Financial wellbeing is a not only about how much you earn, but also how responsibly you spend. If your outgoings often exceed your income, or if you're barely able to collect any savings, unexpected expenses can become catastrophic for your wellbeing. Here are 10 practical tips to help you trim those costs and enjoy a more comfortable financial cushion.

1. Audit your monthly subscriptions

Nowadays, a lot of us have many subscriptions like Spotify, Netflix, online magazines, workout apps, and more. Here are some steps you can take to audit your subscriptions:

• Review each subscription

• Ask yourself if you're using it enough to justify the cost

• Cancel any service that's no longer of value

2. Embrace home cooking

Eating out or ordering in can be tempting, but these costs add up quickly.

• Plan your weekly meals

• Batch cook and freeze portions for later

• Limit eating out or set a monthly budget for it

3. Shop smarter

Being a savvy shopper doesn’t mean giving up the things you love.

• Buy in bulk where possible and cost-effective

• Wait for sales for non-essential items

• Consider buying generic instead of brand names

4. Downsize your living space

A larger living space might mean a bigger rent or mortgage, but also higher utility bills.

• Evaluate how much space you truly need

• Consider moving to a smaller home or apartment, or even taking in a roommate

5. Reduce transportation costs

Your daily commute or weekend trips can be a significant drain on your finances.

• Use public transport instead of maintaining a car

• Carpool with colleagues or friends

• Opt for a bicycle or walking for shorter distances

6. Limit luxuries

Everyone likes a treat now and then, but it's good to rethink what's really necessary.

• Think twice before buying things just to show off. Does it matter if your friend has more brand-name clothes or a fancier laptop?

• Consider exercising outdoors or at home rather than maintaining a pricey gym membership

7. Review utility bills

Small changes in your home can lead to significant savings.

• Switch off lights when not in use.

• Unplug devices that aren't being used

• Consider energy-efficient appliances if replacements are needed

8. Go second-hand

Not everything needs to be bought brand new.

• Visit thrift stores for clothing or household items.

• Explore online marketplaces for pre-loved furniture, electronics, and more.

9. Create a monthly budget

Having a clear financial plan ensures you know where your money is going.

• List your fixed and variable expenses

• Allocate a portion of your income to savings before anything else

• Track your spending and adjust the next month's budget based on any overages

10. Be wary of impulse purchases

Spontaneous shopping can be devastating to your financial goals.

• Adopt the 48-hour rule: Before making a non-essential purchase, wait 48 hours. If you still feel it's necessary after two days, go for it.

• Limit your exposure to temptations: If you're prone to online shopping, unsubscribe from marketing emails or even delete shopping apps from your phone.

Reducing expenses doesn't mean compromising on your lifestyle. Instead, it's about making smarter choices and discerning between needs and wants. With these ten tips in hand, you're well on your way to achieving greater financial freedom and well-being. Remember, the path to a prosperous future is paved with consistent, conscious decisions made today. Viacurrent is always here to help you do that, whether you need to cover an unexpected expense ahead of payday or want to learn more about financial wellbeing.