Strategic Cost Reduction Ideas – Saving Initiatives

By | November 30, 2017

List of Ways That Being Frugal Can Cost You More

Cost reduction ideas: Being economic is smart even necessary. It does not mean to be a scrooge or miser. Here are nine different ways in which cost cutting factor should not be there. Let’s discuss on cost saving initiatives.

Cost saving ideas

  • Ignoring Insurance:

Home, car, life and health insurance are expensive but not more than the life. Sacrificing for these insurances is worth more.

  • Miserly Maintenance:

In maintenance of car and home, cheap things should not be considered. In the home, painting, caulking, replacing furnace filters, chimney and repairing the roof are cost created things. In car also, maintenance of oil changes and tire rotation can be postponed. But, little spending on maintenance on regular basis protect things from big bills of major repairs.

  • Unrealistic Budgets:

Budget should not so construed as well as not so flexible. Each category of budget should be provided with equal attention.

  • Avoiding the Doctor or Dentist:

Avoiding to visit a doctor or practioner while you are suffering with health issue can be dangerous and might cost more in the long run. Regular check- ups prevent people from small complaints. For example, fixing a small cavity in teeth will be less expensive than having to do more extensive work on a severe damaged tooth.

  • Senseless Shopping:

Be a smart shopper and don’t rush for buying unnecessary anything. Avoid buying without much use of thing. Always be a wise shopper who gets the most value for your hard- earned cash.

  • Raiding the Retirement Account:

Raiding of one’s retirement accounts early without a repayment plan can result in Some people buy food at cheap rates which are really not healthy. If one is spending money for cheap food, it will ultimately result in health problem.

  • Picking Insurance by the Premium:

Many people purchase insurance premium by seeing its lowest premium. Low premium health insurance with high yearly deductibles can be costly during major medical attention.

  • Snubbing Savings:

Some people often say that they can’t afford saving because the interest rate is relatively low than the interest rate they owe now. It is not necessary to save always high amounts; one can even save $10 for a paycheck. Saving nothing will cost more at the end. Always think for long run because sometimes short term saving costs more in long run.

More Related Queries:

(Visited 9 times, 1 visits today)

Leave a Reply

Your email address will not be published. Required fields are marked *