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- Are You Making The Biggest Mistake Everyone Makes When Budgeting?
Are You Making The Biggest Mistake Everyone Makes When Budgeting?
Your Finance Travel Buddy presents One Simple Step
Hello fellow Financial Freedom Seeker
Mindset Moment
If you don’t ask, the answer is always no
Welcome to our special edition daily budgeting tips
Your One Simple Step today is…
Assess Your Expenses for Where You Can Reduce Costs
Why is this important?
Some of your costs are contractually fixed to be a certain amount like your rent or mortgage.
Other costs might be fixed for a period of time like an internet contract for a year which can then be renegotiated or switched.
Other costs may not be fixed but can be supplied by a variety of businesses.
The point here is that just because you’re paying a certain amount for a certain expense now, doesn’t mean you have to keep paying that.
Especially where costs are up for renewal like internet, mobile contracts, insurance, there is the scope to negotiate and switch providers for these.
With a lot of rolling contracts like insurance, the prices of these often rise considerably year on year, unless you negotiate on these. The power to reduce your costs is in your hands.
How do I implement this?
Renegotiate or switch contracts that are ending
For all your costs that are on a contract that is expiring this year, don’t wait until the last minute to negotiate these expenses. Find out the renewal quote, get other quotes and then either negotiate with your existing supplier or switch suppliers. Other companies want your business - utilise the supply to get the best quote you can.
Look at different suppliers
Even for one off expenses like holidays, clothes, eating out, socialising there are several suppliers you can use for these. Do some research on the best offers before you commit to spending.
💡Pro tip: Use comparison sites
There are comparison sites for loads of different types of expenses you can use to get the best deals. Whether it’s flights, insurance, energy - each of these types of expenses have several comparison sites you can use to compare quotes and find the best for you.
FREE BONUS
Join our FREE masterclass on 22 January (replay available) that will teach you how to build a robust budget that will enable you to control your spending - sign up here
❓Have you ever negotiated on key expenses? |
Have a fabulous week ahead!
Until tomorrow
Pernia | Your Finance Travel Buddy