We’ve all heard this advice before: if you want to save money, you need to cut back on spending. However, it’s not always so easy. Identifying senseless spending in the following areas can help you save more each month.
But don’t fret. Whether you are saving to buy a new home, saving for a great vacation, or just trying to add to your “emergency fund,” these little changes can help you to curb senseless spending that quickly adds up.
Create Visual Reminders
Do this for things such as debt or the cost of something you’re saving for. Seeing these numbers on a regular basis will help you commit to cutting back.
Make Lists
You may have heard that making a list before heading out to the grocery store can cut down on impulse purchases. But did you know that you can use this same strategy when buying clothing to decrease spending and ensure you buy what you need, rather than what looks good in the store?
Lower Utility Bills
Utility prices are a common source of hidden spending. Bundle your TV, phone, and internet for a cheaper price; or consider cutting your cable. There are many alternatives that will allow you to continue watching your favorite TV shows and movies for a lower monthly bill.
Plan Out Everything
Planning your weekly meals will help you eliminate dining out. Plan for and balance your monthly entertainment activities to avoid overspending.
Avoid Bank Fees
Total the amount of fees you’ve incurred over the past six months to a year (including ATM fees), and consider changing accounts, or even banks, to eliminate unnecessary costs.
