Quick and Simple Ways to Stop Overspending

By on August 21, 2018
Quick and Simple Ways to Stop Overspending

Managing your money isn’t easy.

These days, it feels like we’re constantly earning less, and spending more on everyday items like groceries, household bills, and even healthcare expenses. With so many different costs to worry about, it’s hard to find any cash for things like savings and retirement.

If you’re overspending on things that feel essential, it’s difficult to find anywhere that you feel comfortable “cutting back.” However, before you give up on your budget, it’s worth trying these quick and simple tips to overcome overspending for good.

1.     Compare your Options

A lot of people overspend on their bills every month, simply because they assume that they’re paying the lowest possible price for their goods. However, the truth is that you could pay a lot less simply by looking at what else is available on the market. For instance, if you’re currently paying a lot for your gas and electricity bills, it might be worth looking for the deals that you can get from other suppliers.

Remember, it’s also important to compare your options before you invest in a new service too. For instance, you might be able to save money on interest payments each month simply by comparing interest rates before you sign on the dotted line.

2.     Forget Brands and Go Generic

Another way that people end up over-spending each month is by putting too much stock into their favorite brands. While you might think that your preferred brand is so much tastier, or better-value than the generic option, the truth is that most are pretty much the same. If you can cut down on branded groceries and clothing, you can save a serious amount of cash.

You don’t need to switch to generic all at once, but you can start by trying a few generic changes a month. Ignore the label and make sure that you evaluate your purchase on experience alone. You’ll be surprised how often you don’t bother going back to the brand.

3.     Don’t Waste Food

These days, we waste huge amounts of food every month, simply because we assume we’re going to need more ingredients than we do. A good way to make sure that you don’t spend as much money each month, and save some time too, is to cook enough food for two meals and freeze your leftovers so you can have them again later. Instead of making dinner when you’re in a rush, you can simply eat your leftovers, and you won’t have to worry about spending any extra cash.

Additionally, making enough food for leftovers also ensures that you can take advantage of bulk-buying offers at the grocery store! Just make sure that you only make exactly enough for the family you’re serving.

4.     Stay In

When you’ve had a hard week at work, it’s tempting to throw caution to the wind and go out with your friends to blow off some steam. You might even use your cash on a weekend out with the whole family, just to start worrying about your finances again on Sunday evening. Although it’s tempting to go out as often as possible, remember that you can have just as much fun staying in.

Look for ways to transform your habits with cheaper, but equally fun options. For instance, invite your friends over for drinks instead of going out. Rather than going for a movie and a pizza with the family, have your own make-your-own pizza night, and borrow movies, or watch something new on Netflix. You’d be surprised how much fun you can have without spending much money at all.

5.     Make the Most of Loyalty Programs

Finally, while a lot of people still use coupons and vouchers to reduce the costs of their monthly spending habits, it’s easy to forget about loyalty programs. There are plenty of stores out there that use their loyalty programs as a way of keeping customers happy. Many of these programs come with tools that you can download directly onto your phone, so you can swipe through offers and save cash within a matter of seconds.

If you visit certain stores a lot, look into whether they can offer you loyalty programs or cards that might save you money in the long-term. Every little bit helps, even if it just means that you get free delivery when you get groceries brought straight to your home, or you’re the first in line to take advantage of a sale.

 

 

 

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Quick and Simple Ways to Stop Overspending