We all love spending money now and again. And you shouldn’t feel guilty for enjoying material things in life. While it is important to be mindful of how you spend, it’s not necessary to avoid ever treating yourself or buying your loved one a nice gift. Everyone spends, and sometimes, we spend a lot more than we plan. Even if you’re making ends meet, you may find yourself running out of money at the end of the month. Or perhaps you have one too many credit card bills and they’re becoming difficult to manage. If you relate to any of these or are thinking, “D, all of the above!,” then this post is for you. Here are six quick tips to help you save more and stop overspending.
Set Long-term Goals
Do you want to pay off your car or build home equity? If so, those are two great long-term goals that can inspire you to save more. Instead of spending on more things you don’t need, but anything you would normally waste toward your goals instead. Keep your eyes on the prize, and know that saving pays off, literally. Home equity, for example, frees up more money in the future if you ever need a large sum of cash. You can learn everything about how to apply for a home equity line of credit and what it can be used for in a free online guide.
Avoid Buying Just Because It’s on Sale
Businesses promote flash deals or last-minute offers because they work. People think they’re going to miss out on something if they don’t act now, then they buy something they rarely use and probably don’t even want. Don’t buy something that looks interesting just because you’re on sale. Buying on sale makes you think you’re saving money, but the best way to save is to not spend at all.
Wait at Least a Week
Impulse buying wastes more money than you might realize. The next time you’re tempted to make a purchase in stores or online, take a step back. Put any unnecessary purchase on pause for at least seven days and see if you still feel so strongly about it. In most cases, you’ll forget about it entirely or realize it really isn’t something you need to spend money on. This is just one of many ways to stop impulse buying and retrain your own habits as a consumer.
Turn Your Money into Time
Contemplate how much you have to work to make up for what you’re about to spend. If someone earns $20 an hour before taxes, they’re really taking home around $17. That $60 purchase you’re eyeing sets you back four hours of work. Thinking about money in terms of how much you have to work to make it can put things into perspective.
Cook Your Own Meals
Fast food and takeout drain your account, and they can cost you hundreds of dollars a month on top of your grocery bill. Learn to make your favorites at home so you can save more and enjoy a healthier diet. Even if you have to cook for a large family, preparing meals at home is going to save you money in spite of having many mouths to feed.
Ask to Lower Your Bills
Negotiating bills with your cell phone, cable and internet providers can pay off big time. You may think it sounds silly to simply call and ask for a lower rate, but there are often deals and promotional discounts that allow you to make slight modifications to your plan and save hundreds a year.
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