The key to reducing your spending is cutting back a bit in each area. Begin with making your life simple. Others fool themselves by not thinking about the total yearly costs of the things they spend their hard-earned money. Spending a hundred dollars for your cellphone service might not much in a monthly basis, but it is huge once you calculate it in a year.
If you want to spend less money, you have to consider the following tips:
Pay Using Cash Only
Retailers are aware of the statistics that prove that you’ll spend at least thirty percent more if you’re in a store with a debit card, checkbook or a credit card than you would with cash. Customers who carry cash is the last thing they like to see coming because they know how non-impulsive and cautious cash buyers are.
Stop Any Unnecessary Shopping
Window shopping, surfing online stores, and strolling through the mall without anything particular in mind can be a dangerous thing to do. It doesn’t mean that you must not buy anything. Your spending must be a planned act, buying services and goods you need, not impulsive spending.
Keep a Weekly and Daily Spending Record
If you see where your cash goes, you will surely regret it. Having a record for the money you have spent makes you think of your spending habits. This will give you proof of progress and challenges. In addition to that, keeping a weekly and daily spending record is the first step to establishing your budget monthly.
Keep your own spending record. Write down everything where your money goes. Every time you spend cash, use your credit card or debit card, take note of it in your spending record. Know your total spending and make your budget monthly based on what you have spent in a month.
Go to a Grocery Store with a List
Grocery shopping lists are your game plan. The industry of food spends billions just to weaken one’s resistance to spend a lot of money with compelling and packaging displays. Make your list based on the layout of your grocery store. Only purchase the items you need.
Try to Be Flexible with the Brands
Staying loyal to a particular brand will cost you lots of money in the end. If you are willing to go with what is on sale, the brand of the store or brand where you have a coupon, you will be able to save more money. Imagine how much you can save from considering a cheaper brand with the same quality as the expensive item.
Pay Bills Online
Paying bills online through an independent bill paying website or bank will save you lots of money and time. You will not need to pay postage and you will have an electronic record of banking activities.
Use Coupons
Consider using coupons for the items you would purchase if you did not have the coupon. Purchase the smallest qualifying size when you’re using a coupon. If you’re serious with slashing your grocery bills, always look for some great deals.