Lots of people say it's impossible to save money in these economic times, but there are easy steps you can take to cut down household spending.
The reality is that most of us are not likely to get a huge sum of money suddenly landing on our laps. To achieve our financial goals, we have to save a little of every shilling we get. The practical way of saving is by cutting expenses.
For example, with so many free-to-air television channels around, do you need to pay for a TV subscription? It certainly offers a larger variety of channels compared to free-to-air platforms, but if your favourite programmes are available on free platforms, why pay for them?
Another great way to save money is by cooking at home. It is not always possible for those working outside the home to prepare a home-cooked meal, but if working from home, there's no point buying food when your kitchen has everything you need. Along those lines, why not wash your car instead of paying for car wash services? While at it, manage your water bills by washing the car from a bucket instead of using a hosepipe.
The best way to stick to these modest steps is to have a savings target in mind. Picture yourself in your dream house or enjoying that holiday in a far-off destination. Ideally, one should save a minimum 10 per cent of income then spend the remainder. If you can do 20 per cent or more, the better.
