How to Spend Less and Save More
7 Helpful Hints on How to Spend Less and Save More
Knowing how to spend less and save more is critical to staying financially healthy. Cutting down on your expenses is always the first step to consider when you’re trying to get ahead.
Here are some things you can do to cut costs and save more money that you can put towards old debt or save toward your future:
1 – Get rid of unnecessary expenditures.
For example, do you really need the newspaper? Can you go online and read the news or watch it on TV instead? How about bottled water delivered to your doorstep – is it a luxury you can do without temporarily?
Do you have a landline and a cell phone bill? Would it be possible to get rid of your landline phone service and just go with a cell phone for the time being? If so, that’s one less payment each month.
2 – Cut back on existing packages.
Cable TV is a budget buster. You might spend hundreds of dollars getting tons of movie channels and special packages for sports and entertainment. Cut back to a basic plan. If you need to, invest in a Netflix account for much less than you would a cable TV package.
If you can bundle things to save money, do it. For example, you might have your phone, cable TV and Internet service all with different companies. You can save money by bundling it with one provider.
3 – Save on electricity and water.
Make sure you and everyone in your family understand the importance of shutting off lights and conserving electricity for your monthly bills. Same with water usage – don’t let the water run while brushing your teeth, and don’t do small loads of dishes and laundry – wait until you have a full load.
4 – Quit eating out.
Eating out at restaurants doesn’t help you stick to a budget. It might help you save time stopping by for fast food, but it can wreak havoc on your pocketbook and monthly budget.
5 – See who is charging you more.
If you have credit cards that are charging you annual fees, you can request that those be waived. Otherwise, you might want to shop elsewhere for a different line of credit with no fee.
You also want to check things like your bank accounts to see if they’re charging you a monthly fee for using their service. There are some banks that will do away with this charge to keep you as a customer.
6 – Make a meal plan.
People who shop without a list tend to spend more than people who make a weekly meal plan and budget for their families. Shop based on whatever coupons your local store is offering in the weekly paper.
Make sure you pack lunches instead of eating out at work. As Dave Ramsey says, you can live on beans and rice while you’re paying off your debt if you’re serious about it.
7 – Look for cheaper forms of entertainment.
Don’t have an official date night out every weekend where you’re shelling out for an expensive dinner and a movie. Instead, invite other couples over and have game night at your house with snacks and wine!
Once you have seen how you can spend less, look at how you can earn more! Whether you get a second job, host garage sales, sign up for programs where you host parties and earn money, or make money working from home online – you can put all that extra dough toward your old debt.
Once You Get Out of Debt, Stay There!
The most important thing to remember is that once you start digging your way out of debt, you can’t fall back into the old trap a second time (or third of fourth). Some people find spending is a hard habit to break.
Knowing how to spend less and save more can make all the difference in your financial health. Find what works for you and stick to it.
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