5 Ways You Can Cut Down Unnecessary Spending
A challenge many people face is learning how to spend less money and maximize their budget. It may seem nearly impossible at first, but there are changes that everyone can make to reduce monthly expenses. There’s no better feeling than eliminating debts and gaining financial freedom. This won’t just happen on its own, it requires work and determination. To help, we’ve put together this list of five ways you can begin to cut back on unnecessary spending today.
1.) Use Coupons and Other Money-Saving Offers
There are so many ways to save. From weekly store ads, loyalty cards, rewards programs, rebates, and direct mail and online coupons, the potential to save money is endless. In fact, Money Pages was founded to give consumers more ways to save while also helping local businesses grow. As a leader in direct mail savings, Money Pages has seen firsthand how beneficial the use of coupons and other similar offers are to help people lower their monthly expenses. Getting in the habit of using coupons is an easy way to kickstart your savings.
2.) Buy in Bulk when Possible
Typically, the more you buy the more you save. Purchasing your everyday products in bulk can significantly reduce the cost per unit. Wholesale clubs like Costco and Sam’s offer products you’d commonly find at grocery and department stores, but almost always at a lower cost. The way they sustain this is to sell these products in bulk, so instead of purchasing one bottle of shampoo they may only carry shampoo in bundles of 5 or more. This does sound a little excessive at first, but if you know you’re going to need the product again, simply buying it in advance can save you a lot of money in the long run.
3.) Reduce Energy Consumption
You might not realize it, but almost all devices and appliances require energy. Items like your cell phone, TV, washing machine, air conditioner and even your hairdryer use large amounts of energy over time. Today, there are so many energy-efficient products on the market that there’s no reason why you can’t reduce your energy consumption and save money on your electric bill.
4.) Eliminate Long-Term Contracts
The fewer long-term contracts that you sign, the more money you could save. Here we’re mostly talking about cell phones, cable TV providers and other similar services. There are many alternatives on the market that are priced considerably lower per month and come without lengthy contracts, allowing you to cancel at any time. Streaming services like Netflix, Hulu, Amazon Prime, Sling, DirecTV Now and others provide access to TV shows and movies at a fraction of the cost associated with cable providers. Even with the average price of cable and satellite TV resting at about $107 per month, this is still considerably higher than the cost of streaming services. Netflix’s most expensive plan is just under $16 a month. Talk about the savings potential!
5.) Track Spending with Money Management Programs
Even if you choose not to follow any other money-saving method, this is one that you shouldn’t skip out on. The first step to cut down unnecessary spending is to keep track of how much you’re spending in the first place. Popular software from companies like Quicken and Mint, or even just a simple Microsoft Excel spreadsheet, can help you manage your monthly expenses. Here you should record every cent that leaves your bank account and where that money is going. At the end of every month evaluate your expenses and look for any areas you can cut back on. So many people end up in serious debt due to uncontrolled credit card use and a lack of financial planning.
At Money Pages, we’re all about saving. If there’s a way we can help people save money you can bet we’re going to do it! Something we hear often from those in our local community is that we provide valuable savings, which allows them to extend their budgets. Hopefully by following these five tips to limit unnecessary spending you will see a boost in your budget and continue down the path to financial freedom.