If you are reading this article, you probably just viewed your bank balance and are wondering where all your money went in the past month. You also need a quick solution to your spending habits. It’s not even a problem per se; you just want to be financially accountable. The key to saving money is not to stop spending; rather, it is in spending less and sourcing out worthy alternatives. Recurrent expenses are the little foxes that ruin the vine of savings. Something as insignificant as a dollar every other day will eventually become a gigantic sinkhole on your finances.
Here are six carefully selected ways you can spend less monthly:
This might sound like a cliché, but the best way not to spend money is to save it. Think about it. If you had an account where you could lock money with zero access, there is no possibility of you spending that money. Open a long-term fixed deposit account today and save it away.
- Keep track of your spending
Don’t wait until the cashier tells you your card bounced before you have a look at your expenditures. There are tons of free and paid apps on the market that allow you to monitor how and when you spend money. If you’re a bit more old school, you can get a debit and credit diary to the same effect.
Fancy meals at lunch can be tempting, we know. If you work five days a week and you eat out at lunchtime, you will have bought twenty lunches at the end of every month. Do the math. Yikes, right? Now imagine you cook in bulk every weekend and pack lunch to work daily. One-third or more of that money would still be left.
Another effective way to save money on food is to plan your meals. This way, you have healthier meal options and will be able to control what goes into your body while saving money at the same time.
- Say yes to yard sales!
Got stuff you don’t use anymore but can still make cool cash off of? Sell it all! You could organize a physical yard sale and invite your community to come through, or you could do the more popular option – go online! Tons of sites will host your items for free. You could sell them in minutes if they are in good condition.
Also, don’t spend a lot of money on new items if there are cheaper and trusted thrift alternatives. This tip saves a lot of people money year in, year out.
- Bulk shopping
Have you noticed that you bring a new item home every time you go to the store? It’s because you go to the store too much. Plan your shopping, so you only have to go once a month to buy items in bulk. Apart from being the cheaper option, you also aren’t tempted to buy anything impulsively.
Be more intentional about how you spend money. Cut down on impulse buying. Take a shopping list whenever you go to a store or market so you don’t end up buying what you didn’t plan to. If you can, merge your shopping lists with a neighbor or friend so you can save extra coins when you buy in bulk together.
- Be content
This is the best saving advice you will ever receive. Contentment nips greediness in the bud. If you have insatiable wants, you will be drawn towards acquiring more and more and more. It never stops. Dream big and be determined, but not at the expense of your purse. There is only so much you can purchase.
If you are having trouble and lenders are hounding you night and day, you need help. The Debt Relief and Education Foundation has pro bono lawyers at the ready to help you get back on track. Contact The Debt Relief and Education Foundation today for a free consultation.