Reducing Your Spending

One of the first things most people want to do when starting to look at their finances is to reduce the amount that they spend. This is not an easy task, but here are some tips to hopefully make it a little easier.

• Leave the credit cards at home

  It's simple, if you don't have them, you won't use them

• Keep accurate records

  both with your checking account and credit cards. If you know what you have to spend, you will spend less

• Leave a “safety net” in your checking account

  Leave $75-100 in your checking account so that you have a safety net so you don't have overdrafts

• Open and use a high yield savings account

  Even putting $2-10 a month into an account can give you a good return. Having it automatically withdrawn from your checking account (maybe even your paycheck) will make it almost unnoticed

• Use coupons, sales, and rebates

  Try to use them together and to your greatest advantage

• Stay in and do activities

  Instead of going out and spending $20+ to see the newest movie, stay in and have a game or movie night, or sit and read a book

• Walk to stores that are close

  If you can, walk to nearby stores. That way you won't buy a lot of unnecessary items - only what you can carry home

• Reduce your number of trips to stores

  Going back to the same store five times will ultimately result in at least two (or more) extra items from that store. So go less and resist the temptation

• Leave all but a few dollars at home

  If you leave your credit/debit cards at home when you simply go out looking and only take $40 with you, you won't come home with an extra $50 worth of stuff you didn't need anyway

• Stop and think about impulse purchases

  When you want to buy something (especially higher priced items) stop and think. Do you really need it/can you really afford it right now? Or do you want it merely because its shiny, electronic, and cool looking?

• Don't select items in checkout lanes (impulse lanes)

  They're called impulse lanes for a reason. If you want a pack of gum, buying the five pack is probably a lot cheaper than a single pack. Stop and figure it out sometime, the prices are ridiculous! A buck for a pack of gum, or two bucks for a five pack of the same gum?

• Cut back on the soda/coffee/impulse buys

  Cutting back on the amount of soda/coffee is not only good for you in the long run, it will save you a decent amount of money.

• Use what you already have

  Do you really need that new scent of shampoo thats out or can you use up the bottles of what you already have first? Is that new set of silverware necessary, or do you just want it because it all matches?

• Go through your closets, drawers, and cupboards

  Before you go out and buy a bunch of new items for spring, look through your closets/etc and see what you have that will work perfectly fine. Get rid of what you don't use or wear and then you can look into getting new items.

Hopefully this list helps you to curb some of your spending and help you save for your future!