Spending too much money? Try these tips for better savings

By Rahul Vaimal, Associate Editor
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Have you been dealing with your pandemic anxiety by shopping?

According to data, many seem to be doing so with people around the globe spending more than they usually do on things that they would not usually purchase. COVID-19 brought with it the lesson that health is important but so is wealth. After all, if it were not for the little savings that we had to fall back on during these tough times, what would we have done?

Pandemic or no pandemic if you want to spend less money, then you have to do it the right way. You know you’ve got to save for the future, but how do you really make it happen? You could run into trouble unless you have some great ideas and a plan. To curb your spending, follow these easy tips.

1. Set savings goals

Having a plan is always good. Are you saving money to purchase a car? Or you may just want to pay those credit card balances down. Whatever the case, set your priorities. You will be able to work better for the goal once you have a clear idea of what you are saving for. Think of your goals as a line of defense that protects you from unnecessary spending.

2. Planning your budget

Keep track of what you spend, and in a budget spreadsheet, record daily entries. Over time, you’ll see how much you spend every day, week, month and year. There are many useful budget planners that you can find using a search engine if you need any help.

You could analyze your budget and find precisely where your wallet is leaking. You should also keep track of your income in the same way, making sure you don’t spend more than you earn! Simply cut out the expenses that do little for your savings and watch your earnings grow.

3. Balance Before Spending

Before leaving the house to go out, pay all of your bills. You are more likely to spend money wastefully when you are unaware of your financial position. However, when you have a decent understanding of your finances when you go out, it will benefit you. Also, balancing your checkbook will provide you with the willpower to stop spending too much.

4. The Three Days Wait

Wait for three days if you are tempted to make a big purchase. While waiting, evaluate whether you really need to buy it or not. You would know if it is something you really want to buy after the rush of impulse shopping wears off.

5. Eat your food

Avoid going out to eat frequently. There’s food that’s probably better for you in your refrigerator and you’ll save big bucks by staying at home. Before taking another trip to the supermarket, search your pantry because you probably have some food in there too. And snack before you go when you go to the store because a hungry shopper is a spendy one! Make a note to go to the supermarket only when the food is over. This way you will take fewer trips and lower your grocery bill, saving you some cash in the process efficiently.

6. Shopping With a List

Before you leave the house, make a list of what you need to purchase. When you are out, this will help you but only if you stick to the list. You can easily avoid impulsive buying in this way. Remind yourself that you cannot buy anything that is not on the list.

7. Delete promotional emails

Stores and brands send you emails all the time. They want you to open them up so that their new offers can mesmerize you. Don’t open them! There is usually a link to opt-out from them forever right at the bottom of the email.

8. Stay away from your credit cards

When you are trying to save money, your credit cards can be your worst enemy. So, place them in a place that is not readily accessible to you. You could even take the drastic step of cutting them up.

9. Do it yourself

Rather than paying someone else to clean your house or cook your food go ahead and do it yourself. In the long run, these services aren’t doing much for you. Sure, they’re convenient but they’re going to cost you. The cost for doing it yourself is just a bit of your free time. You could learn to enjoy these chores while your savings thank you for it.

You’ll find that you can minimize unnecessary spending with these easy tips and begin to increase your savings. Initially, it may not be easy, but it can be fun! Before you know it you will be going down the path to reducing your spending and building up your wealth.