Saving money and spending less are goals of many people throughout the calendar year. Whether you’re preparing for life events or you simply want to knock out some debt, reducing expenses is important. This can be a difficult thing to accomplish without some guidance.
Getting specific with your objectives can help. If your goal is simply to save more or spend less in the abstract, the goal might be tough to reach. Instead, find particular areas where you want to spend less.
Have you been swiping your card at the Starbucks drive-thru a little too much lately? If so, your goal could be to spend 25% less at Starbucks next month. Make coffee or tea at home instead.
Did you start a ton of streaming subscriptions in 2020 during the lockdown? It might be time to assess how often you use each one.
If you’re serious about spending less, you should start by writing down your goals. Then look at your expenses over the last few months to see where you’ve spent the most. Next, make a budget.
Create a Budget
Budgeting is a chore, and many don’t find it fun. Your future self will thank you for being responsible, though. The old adage about seeing progress where you focus is true. Thankfully, there are several free budget apps that can help you track expenses.
PocketGuard, Mint, and EveryDollar are just a few. EveryDollar focuses on zero-based budgeting. This means that you assign every dollar you have for the month to a category. PocketGuard gives a simple picture of your budget with graphs. Many of the apps, like Mint, allow you to track your expenses across multiple accounts.
For others, budgeting with cash might be a better option. The less you swipe, the less you spend. People who pay with cash spend less on individual items.
Plus, people are more likely to have a negative emotional response when using cash. Basically, if you use a card, there’s a gap between making a purchase and seeing its impact on your account. Cash doesn’t work that way. Some people opt to set aside cash in envelopes for each category of expenses.
While this works for some, many people prefer the convenience of using plastic. That’s where payment-tracking apps come in. You’ll see the charges right away.
Once your budget and tracking systems are set up, you should look for specific ways to spend less. These tips will help you find creative ways to save money while still enjoying the things you love.
19 Creative Ways to Spend Less
1. Understand Needs Versus Wants
Look at your expenses and categorize them according to needs and wants. You absolutely have to pay your electric bill. But do you really need that $150 blowout at the salon? While a haircut might be a necessity, other salon services might not be.
2. Be Picky About ATMs
Get cash from your own bank with your debit card. If you don’t have that option, get cash back when shopping at stores. An ATM out of your network will charge you a service fee. Then your bank may charge another. Stay away from the extra pricey special event ATMs as well.
3. Be Your Own Barista (or Bartender)
Whether it’s a latte or a cocktail at a favorite local bar, drinks out are expensive. Save big by buying the ingredients to make these beverages at home. If you really love the atmosphere, treat yourself a few times a month rather than a couple times a week.
4. Opt for Water
Ordering water when dining out is the cheaper drink option. And don’t forget your reusable water bottle when you leave the house. This one saves the planet as it saves you money.
5. Dine Out Less
Food is one of people’s biggest expenditures. If you dine out, your food costs get even higher. Set a monthly spending limit for going to restaurants. That way, you can choose between a few fancy meals or several trips to your favorite casual eatery. Don’t forget to check for weekly specials.
6. Cook at Home
Preparing meals at home is more budget friendly than dining out. Just be careful not to buy more groceries than you need. Shopping with a list can help. Buy a few days’ worth of groceries at a time so you’ll be more likely to eat the food before it spoils. Food waste is like throwing away money.
7. Bring Your Lunchbox
Many people are good about cooking supper and staying on track with their evening plans. But if you don’t plan your work lunches, you might find yourself in the drive-thru line out of desperation. Packing a lunch can keep the hangry away and the dollars in your account.
8. Address Credit Card Debt
If you use a credit card, try to pay off the balance each month. This will save you money on interest fees. If you must carry a balance, try to pay more than the minimum each month, and pay on time to avoid late fees.
9. Cut Cable
If you have cable, ask yourself what you watch. If you love just a couple of shows, find lower-cost streaming subscriptions for your favorites. Limit your subscriptions and take advantage of charge-free pauses if you’re on a hiatus from streaming. If that hiatus seems permanent, cancel the subscription.
10. Automate Bills
Many billed services, like electricity and insurance, offer a discount if you sign up for autopay. This saves you money and ensures you don’t get stuck with late fees.
11. Check Your Cell Phone Plan
Do you have a contract? Shop around and take advantage of promotional rates with different providers. Review your data usage. If you’re not using much, you might not need the unlimited data plan.
12. Carpool
Save gas and parking costs by riding with friends and family to events. Why not save money and enjoy conversation during the drive? Take turns paying the parking fees to make things fair.
13. Order Online
It can pay to order items once a month in bulk. Free shipping on higher-priced orders is a great perk of getting everything you need from one place. Plus, sometimes you’ll find cheaper rates when buying a month’s supply of items like paper towels.
14. Save on Prescription Eyewear
If you wear glasses, you know how expensive a new pair can be. Check out online suppliers like Zenni Optical or Warby Parker for savings. Enter your prescription, pick out frames you like, and have them shipped right to your door. Get your prescription sunglasses there as well.
15. Change the Way You Shop for Clothes
Be on the lookout for sales at your favorite stores. Consider thrifting, too. Check out overstock stores, which carry name-brand clothes and shoes at a fraction of the price.
16. Save Coins and Small Bills
Find a dedicated piggy bank or jar to hold loose change and single dollar bills. Over time, your collection will add up to a nice little nest egg. You can attach goals to this jar, too. Save for a new purse or shoes.
17. Conserve Energy
Turn off lights and turn down the thermostat to save on household utility bills. It may not seem like much, but over the course of the year, a few degrees add up.
18. Get Books and Movies Cheap
Your local library should be your first stop to borrow books, audiobooks, and movies. Before you pay a rental fee, check to see whether the title is available for free.
19. Ditch Paper Products and Plastic Cups
Though paper plates, paper towels, plastic cups, and silverware are convenient, they’re not necessities. Reusing items is much cheaper and better for the environment. Hand towels and cutlery are good investments.
Creating a budget and sticking to it can be tough. These creative ways to spend less money can make your life easier. Over time, your savings will grow, and you’ll see that your hard work was worth it. A paid-off loan, new vehicle, vacation, or a down payment on a house could be on your horizon before 2022.
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