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Tips to ensure cost cutting and reducing expenditure

BY: Deena David | Category: Business and Finance | Post Date: 2009-10-08

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   Deena David
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Cost cutting and reducing expenditure is the norm in many companies these days. This has reduced the income of many groups of workers. As the income decreases, there is an increased need to save money from being spent. This will help to increase the amount that is saved. Even if a family is not able to save more, just reducing the cost can play a major role in living within the means.

For a family with a lot of loans and is deep in debts, there are very important tips that will help to control the spending. These simple tips are explained in this article.

1. Correct investment:

The individual who is trying to reduce the expenditure and save costs should also try to invest some amount each month in the correct pattern. The investment should be spread according to a plan in various investment categories that include equity, fixed deposits, systemic investment plans and various other similar investments.

2. Track expenses:

One of the best methods of reducing the spending is to try and maintain a log that keeps track of all the spending. Once the spending is systematically noted, the individual can try to cut down on the unnecessary expenditure that is seen. Thus tracking the expenses is a method of reducing the expenditure.

3. Reduce borrowing:

If you have to try to live within your means, then never borrow. Any companies encourage the public to borrow and live above their means by allowing credit facilities using credit cards. Credit card usage is one of the easy method in which a person starts borrowing. There may be unavoidable circumstances in all peoples lives where the individual may need to borrow. So a person should only borrow under exceptional circumstances. Reduced borrowing will save money on interests paid. This is a simple method of reducing the expenditure.

4. Buy provisions in bulk:

The only advantage of supermarkets is that when a person buys in bulk, they get a concession on some products. This is not true for all products, but a concession will help to reduce the costs when many items are purchased.

5. Buy bulk, but not everything:

You can buy what things you will need for the month in bulk. At the same time, do no buy things that you rarely use, in bulk, just because you get an offer on the product. This is because you may end up wasting the product as you may not use it fully. This will lead to waste of money that could have been saved.

6. Shopping list:

The best method of saving money on a shopping trip is to plan in advance for the trip and decide what to purchase. An individual has to have a list and stick to it. When a person shops without a plan, the person is sure to end up purchasing more than what was planned and this will lead to a lot of unnecessary expenditure.

These are the various simple tips that will ensure that you reduce the cost and expenditure.

Article Source: http://www.saching.com

About Author / Additional Info: I am a Masters Degree holder in Pediatric Nursing. I also do freelance writing work. Comments on the article can be sent to deenaanddavid@gmail.com

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