Gain Financial Freedom: 5 Ways to Reduce Your Cost of Living

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Gain Financial Freedom

We all have financial goals. Whether your plans involve saving for a house or a big vacation, squashing your debt or simply building up an emergency fund, you probably want to get there as fast as possible. 

Saving money can feel impossible with the huge amount of expenses we all have to face. However, there are ways that you can reduce the expenses in your budget and free up some extra money to save and enjoy.

Swap Your Insurance

Insurance policies are necessary and important to have, but you might be spending unnecessarily for no added benefit to you or your family. Shopping around for cheap car insurance, home insurance and even health insurance can really take a load off your monthly expenses and you’ll still be covered in case of an emergency.

Find a Cheaper Home

Try to consider whether you really need all the space you’re paying for in your home. Many of us could downscale and still live pretty comfortably, so maybe you need to rethink your living situation.

Downscaling to a smaller place could save you money in a big way and improve your life in other areas too. Living minimally and reducing clutter is a great way to free up mental clutter too, and can leave you feeling calmer and freer overall. 

Cook More

Learning to cook your own meals and eating at home more often is a sure-fire way to save money and learn a new skill: bonus! Start off small with a few easy and healthy meals and you’ll soon find yourself experimenting and learning new exciting dishes that will make dining in just as much of an experience. Limiting your dining out to once or twice a week is a great way to lower your eating expenses. 

Use What You Have

Living with FOMO, or Fear of Missing Out usually extends to owning the newest and greatest of everything. Technology and gadgets, clothing, makeup, furniture, you name it. Impulsive and unnecessary spending in order to stay on top of trends is an issue many of us face.

However, learning to live with (and enjoy) what you already have could end up saving you thousands of dollars. There’s a lot to be said for fixing up a broken pair of shoes instead of simply buying a new pair, resisting the newest iPhone release and investing in closet staples rather than always shopping the trends.

Try Budgeting

Ending off with the most basic tip in the book, but most people don’t truly budget. Real budgeting is more than simply tracking what you spend and closing off the month with a shrug to gain financial freedom. 

Strict budgeting entails setting limits for yourself in each category of expenses and regularly checking up on what you’ve spent in order to make sure you don’t exceed that number. Constantly paying attention to when you swipe that card is the only way to really take full control over your finances, and come out on top. 

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