We all want to spend less, but it is tough to do so without a good strategy. Just like anything else, with some good strategy it becomes easier to make good decisions when it comes to spending money. Following these four tactics can help just about anyone save money on a monthly basis.
Make a Budget
There is absolutely nothing more important when it comes to money management strategy than making a budget. However, many people still do not have one because they do not know where to start or because they feel like it will limit them when they want to spend money. If the idea of a budget is no good to you, think of it as a spending plan. You still get to spend the money on the things you want; you are just going to track it more closely. Later on, you can find ways to cut your spending when you are ready.
It has never been easier to set up a budget. There are plenty of templates and types of software out there to help you get going and keep it up. Just do a search online for budget templates or software, find one you like, and get started.
Cancel Unnecessary Subscriptions
Maybe you still have that magazine coming every month, and it goes in the trash. Or maybe you have the extended cable package even though you only watch 5-6 channels 90% of the time. Whatever subscriptions or monthly charges you have, take a close look to see what you actually use. Those few dollars per month down the drain can really add up over a year.
Pause Before You Buy
We all make impulse buys. We see that gadget or hear about that sale, and we think we just have to buy that item. However, if you take some time before purchasing something, you might find that you do not really need it as badly as you thought. If you see something that you want badly but do not need it, do not buy it right then. Leave the store and come back later if you still really want it. This way you can think about it more clearly and avoid buyer’s remorse.
Always Buy Used First
The internet has made it easier than ever to find used items. Before you go buy something new, make sure you go online and do some searching for a used version. Obviously, this does not work for everything, but for many items, buying used will get you a high quality item for half the price. However, when buying used, make sure you do your due diligence, and be wary of scams!
If you will follow these four simple tactics, you will find that you can really take control of much of your spending and keep more money in your pocket each month.
{ 10 comments… read them below or add one }
My wife and I made the decision to cut our premium channels and keep basic cable with internet service. We are saving $100 a month and can’t believe we didn’t do it sooner! I watch sports on ESPN via my Xbox 360 and the kids can watch their favorite shows on PBS and Netflix. You can even leverage podcasts to create your own personal network of shows that you can stream to your TV!
EXCELLE NT TIPS-Going in my round up this week
These tips are great. As much as possible, I only spend my money on important things. Nowadays, being a wise-spender is a must. Keep posting!
Oh man, sometimes it is still to hard for me to save money and eliminate things I don’t need. I have a budget plan but I also use to get used things. For quite some time now I use to barter on barterquest.com and it helps me save a lot of money. Why should I throw things away which are still in good condition when somebody else might need them. It helps me a lot saving money and at the same time do something good for the environment.
The area that I’m lacking in is “Make A Budget”. I have something I call an “Automaic Budget” and do “Spot Budgeting”, but I’ve never had the energy to do a full out Budget
The other 3, I always do though (except magazine subscriptions, I haven’t had one in over 5 years, unless it’s free)…
These are all offshoots of the one single thing that got me out of debt—
Eliminate all unnecessary spending
The tactics to spending less on this blog really make someone think. I am currently a college student and I really appreciate any tips, such as these, to save a penny. I am an impulsive buyer but I have learned to “trick” myself into coming back and buying whatever I need later. If you really needed object X, you’ll go back for it. You’ll notice that you tend to forget what you wanted in the first place.
I agree that waiting to purchase something is a much better approach than splurging immediately. Often times I find I don’t need the item I originally wanted!
As for budgeting, I like your idea of spending with a plan. It sounds less structured, making it more attainable to people who struggle with structure!
I’ve never been one to rush out and make a purchase. Give yourself time to think about it, and you’ll probably find you really don’t need to spend the money.
All of those will for sure help create some room in a budget. I love to buy books used because it reminds me of before I knew you could do that and spent all of that money on new books. I love the internet.
I have had more than one occasion where I would focus on buying certain something only later to realize I probably shouldn’t have done that and returned it. Sleeping on it would have helped me avoid a lot of hassle.