Saving money is a goal shared by many and a good resolution to make – no matter what time of the year it is. However, it isn’t uncommon for vows to waste less money go awry after only a month or two of making them.
The good news is it’s never too late to turn things around. After all, there’s nothing stopping you from taking a good hard look at your spending habits and making some changes right away.
With that in mind, here are a few ideas for where you can start to reduce your spending, be more money-conscious and save a little extra each month:
Insurance Policies
We won’t be advising you to cancel your insurance policies – that would definitely not be a financially responsible decision. However, it might be possible to reduce the amount you’re spending in this area.
Don’t feel like you’re married to your insurance company. It’s a good idea to regularly shop around and look for better deals or companies with a better reputation. For example, you can check out, say, Progressive insurance reviews as a start and see how they compare to your current company.
Subscriptions
Most people can stand to cancel a few of their subscriptions. Whether it’s unused apps, too many streaming services or magazines you forgot were even being delivered, there’s probably something unnecessary in the mix.
Consider which subscriptions you can cancel this year and you can easily save a few bucks. In this case, you probably won’t even miss what you’ve cut from your budget, so this is a little like finding $20 in your back pocket.
Dining Out
Of course, eating is a basic human necessity, but you could probably do it in the comfort of your own home instead of trying out every new restaurant that opens in the area.
Dining out is a great way to relax and wind down, spend time with loved ones and treat yourself after a hard day of work. This isn’t an expense that needs to be entirely removed unless your budget really calls for it. However, try to cut down your dining out to once or twice a week and cook the rest of your meals at home.
Grocery Shopping
Of course, eating at home can be expensive too, especially when you’re splurging on treats on every weekly shopping trip. There are a few different ways you can cut down on your grocery bill each month.
For example, focusing on healthier meals will help you to cut down on the cookies and candy you keep bringing home. You could also try meal planning to avoid wasting and only buy what you know you’ll be eating.
Clothing
For many of us, clothing is a major impulse-buy trigger. Seeing an item we love on sale absolutely calling your name can be tough to resist.
But this is how expenses start to pile up, and you end up with items you don’t really need. Try to implement a personal uniform that can help you narrow down what you’ll be buying. You could also try designing outfits you like by looking for inspiration online and purchasing only the items needed for those outfits.
Photo Credit: stock photo
Our family decided to focus on NOT buying new clothing this year, and we’re using the $ saved in that endeavor to buy “backup” shoes, glasses, etc., while we can still get them well-made and reasonably priced!
Great minds think alike, Lauren. I did the same with the back-up shoes and, in my case, contact lenses. (My glasses are my back-up to my contacts.)
People own too many clothes. Buy a few quality pieces, and take care of them. Wear t-shirts under your shirts, and they’ll last for years.
If you buy your clothes in a couple of basic color schemes, you can mix and match like crazy. All dress clothes go with one pair of black shoes. All casual clothes go with sneakers, and business casual goes with a pair of brown casual shoes.
Have fun with your clothes. It will put a smile on your face, and the faces of others. Years ago, I bought 4 t-shirts on clearance to express my opinion. I had to be at work at 7:30 AM, and my buddy wanted me to meet him at 5 AM to exercise. I got a raging Godzilla, a raging King Kong, a Kill Bill, and a Sponge Bob with Patrick. (No. I didn’t go.).
Shop at stores that give rewards points for gas. I saved $0.90 a gallon on a fill up. It was $16.20 total. My credit cards are all rewards card. My rewards certificates allowed me to buy new shirts year before last year with no cash. Last year, I was able to buy winter clothes and some Christmas gifts with no cash. I just bought 6 lbs. of my favorite dates, a few kitchen devices, grooming devices, car cleaning wipes, and some essential oils for room fragrance. It cost me nada.
I’d say a big savings is cut back on convenience foods, and buy healthy options. Learn to cook smart. Honestly, I sit on a comfy high backed stool while I cook. I read between all the pot stirrings. Dispel feelings of drudgery. Play the radio while you cook. Dance, and your family will stay away. You can cook in peace. (Len start busting a move.)
It all adds way up. So does the 22 lbs. I’ve lost.
I totally agree about owning too many clothes. I could probably ditch half my wardrobe and I’d never miss it!