10 Simple Ways To Spend Less
The keys to spending less are discipline, attitude and organization. If you’re able to delay gratification and say “no” to your inner demands, at least for the time being, then your determination should reward you with more dollars left over at the end of the day.
#1 Avoid temptations.
We’re all subjected to 24/7 advertisements and promotions and have born the brunt of marketing campaigns. Just try sitting through your favorite popular program on television without feeling like subliminal messages are being programmed straight into your brain through not-so-subtle endorsements and commercials. How do you avoid the temptation to consume? Easy. Avoid the source of temptation. Watch less or no television if you can help it. Avoid window shopping. Avoid the Joneses. In my case, I don’t mind being bombarded by advertising and the call of consumerism. I have nerves of steel and have very strong will power, and it’s easy for me to say “NO” to myself.
#2 Use grocery coupons and buy generic items.
Develop a routine that involves organizing and collecting coupons and coming up with a system for buying items. Work on becoming a savvy, smart shopper, buy generic items, shop on sales days.
#3 Don’t use credit cards.
Keep a limited number of credit cards — a couple is enough, in my opinion. If you’re going to use cards at all, go for those with 0% APR or those with rewards, like cash back credit cards. Better yet, cut them all up and use cash! You’ll spend 12% to 18% less if you make it a habit to use cash in your transactions.
#4 Make a list.
Always prepare a shopping list before you go out and buy anything. This will help you stay focused on what you need to buy rather than on what catches your eye when you’re out on your shopping trip. This should help curb impulse purchases.
#5 Pay yourself first.
Designate a certain amount of money and have it set up to move automatically into your savings account each month: aim to save at least 10% of your gross income. By doing so, you pay yourself first and it’s money that is “out of sight” and hopefully “out of spending reach”. In other words, if you don’t see this money sitting in your checking account, you’re less inclined to use it.
#6 Cut out your vice habits and drains on your dollars.
If you’re serious about cutting the fat out of your budget, try to hit those things that aren’t really doing much for you. Sorry to be a wet blanket, but vices are a good place to start. Here is a common list of money drains you could probably do without:
Coffee
Cigarettes
Alcohol
Bottled water from convenience stores
Manicures
Car washes
Weekday lunches out
Vending machines snacks
Interest charges on credit card bills
Unused memberships
#7 Shop at discount stores and outlets.
Buying in bulk will help you save money and in the long run will help you spend less. It’s just more economical to visit discount stores. Marshall’s, Ross Dress For Less, Costco will cost you much less than Macy’s, Nordstrom’s or Safeway.
#8 Buy used.
Want 50% or more discounts on anything? Try Craigslist or your consignment centers. I’ve been amazed by some of the quality I’ve seen at stores and places I’ve picked up used items from.
#9 Downsize.
The moment you downsize, whether it be your car, house or your entire life, you’ll immediately notice what a big break you’ll be giving your wallet. Everything we own these days requires some amount of maintenance, and what many people don’t realize is how much it costs to sustain the stuff we buy. The bigger your car, house, or hobby, the more money you normally end up shelling out to maintain them. Clearly, downsizing and “simplifying” means less maintenance and therefore, less bucks spent.
#10 Postpone purchases.
Delay those purchases you have planned as much as you can. Or make purchases in installments (unless you get charged for it) to buy yourself some time and stagger the financial load. It’s almost as good as saying “no”.
The keys to spending less are discipline, attitude and organization. If you’re able to delay gratification and say “no” to your inner demands, at least for the time being, then your determination should reward you with more dollars left over at the end of the day.
#1 Avoid temptations.
We’re all subjected to 24/7 advertisements and promotions and have born the brunt of marketing campaigns. Just try sitting through your favorite popular program on television without feeling like subliminal messages are being programmed straight into your brain through not-so-subtle endorsements and commercials. How do you avoid the temptation to consume? Easy. Avoid the source of temptation. Watch less or no television if you can help it. Avoid window shopping. Avoid the Joneses. In my case, I don’t mind being bombarded by advertising and the call of consumerism. I have nerves of steel and have very strong will power, and it’s easy for me to say “NO” to myself.
#2 Use grocery coupons and buy generic items.
Develop a routine that involves organizing and collecting coupons and coming up with a system for buying items. Work on becoming a savvy, smart shopper, buy generic items, shop on sales days.
#3 Don’t use credit cards.
Keep a limited number of credit cards — a couple is enough, in my opinion. If you’re going to use cards at all, go for those with 0% APR or those with rewards, like cash back credit cards. Better yet, cut them all up and use cash! You’ll spend 12% to 18% less if you make it a habit to use cash in your transactions.
#4 Make a list.
Always prepare a shopping list before you go out and buy anything. This will help you stay focused on what you need to buy rather than on what catches your eye when you’re out on your shopping trip. This should help curb impulse purchases.
#5 Pay yourself first.
Designate a certain amount of money and have it set up to move automatically into your savings account each month: aim to save at least 10% of your gross income. By doing so, you pay yourself first and it’s money that is “out of sight” and hopefully “out of spending reach”. In other words, if you don’t see this money sitting in your checking account, you’re less inclined to use it.
#6 Cut out your vice habits and drains on your dollars.
If you’re serious about cutting the fat out of your budget, try to hit those things that aren’t really doing much for you. Sorry to be a wet blanket, but vices are a good place to start. Here is a common list of money drains you could probably do without:
Coffee
Cigarettes
Alcohol
Bottled water from convenience stores
Manicures
Car washes
Weekday lunches out
Vending machines snacks
Interest charges on credit card bills
Unused memberships
#7 Shop at discount stores and outlets.
Buying in bulk will help you save money and in the long run will help you spend less. It’s just more economical to visit discount stores. Marshall’s, Ross Dress For Less, Costco will cost you much less than Macy’s, Nordstrom’s or Safeway.
#8 Buy used.
Want 50% or more discounts on anything? Try Craigslist or your consignment centers. I’ve been amazed by some of the quality I’ve seen at stores and places I’ve picked up used items from.
#9 Downsize.
The moment you downsize, whether it be your car, house or your entire life, you’ll immediately notice what a big break you’ll be giving your wallet. Everything we own these days requires some amount of maintenance, and what many people don’t realize is how much it costs to sustain the stuff we buy. The bigger your car, house, or hobby, the more money you normally end up shelling out to maintain them. Clearly, downsizing and “simplifying” means less maintenance and therefore, less bucks spent.
#10 Postpone purchases.
Delay those purchases you have planned as much as you can. Or make purchases in installments (unless you get charged for it) to buy yourself some time and stagger the financial load. It’s almost as good as saying “no”.
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