Spending Tips
According to the National Institute of Financial Counseling Education, 15 to 20 percent of your spending can be reduced or eliminated without any noticeable change in lifestyle. It may sound tough to do, but it’s definitely possible. There are a lot of cuts that can be made to your spending habits to help free up more money that you can use to help get you out of debt.
Here are some helpful hints to use in your everyday spending…
1) BRING YOUR LUNCH TO WORK
$5 to $10 lunches everyday can add up to a lot of money by the end of the month ($100-$200). Cutting back on this can help save a substantial amount of money. Maybe not everyday, but at least a few times a week would make a difference. It may take a little more time in the morning, but it’s definitely worth it.
2) SHOPPING FOR LARGE PURCHASES
If you have to make a large purchase;for example, television, washer and dryer, etc. ALWAYS check out prices online. Don't be tempted to get it at the local store without taking a look at competing prices. Wait 48 hours before making a final decision. Not only will this ensure that you’ve found the best price, this will also help prevent any impulse buying.
3) BALANCE YOUR ACCOUNTS
Always balance your checking account. Try to plan at least once a week to sit down and balance your checkbook. Bounced check fees can cost around $35, not to mention potential late fees, etc. Avoid these nuisance fees at all times.
4) AVOID ATM FEES
Avoid using the ATM machine anywhere else besides YOUR BANK. Though these fees may seem small per transaction ($3-$5), but being hit with ATM fees once a week adds up to $150-$300 per year. Plan in advance. If you are going to a ball game, concert, etc. make that extra stop at YOUR BANK instead of relying on using the ATM machine at the venue.
5) GIFTS
Always stay on the lookout to get future gifts at today's discounts. Birthdays and holidays always involve spending money. However, you can always find the right gifts at the right price well in advance. Remember, it’s the thought of the gift that counts, not the price.
6) GO SEE A MATINEE
If you want to see a movie, do it during the day. Movies are expensive! Even the matinee price is getting up there, but it's a big savings! It's also much less crowded. Eat a snack or meal before going into the theater as well. We all know that a snack and a soda can run you well over $5 at the movies.
7) VACATIONS
Not all vacations need to involve airfare and high priced hotels on a tropical island. Explore your immediate vicinity. There may be a lot to and see all within a 2-4 hour drive from your home. Stay a night at a Bed and Breakfast, cabin/cottage, or even a campground.
8) SHOP WITH CASH
Limit yourself to a budget at the grocery store, department store, etc. If you only bring $50 cash into the store then you can’t spend more than that. Using credit cards or even debit cards can cause you to exceed your budget.
9) CLOTHES
If you have young children then you know how quickly they grow out of their clothes. We always pass our children's clothing to our friends whose kids are just a little younger. We also have friends that can give us their kids’clothes. This works so well! Don’t’be afraid to ask!
10) GROCERY SHOPPING
Make a list of items that you only NEED before going to the store and stick to it. Always be sure to eat before going grocery shopping. This could help from overspending and buying things you don’t need. Also, use coupons from the Sunday paper to help save a few bucks.
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