider;
- Reviewing personal, general, or car insurance to ensure you’re getting the best deal;
- Consolidating debts to reduce interest charges and repayments;
- Refinancing a mortgage or other debt;
- Selecting one TV streaming service, not three;
- Avoiding impulse spending on lifestyle items; and
- Reviewing your subscriptions and cancelling unused items.