As I’ve previously mentioned, I am now debt free. It was a long journey but it was not difficult either. In this article, I would like to share some money saving tips that eventually contributed towards my financial freedom.
Saving on TV / Internet Costs
When you reach the point when you are up to date with your bill payments, you will start to look good with utilities company to a point that they would start offering you upgrades on their services. Here’s what you do:
- Do not be tempted by those offers.
- Do not subscribe to TV channels that you will barely watch.
- Do not upgrade to internet speed that you do not need.
- Do not apply for postpaid mobile line and devices if you barely use your phone to call. Use VOIP to VOIP calls, use internet messengers for SMS.
Saving on Water and Electricity Costs
- Be aware of appliances that uses water and/or electricity in your home. Check your water pressure, most residences have independent water mains control. Reducing water pressure can cut water consumption.
- Check your washing machine. How long is the default wash setting? If it takes too much time, it probably consumes more water and electricity. Normal wash on an automatic washing machine should not be longer than 15 minutes per load.
- Chargers should be unplugged when not in use. Even if it is not connected to the device, it still consumes electricity.
- If you have more than one router at home, shut down some at night. It will increase the life of your router and save on electric consumption.
- Use energy-saving light bulbs. I was told that LED light bulbs are better than conventional energy-saving bulbs. You can get those cheaper in Dragon Mart as I was told.
- If you use a rice cooker, cook enough for the rest of the day. But make sure to keep them properly so they don’t spoil especially in the summer.
Saving on Gas
- If you are not very particular of eating the same meal for dinner as you did for lunch, cook larger quantity once a day and just reheat.
- Always switch off the main regulator when the stove is not in use. This not only saves your gas, it is also a safety measure.
Saving on Transportation Costs
- If you have a car, do not load a full tank as much as possible. The more fuel you load, the heavier your car becomes and the more fuel it consumes. Load only what you need for the week.
- Remove anything that adds unnecessary weight in your car. Some new cars don’t even have a spare tire.
- Learn how to fix minor problems in your car. A simple battery, bulb or tube replacement can save you almost 50Dh in labor cost.
- When renewing your car insurance, ask your insurer for “no claims” discount (granted that you actually do not have any claims).
Saving on Food
- Before you go to shopping for food, plan first what you want to cook for the week. Buy only ingredients that you will use for the week to avoid waste on spoiled ingredients.
- If you have the time, buy your food in the fish market, it’s a lot cheaper. If you prefer shopping for food in supermarkets, do not be ashamed to use coupons. Mondays are good day to shop for food as most sales are on Mondays.
- If you are not expecting any visitor, cook only enough for what you need.
- Limit your dine out, and if you do also be on the lookout for special offers. We invested on the Entertainer App and it did save us a lot of money on buy one take one deals.
Saving on Other Costs
- If you can, pay school fees in full as schools normally give discounts if you pay in full.
- Remittance costs have increased lately. If possible, remit money only once and send it to someone you trust then let them distribute among all your beneficiary.
- Don’t buy a new phone if the old one still serves the purpose.
- If you want to watch a movie, use “buy one, take one” offers such as Du Tuesdays, or ask your friends who have credit cards that offer buy one take one to buy the ticket for you.
The tips that I mentioned above were useful for me and I hope it will also help readers towards financial freedom.
Share your money-saving tips on the comments section!