Bills Bills Bills

Without a doubt, bills can easily be a major component of our spending. Some of them are fixed or necessary such as electricity, water, groceries, gas/transport. On the other hand, some are variable or more of a want than a need such as entertainment and general shopping.

There may even be circumstances when these expenses are more than income. This situation is not ideal and we should make all efforts to change it responsibly. The deficit has to be funded from somewhere and this position will be costly in the long run. Money is such a precious resource and we ought to be wise when spending it. 

Here are some points to note for bill management and when your income is less than your expenses:

§  Carefully prioritize your expenditure – really consider your approach to spending and where your money is being spent. Make a true effort to spend only on what you need until you can comfortably afford it.

§  Grocery shopping – make a list when going to the grocery and stick to it. Perhaps some luxurious brands may need to be traded for the more affordable ones.

§  Utilities & fixed expenses – With the exception of rent, these bills although fixed, can be monitored and reduced through wise consumption. For instance, turning of appliances and electronics when not in use and controlled use of items such as air conditioning and an automatic dryer can help cut back on electricity cost.

     Ultimately, do not lose hope and remember that your financial situation can change.