3 Tips to Spending Less

3 Tips to Spending Less

You know you need to spend less money, but you have cut back on everything and there is nothing left to eliminate.

Are you sure?

Being on target and spending less than you earn is stressful but staying within your limit truly feels impossible at times.  So let’s look at 3 Tips to Spending Less!

1. Stop shopping the sales!

I know this goes against everything you have been taught, but let’s reflect for a moment. 

You patiently wait for the weekly flyers to arrive, or perhaps you are not that patient and view them online.  Your mind gathers all the Intel. 

·        I need that … okay but do you need more than one

·        I can use that … will you use it every day or will it collect dust

·        Oh, that is a good price … and when you need it you will find it on sale again

As you make your list you also note the store/location where this deal can be acquired.

·        Do you want to drive to more than one store battling the parking lots and the crowds?

·        How much wear and tear on your vehicle not to mention the gas used?

·        Where exactly are you going to store all those great deals you just bought until you need them?

·        Darn I didn’t go through that as quick as I thought and now it is expired – what a waste!

Remember a sale is only beneficial if it is used in a reasonable time and does not cost you the savings to attain it.  Save your money and buy what you need when you need it and enjoy the bonus of an item you want when you find it on sale.

2. Give yourself a daily limit!

Setting your limits for spending for a month can be relatively easy as you are generally working with hundreds.  This sounds like a lot and at times will give you false security of how much money you have to spend.

·        Example: 

·        Your food limit is $400 and a dining-out limit of $200

Six hundred dollars to feed yourself sounds great and you should be able to eat pretty well for that – right!  But what happens when you break it down to a daily amount?

·        Your food limit per day is $13.33

·        Your dining-out limit per day is $6.66

All of a sudden, your limits seem low in comparison to what you know you spend simply because your mind is in the hundreds. 

So you have two choices:

·        spend more than you have available

·        be more cautious about how much you are spending

3. Buy what you need only!

As more and more people become minimalist the focus is more on what you need to have for day-to-day living than what you would like to have.  Now I’m not saying that you should stop wishing or dreaming for better things.  But it is important to remember they are only things that capture you’re your thoughts or interests for a short amount of time.

Buying the latest products or services is only beneficial if you know that you are going to use them and obtain the value of what they cost.  So before you make that next purchase ask yourself do I need it or do I just want it?

Imagine the cash flow you could obtain if your wants were not the focal point of your purchases!

When you explore your spending you can and will identify the many triggers.  Empower yourself to get a grip on habits that can be broken. 

Looking for more ways to spend less register today in my online self-study program:

Spending - I Don’t Remember Spending That!