Characterized by a deliberate and strategic approach to minimizing or circumventing costs, expenses, or financial outlays. This often involves seeking cost-effective alternatives, carefully scrutinizing expenditures, and making choices that prioritize fiscal prudence. An expense-avoiding strategy focuses on preventing unnecessary spending rather than simply reducing expenses after they are incurred. It emphasizes proactive measures and resourcefulness in managing finances.
Expense-avoiding meaning with examples
- The frugal traveler was exceptionally expense-avoiding, always seeking out free walking tours, packing their own lunches, and utilizing public transportation instead of costly taxis. They embraced budget hostels and actively looked for discounts. Their trip was full of rich experiences while keeping the cost low to maximize the duration of the trip.
- When the company implemented its expense-avoiding policy, employees were encouraged to carpool to reduce fuel costs and use video conferencing to minimize travel expenses. They also scrutinized all purchase requests. This strategy significantly improved the company's bottom line and improved the understanding of where budget goes.
- Sarah’s expense-avoiding approach to home renovation involved sourcing materials from second-hand markets and doing much of the labor herself. She became highly skilled at upcycling and DIY. This dedication allowed her to create a beautiful home without taking out a large mortgage and while growing her skills.
- The government implemented expense-avoiding measures by centralizing procurement processes and negotiating favorable contracts with vendors. This strategy ensured they secured the best value for taxpayers' money. They also implemented spending controls throughout the various public sectors to manage the total expenses.