Sunday, 4 September 2022

Common expenses destroying your budget to avoid in 2022

Costs to avoid when planning your budget

There are certain expenditure that should not ought to be in your budget, some of these expenditure are out of your control. Several can be reduced to save costs while other can be avoided if we have control over our expenses. Some costs such as children school fees business taxes cannot be avoided altogether, unlike subscription fees or other illegal parking fines can be avoided. By avoiding such expenses you can free up money in your budget which can help you boost your savings. Below are some of the costs you should try to avoid as much as you can if possible.

Airline fees

Many of who travelled regularly pay fees as excess baggage fees or even checked baggage fees. Many people who end up at the airport with excess baggage do so because they fail to prepare properly or read about baggage limits. As a result of this they end up paying for items they could have left behind if they pay attention to airline guidelines. This amount to money that could have been put to better use. To avoid such expenditure, it is advisable you picked only baggage you need if you are going for a short trip.

Power supply reconnection fee

People end up paying electricity reconnection fee almost every month or every more often when Power Holding Company comes to disconnect their power due to defaulted in paying their bills. It is advised that you avoid this cost and ensure that you try to pay your bills on time. If you just moved in to a new house with rather high outstanding bill, you could try to work out an arrangement with the management of the house to avoid pay for bills you didn’t used.

Traffic tickets

This is one area where car owners end up accruing lot of costs by parking their cars illegal, dropping of people off at the wrong spots, failing to wear their seat belt and driving without license or plate number. You will have to spend huge amount of money once you get caught by any officers or the road safety corps. There is a fine attached. For someone trying to become financially independent and have a bigger saving account, you can do without such fees. Whether you are in a hurry or not please always follow the law, do not violate traffic laws; doing so will incur cost you don’t need. Sometimes we do make mistakes by parking illegally. It is advisable you follow the laws to avoid paying very expensive parking fees especially when there are free parking spaces around. You can avoid these expensive parking fees by shopping or eating at places where they provide free parking spaces.

Bank charges

There are banks that charges fees to use their ATM machine while other provide this for free. Apart from ATM charges, you still have to pay some fees for frequently SMS alerts charged by your bank. Though this fees is of small amount. To ensure that these fees do not affect your savings, you will need to pay more attention to what you are being charged for and to make necessary adjustment where necessary. By ensuring you have a budget for every day, it is also important to have details about how much your bank charges for its services, this will give you clue about cash requirement.

Subscription costs

You need to regulate your subscription fees by review them from time to time, this is because over time some subscriptions that where once useful to you will become irrelevant. It would be unwise of you to keep subscribing for them when they are no longer in used. That will amount to wastage of funds. Always ensure you cancel any subscription and stop payment of any special package you are not using. The same goes for cable subscription. If you hardly spend time at home then it is advisable you subscribe to few relevant channels instead of bearing costs of the available channels.

Late repayments

Extra charges you incur for late payment for a lease purchase, these extra charges also fall into the category of costs that can be avoided. Always try as much as possible to repayment on time to avoid incurring debts.

Missed discounts

Some of do not know how to negotiate, we fail to carry out the necessary research about companies offering to sell their products. We miss opportunities to negotiate prices or even buy at discount rates. Once we are told to the asking price and we have the money we go ahead to pay without negotiation or asking for discounts which amount to financial recklessness.

Delivery fees Expert advised that you patronise a companies that offer free delivery instead of the one that charge you to deliver your goods. There are several online retails that offer free delivery when you buy from them. These companies are looking for customers they will sell their products to instead of paying huge amount of money for delivery fees why not buy from those who offered to deliver for free.

No comments:

Post a Comment