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Impulse buying can often be the bane of our existence. We’ve all been there; unable to resist the calling of a new shirt or pair of shoes that we don’t truly need.
It can often be frustrating not being able to feel in complete control of your spending. Thankfully, there are some tips for saving money that you can implement to combat this type of spending and focus on developing a better relationship with your money.
If you’re looking at how to control impulse buying or are just wanting to save some money in general, you’ve come to the right place!
1. Keep Track Of Your Spending
Maybe this one is a little obvious, but keeping a record of all the money you spend is a great way to save some money!
Knowing where your money is going and how it is being spent will give you peace of mind, and will also allow you to take a step back and evaluate any unnecessary expenses. This gives you the option to then make any changes to your spending habits if necessary.
2. Spend Less On Utilities
Do you really need to pay so much for your cable bill? Are there amends you can make to lower the cost?
If you have some flexibility in any of your monthly utility bills, then take advantage of it! Calling your provider and attempting to negotiate a new price for a specific bill is a simple thing that could help you to save a bit of money in the long run.
3. Order Less Takeout
Even if you only order a burger from your favorite restaurant, having takeout frequently will add up!
To save money, you should instead opt to cook your own food from scratch. Get into the habit of making your own meals with fresh ingredients. If you batch cook, you’ll have food ready for the next few days (provided you freeze it, of course.)
4. Try “Low Spend” Weeks And Weekends
Set yourself a challenge to be strict with your outgoings for an entire week or a weekend at least once a month.
A low or no-spend weekend could include opting for different activities than you’d normally do, such as going for a long walk with your family or having a movie night. In this case, instead of spending lots of money on going out to eat, you’re still having fun but without the added stress of having to spend money.
5. Cancel Unnecessary Subscriptions
Nowadays, people often find themselves spending a large chunk of their monthly income on streaming services and app subscriptions.
While these are a huge part of our lives, the likelihood is that you don’t use all of the platforms all of the time. If this is the case, you must narrow down your favorites and then cancel the rest.
6. Use An Incognito Browser
Using incognito mode as you browse can automatically help to save you some money. It deletes your browsing history as soon as you close down a tab, which means companies are unable to track what you’re looking at.
Because of this, companies cannot then put the prices back up for the particular service you were looking for. So if you’re planning to go on vacation, you must implement this!
7. Check Insurance Policies for Saving Money
Take the time to review the coverage you’re getting for all of your insurance plans. For example, you might be spending too much money on life or car insurance that doesn’t provide you with the cover you need. If this is the case, you should keep an eye out for better deals with your existing provider, or look for a new plan.
8. Save First, Spend Later
Adopt a flexible approach to budgeting with different percentages of your salary going to different things. Put simply, you should split your income into categories such as savings, bills, and fun (which could entail going for a meal or buying yourself a couple new books, for example.) Doing so will stop you from going overboard on your spending habits for particular things.
9. Set Savings Goals
Try setting specific yet realistic goals, depending on your income. Whether you want to save a couple thousand dollars to pay off your credit card debt, or simply want to build up your savings account, these are relatively straightforward to achieve.
10. Be Creative With Gifts
Lots of us overspend on gifts for birthdays and during the holidays. But you can save some serious money by making gifts yourself. Try baking a batch of cookies, knitting a sweater, or taking the receiver to do something that they love such as visiting a museum.
There are many simple tips you can implement to save some money. Though it may take some time to get used to it, the payoff will be worth it in the long run!