If you’re trying to live a more frugal lifestyle, you already know that you need to cut down on your spending. The trick is finding ways to accomplish that. There several different ways to reduce your spending, and here are a few ideas to help you get started:
Put yourself on an allowance.
Do you remember the days when you were a kid and you were given a weekly allowance by your parents? Back then you were probably extremely skilled at stretching that allowance to get the most out of it. Why not revisit those times? Determine a reasonable amount for you to spend during the week (not counting fixed expenses like rent or your car payment) and put that amount in your purse or wallet. Whatever happens over the next week, don’t increase that amount. Before long you’ll be an expert at getting the most out of your allowance again.
Remind yourself why you are cutting expenses.
Are you saving for a down payment on your first house? Maybe you are saving for your wedding expenses. Whatever the inspiration for your desire to spend less, that inspiration can help you stay on the path to reduced spending. Try carrying a reminder of your goal with you. You could carry a picture of your dream house or a sample wedding with you wherever you go. Then, each time you open your wallet to purchase something, you’ll be reminded about your goal. Is the item your about to purchase worth delaying you goal?
Start running (or walking).
The point here isn’t just to get from Point A to Point B. If you are exercising regularly, you’re spending part of your day doing something that doesn’t bring any temptation to spend money with it. Instead of walking around a department store, put on your sneakers and walk at your local park. You’ll save money and get in shape at the same time. I think the important point here to focus on is to avoid the temptation of spending.
Volunteer at your favorite charity.
Like the exercise option, part of the reasoning behind suggesting that you volunteer is using your time in a way that doesn’t encourage you to spend money. However, there is an added benefit to volunteering. When you are surrounded by people who are less fortunate than you are, you may find that the new pair of shoes you’ve been coveting doesn’t seem quite as important as it did yesterday. Remember how lucky you really are.
Have an exchange party.
If you just have to have something new, but you know it isn’t in this month’s budget, host an exchange party for you and your friends. Everyone should bring something from their home that they no longer want. Select something that is nice, but you’re not in love with. Maybe, you received a beautiful vase from your boss for Christmas. Although you are touched that your boss cared enough to get you a gift, it’s excessively modern style doesn’t really match the shabby chic décor in your home. This type of item would be perfect for the exchange party.
Choose a method of switching objects. Try to pick something that you and your friends will enjoy like playing games with the objects as prizes. The only rule is that no one goes home with the object they came with. By the end of the night, everyone will have had a good time and will have something new. And no one spent a dime.
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{ 3 comments… read them below or add one }
Great great sutff!
However, what helped me more was to change the mental mindset that I had towards my money first. This allowed me to change multiple habits of mine at once.
Once I took genuine ownership over my money and started treatingit as though it were really mine–all of the good spending habits fell into place.
But again, a fantastic list!
I like your comparison to our weekly allowance. As we get older we tend to lose the value of a dollar, because between friends, credit cards, savings accounts and investments there will always be more when we need it. By considering things in absolutes (like, “You’re absolutely not getting any more money until next payday”) we learn to appreciate the value of what we have.
I LOVE your suggestion that people start exercising more. It’s tempting to consider that trip to the mall to be your daily workout, which is not only usually insufficient from a cardio point of view but puts a huge strain on your pocketbook. Excellent post!