Instead of looking for opportunities outside, you can be cost efficient by looking inside first. Your present financial condition is shaped, to a large extent, by four primary cost drivers. When you learn to muster them, they can be great cost cutters.
1. Home Expenses. Take a look at your home expenses for the past six months and make simple analysis. You would notice that the “black hole” in your budgetis what comprises the amounts you spend on food, and perhaps including entertainment. That would include eating out, watching movies, drinking alcohol, and all the cravings of appetite. Try to see if these expenses are really necessary. If not, then curb on these spending and make extra money.
2. Business Discounts.Integrate your accounts receivable collection through an app that facilitates remote payment transactions. You keep discount fees at lower rates when you keep your billing in only address. The amount you save from discount fees are great financial extenders.
3. Debt Repayment.Nothing beats paying mortgages on time, especially now that interest rates are low. For credit card debts, you may ask your card issuer to transfer your debt to “no fee” cash advance. Your card issuer would be glad to do just that.
4. Investments. The most important protection for your investments is to set up an emergency fund equivalent to 4 to 6 months of net income. This protects your investments from untimely liquidations.
Again, cutting on some costs would go a long way to keep you financially prepared for the rainy days.