Financial Education

Our financial education section offers resources and information to help you learn more about personal finance and investing in order to achieve your financial goals.

Tips for cutting costs

Even if you believe that you are already spending wisely, there are still ways to reduce your everyday expenses and increase your savings. 

Reducing household expenses

It is important to determine the amount of money you are willing to spend on gifts in advance. 

While you may want to choose the best items, it's crucial to balance this desire with your overall expenses.

Don't choose an item just because of its low price

Purchasing inexpensive items does not necessarily equate to saving money. Consider the following scenario: when faced with the choice of buying a 1 GEL lamp or a 6 GEL lamp, it is important not to base your decision solely on the initial purchase price. If you find yourself needing to replace the 1 GEL lamp every month or every two months at most, whereas the 6 GEL lamp is more durable and energy-efficient, it becomes evident that the 1 GEL lamp, despite its lower cost, will ultimately prove to be more expensive when considering the annual expenses.

Focus on energy efficiency

By prioritizing environmental protection, you can also achieve significant financial savings. Incorporating energy-efficient practices into your daily routine can be advantageous. For instance, opting for a reusable lunch box not only eliminates the need for disposable dishes but also provides a healthier way to store food. Additionally, it is recommended to power off all electrical devices when not in use, such as turning off the TV, computer screen, and laptop. Unplugging charging devices as soon as they reach full battery capacity is also advised. These practices will reduce electricity consumption and subsequently lower utility costs. Another effective strategy for energy efficiency and cost savings is investing in energy-efficient light bulbs and household appliances. Swapping disposable items for reusable alternatives can also contribute to financial savings. For example, utilizing a reusable cloth bag during shopping trips instead of repeatedly purchasing disposable bags proves to be a wiser choice.

Set aside at least one day a week when you don't spend money at all

Consider implementing a "spending-free" day once a week as a way to exercise financial discipline. This could involve activities such as going for a walk, preparing meals using ingredients already available at home, and refraining from going shopping. By designating a day without any unplanned expenses, you can avoid unnecessary spending and accumulate significant savings over time. This practice contributes to increased financial awareness and helps to redirect funds towards your savings goals.

Try to do with your hands what you can do with your own strength

Another effective way to save money is to take on certain tasks and services yourself instead of paying for them. For instance, if you desire a colorful wooden picture frame, you can create one yourself and apply the paint, or you can refurbish an old frame. Additionally, you can reduce or eliminate the need for outside assistance with household cleaning by taking on those responsibilities yourself. Cooking meals at home instead of relying on pre-packaged or ready-made options is another excellent money-saving strategy. By preparing your own meals, you can significantly reduce your food expenses compared to purchasing pre-made or semi-prepared items.

When buying food products, buy economical packaging

Purchasing items in bulk can be a cost-effective approach. By calculating the essential products you will need for the entire month and buying them in one go, you can often benefit from bulk discounts and lower prices. This can help reduce the overall cost of your purchases and potentially save you money in the long run.

Reducing entertainment costs

Reduce visits to entertainment centers

Choose to walk in parks and squares instead.

Take advantage of discounts when buying cinema and theater tickets

Taking advantage of promotions in cinemas and theaters can be a smart way to save money on entertainment expenses. One effective strategy is to buy tickets in advance when a different price is offered, often at a discounted rate.

Visit discount websites often

When planning a weekend getaway or a trip out of town, it's recommended to check tour and hotel prices on discount websites. These websites often offer discounted rates and special deals on travel packages, accommodations, and other related services.

Health care cost reduction

It is advisable to prioritize preventive checkups and regular health screenings.

By proactively monitoring your health and addressing any potential issues early on, you can prevent the need for emergency medical care, which often comes with higher costs.

Compare the medication prices, take advantage of discount days

Pharmacies often provide discount and savings cards that can help you save money on medicines and personal care products. These cards can offer reduced prices, special promotions, or other benefits that can help lower your expenses.

Once you have established your financial goals and analyzed your personal budget, the next step is to determine how and where you will save. This involves making a conscious decision to cut back on unnecessary expenses and make changes to your lifestyle that will support your savings goals. It may require making sacrifices and prioritizing your spending to align with your goals.

Having the willingness to save is crucial as it requires discipline and a commitment to making the necessary adjustments to your lifestyle. By being mindful of your spending habits and making intentional choices, you can gradually build up your savings and make progress towards your financial objectives.