< /p> © Unsplash/Omid Armin
According to a recent study, half of French people save 260 euros per month. A figure that should be put into perspective since most of these savers make part of the high-income bracket and represent only 8% of the population.
For the others, times are tough. The economic crisis has hit the country hard and the situation does not seem to be improving. So how can we save money and find healthier finances in this inflationary context? Here are 7 steps to find some serenity.
1. Create a complete budget
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The budget is your map for navigating the world of personal finance. Start by listing your income: salary, rental income, pensions, etc. Then, detail your monthly expenses. Distinguish clearly between fixed expenses such as rent, loans, insurance, and variable expenses which include food, transport, leisure.
To get organized, there are several methods available to you. You can use tools like Excel or applications directly linked to your accounts. Bankin orLinxo for example automatically establish budgets based on your expenses. If you're old school, the two-column chart on a piece of paper also works great.
2. Identify your needs
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If we live in a society where companies make us believe that we need everything, it is important to identify real needs from desires and pleasures.< /p>
Needs are essential (food, shelter, health care), while wants are optional (outings, computer gadgets, fashion clothes). For example, in 2023, an Internet connection or a mobile plan have become a necessity (particularly for work or administrative procedures). On the other hand, subscribing to all streaming services, having the latest iPhone or having a pair of shoes per day are not.
To reduce the expenses column, it It is therefore very important to carefully assess what you need.
3. Get rid of unnecessary expenses
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This step involves identifying and eliminating unnecessary expenses. This could be a gym membership you have been to three times, an overly expensive mobile plan, several subscriptions to streaming services when you only watch one, etc.
For example, if you pay €50 per month to go to a gym but you only go there once or twice a month, try doing sports outdoors or at home instead. home, it's free.
To find out if an expense is superfluous, apply the 5-second method: ask yourself if a good or service is really essential to you . If you don't answer “yes” within 5 seconds, then it is superfluous.
4. Renegotiate contracts, packages and subscriptions
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Now that you have identified superfluous expenses and eliminated those that are unnecessary, you will be able to scrape a little in terms of obligatory expenses. Starting with recurring expenses such as contracts and packages.
If you have credit (real estate, consumer, etc.), you can contact your bank or competitors to try to reduce the monthly payment. Some banks offer loan redemptions with lower fees than when you subscribed. If you have a mortgage, try to renegotiate the rates when you feel that the trend is downward (so not at the moment).
Also consider bringing competition to almost all contracts: electricity, gas, insurance, mutual insurance. Make online comparisons, consult reviews on the internet, discuss in forums. In some cases, you can split your monthly bill in a surprising way.
Also use this method for internet and mobile plans.If you signed up for a subscription when you bought your phone, you are probably paying too much. Look at what the competition is doing, look for promotions. In telecoms, there are advantageous offers all year round.
Finally, for subscriptions to streaming services, look at offers including several services for a significantly lower price. There are also services like Spliiit that allow you to not share accounts with other users. You can thus divide your bill by 3 or 4.
5. Shop differently
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Whether it is essential goods like food or secondary needs like clothing, our society constantly pushes us towards overconsumption. After having carefully thought about the need to buy, ask yourself about your way of buying.
Your phone is broken. Do you need the latest iPhone? Would a cheaper reconditioned model not meet your needs? For food, consider buying in bulk, distributor brands rather than large, expensive brands (but not necessarily better) or seasonal products, which are often less expensive. p>
For the rest, the second-hand market also allows you to save a lot of money.Should we recall the box from the Vinted platform, specialist in second-hand products?
6. Resell what you no longer use
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By applying all of the previous tips, you should bring down the expense column significantly. But saving money also means filling out the income column. And to earn a few extra dollars per month, there is a simple method: resell what you no longer use.
In 2023, you no longer need to wait for flea markets to resell your old items. . There are platforms that allow you to resell just about anything and everything. For clothes, Vinted should make you happy. For objects, Leboncoinor the Facebook Marketplace are your friends.
As with expenses, use the 5-second method: take an object, ask yourself if you want to keep it. If you are still hesitant after 5 seconds then you can get rid of it.
7. Consult the available aid
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Finally, find out about government or local assistance that can reduce your expenses. There is no shame in getting help to get your head above water. France is a country based on a model of solidarity, so do not hesitate to seek the aid to which you are entitled.
Every year, millions of French people miss out on measures that could help them. help on a daily basis. Do not hesitate to consult the dedicated site to identify the aid for which you are eligible. Assistance with housing, energy renovation, family allowances, subsidies. When things get tough, a little help is always welcome.
By following these 7 steps, you can not only survive inflation, but also improve your financial health< /strong> in the long term. It takes discipline and a commitment to reviewing your finances regularly, but the savings will be worth it.