How to Control Ever Increasing Expenses

8 September 2016 | 1028 Views | By Mint2Save

“I am making more and more money, but I don’t know how my expenses always top my income, what is it that I am missing?”

These days, everyone complains and grinds against ever increasing dearness has made the burdensome as it is felt that it`s very difficult win the bread and butter/ meet both ends and so on.

But, just wait; think with a cool head and ask for yourself and find the answer of the question “how & what to do to counter the dearness monster?”

You will certainly agree to the following statements made on the basis of facts:-

Make a budget:

In fact, often we do not predetermine / anticipate the possible expenditures to be made in a month or a stipulated term otherwise asking for expenses. But, it should be done by exercising to anticipate/determine expenses to be made on a priority basis. You would always find in doing so, certain heads for expenses as unavoidable hence given top priority; some can be classified as expenses that can be deferred to; some avoided/avoidable and, so on and thus stipulate an amount to be spent on all these. This does account for making provisions to meet the mandatory expenses to be made for making savings to cater the needs of tax savings or payment of tax. This is what a domestic budget is.

Under the unavoidable expenses:

one can count expenses to be made for grocery, payment of house-rent, electricity, water and fuel (say cooking gas) bills, provision for fuel expenses to be incurred for occupational needs etc.

Deferring the Expenses

Expenses that can be deferred to or cut do include the purchase of clothes, fancy items for the home, visit to the theatre, outing and so on.

Need based Buying

Procurement of certain accessories at cheaper rates (instead of costly ones), reduction in the quantity of items to be procured per the priorities decided.

Remember, it is very easy to increase the expenses per a life style opted and adopted according to the income but, it is very difficult and often very distressing to adapt per the needs of adverse circumstances asking for or leaving no options but, to opt for and, adopt a lower standard of living. Because, certain expenses made on luxuries which are being considered then as necessities can be curtailed or cut, e.g. replacing use A.C by coolers, bringing costly and dear gifts or other domestic items, can be replaced by less costly ones and so on. Adopting and acting per the suggestions / advice based on aforementioned facts of life you can certainly fight the inflation and ever increasing need for money.

Therefore, development of the habit of thrift and savings does bring forth the quality of self satisfaction on account of expenses and savings made, in a balancing way.

The value of money is a lot, but it’s not all and, the habit of thrift and savings is the key to meet everyday expenses and meet with the needs asking for expenses to be made to un-anticipated and unavoidable needs arising suddenly due to illness or accident or some social or family function/ritual and so on.