Struggling with a tight budget?
Most of us could probably find a couple of areas in our spending habits where we can afford to cut back. It's easy to tell yourself that you're a frugal spender until you actually delve into your account statements and realise how much you really spend on takeout or takeaways, morning coffees, and other unnecessary expenses.
If you want to stop wasting your wealth in 2018 and start building it instead, then you've come to the right place. Here, we're going to look at some of the places that you can stop spending your money unnecessarily.
Interest Rates
Whether it's a loan or a credit card, one of the most important places you can stop wasting your money, is on the interest rates you pay to borrow cash. No matter what you're borrowing for, there are plenty of different options out there for you to explore. Comparing your options before you commit means that you have more time to find the loan or credit card with the lowest interest rate, and the best deal.
Late Fees
Speaking of fees that you'd rather not pay, there's no reason to worry about late fees if you've got the money in your bank to pay for your bills on time. These days, we all live such hectic lives that it can be difficult to remember when you're supposed to send a payment through your bank or follow up on a fee request. The easiest way to avoid problems is to set up automatic direct debits for your regular monthly payments. Sometimes this even allows you a discount on the full price of your bills
If there's anything you can't set up to automatically pay itself online, you can always try setting automatic reminders on your phone for a couple of days before the payment is actually due.
Buying Lunch Each Day
Regular meals are a necessity, so it's easy to tell yourself that you have to spend on a sandwich or meal deal each day to keep you going at work. While you do need to eat to keep your body and brain fueled up, you don't necessarily need to overspend on food. Dining out can add up pretty quickly, and the more food you prepare at home, the better off you'll be.
Not only does packaging your own lunch save you some serious cash, but it could actually be better for your waistline too. After all, you get to control the ingredients of your meals when you make them at home. Also, stop buying that unnecessary coffee out, or take your own cup for a discount at some of the well-known coffee chains, you will be helping the environment too by cutting down on disposable coffee cups.
Underused or Ignored Subscriptions
Take a moment at the end of each month to go through your bank statements and figure out where all of your money is going. During this, you might discover a few monthly subscription payments heading out to places like Netflix, or your local gym. If you use these subscriptions on a consistent basis, then there's no reason to get rid of them - unless you absolutely have to cut down on your spending.
However, if there are any subscription services on your statements that you don't use regularly, then it's time to cancel them. Don't allow yourself to keep paying for something just because you "might" use it eventually.
Bottled Water
Since you'll hopefully be starting to get into the habit of packing your own lunch, you might as well ditch the bottled water at the same time. People spend huge amounts on bottled water every month when they could just as easily take a reusable bottle with them to work.
Make sure that you invest in a nice bottle that you can take with you wherever you go. You'll be doing both your wallet and the environment a favour.
Since you'll hopefully be starting to get into the habit of packing your own lunch, you might as well ditch the bottled water at the same time. People spend huge amounts on bottled water every month when they could just as easily take a reusable bottle with them to work.
Make sure that you invest in a nice bottle that you can take with you wherever you go. You'll be doing both your wallet and the environment a favour.
Excess Food
The western world wastes a serious amount of food every year, which is particularly upsetting when you consider how many people across the globe don't have access to food. Whether it weighs on your conscious or not, it's safe to say that wasted food also means wasted money. With that in mind, it's important to think more carefully about the money you spend on consumables.
Before you go grocery shopping, write yourself a list of the meals you're going to make, and buy only the ingredients you need. I think it's also important to not go shopping when you are hungry as the smells of bread and doughnuts can be hard to resist!
Impulse Buys
Finally, don't let yourself become a victim of the impulse buy. Although it's tempting to grab something when you're on the way out of a store, make sure that you wait twenty-four hours before making any purchases that you hadn't already planned. This is a great way to make sure that you don't spend cash on something you'll regret by the time you arrive at home.
Do you do any of these tips already? Let me know
*Collaborative post
Ive found that taking a packed lunch really does help save money
ReplyDeleteThe waiting 24 hours to make decisions on impulse buys..... I wish I did this but I'm so implusive!
ReplyDeleteI’m guilty of a lot of these! Since I’ve been working outside the house more, I’ve also been spending lots more on coffee and it is a great idea to take your own reusable cup for a discount.
ReplyDeleteI've been staying away from the shops which helps a lot with the impulse buys and I seriously need to check if we have the best interest rates. Mich x
ReplyDeleteWe have made a conservative effort to cut down on food waste and I tend to make lunches most of the time
ReplyDeleteI've made it a personal goal to bring a lunch to work to help curve the spending. It hasn't been easy this week. Great tips.
ReplyDeleteFood is where I waste the most money. I’m not doing shopping lists to help cut down this waste. X great post.
ReplyDeleteI waste so much money on food!! I think if I could meal plan more I’d waste less, but we grow away a lot and I feel so guilty (and skint!) for it!
ReplyDelete