Spending less money is a goal many people have. Spending less frees up funds for a bunch of great things – like saving more, bolstering that rainy-day fund, staycations and vacations. We’ve compiled a list of a few simple ways to spend less money. None of this requires an overhaul of how you live your life. You don’t even have to forego every luxury you enjoy.
Have A Budget & Stick To It
Many people groan at the thought of creating a budget, but having a budget and sticking to it is a critical component to financial health. To create a workable budget you will have to know what your expenses are. Take a few weeks to track your variable expenses. Track every penny you spend.
Your budget accounts for fixed expenses like a mortgage and car payment, but it needs to account for the variable expenses too. Your budget should have multiple categories, including groceries/food, dining out, gas, entertainment, and any other category that is appropriate to your spending.
Optimize Your Fixed Expenses
Slash spending where you can. You may not be able to lower your monthly rent or mortgage payment, but what fixed expenses can you lower?
Shop around for less expensive car insurance. Get quotes from a few reputable companies. Explore the option of increasing your deductible to lower your annual premium. You may have a credit card policy that would cover a deductible payment – call the 800 number on the back of your card and find out! You can shop for quotes on renter’s or homeowner’s insurance, too.
Cancel annual expenses for things you don’t really need or use. Cancel subscriptions to magazines you don’t read, the gym membership you don’t use, and maybe even the cable you rarely watch (or watch too much of!).
Cut Unnecessary Expenses
Only you can decide what is “unnecessary.” Sit down with your credit card and debit card statements for the last two months. Review every purchase you made. You may be surprised to find a number of expenses that you’d call “frivolous.” You may also find yourself shocked to discover just how much of your hard-earned cash you spend at Target and Costco.
Yes, definitely clip coupons… but this is 2017, so definitely Google coupons too! If you are making a big purchase or an online purchase, make sure you search the internet for coupons! You may be able to find a “% off” to a specific retailer or a coupon code for free shipping.
Eat At Home & Pack Your Lunch
Cutting spending on dining out and brown-bagging your lunch are spend-less classics. When it comes to simple ways to spend less money, a PB&J never looked so good.
The Law Offices of Barbara B. Braziel helps people get out of debt. We offer free consultations to people in Savannah, GA and the surrounding areas.
We are a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy Code.