We all spend money on things we don’t really need but sometimes we aren’t aware of how much this can add up to. Here are some easy ways to go from wasting money to saving it.
Stop Wasting Money
Eevery day we choose on what things we spend our money.These 6 amazing tips will help you turn wasted money into savings.
1. Only Buy Things You Need
If you're trying to save money or pay off debt, you can save a lot faster by avoiding the unnecessary things you want and focusing only on the things you need.
As obvious as this may seem, many people do not follow this rule.
Things like eating out or asking for food delivery, cabs or expensive brand name products are things we could avoid spending a lot of money on.
This does’t meen eliminating all things that make us happy, but it helps to cut down on these things a little every month and save the difference.
2. Wait it Out
If you feel you are about to purchase something you don't need, wait it out and see how you feel the next day. A lot of times, after thinking it over, you’ll realize you can do without it and save the money you were about to waste.
It also helps to estimate how many hours you would have to work to pay for the purchase. Understanding the time cost can make you think it over and save the money.
If ater taking time to think about it csrefully you still want to buy it, then go ahead and do so. It definitely isn’t an impulse purchase.
3. Start a Budget
When you go through the process of starting a budget, you'll be able to see where most of your money is going each month. And once you identify this, you can start working on cutting back.
Then, the mney you're saving each month can be usesd for something else like paying off debt or building an emergency fund.
4. Don't Buy Stuff Only Because It's on Sale
A big way that stores trick shoppers into buying something is by putting it on sale. The sense of urgency and opportunity makes people buy things they would never buy at full price.
To avoid this trick, you should ignore the before sale price and judge whatever you are buying at the price it is today. Estimate, as we said before, the hour cost of the purchase and analize if it’s worth it.
Now, if something you need or something you've wanted for a long time goes on sale, and the price is ok for you then buy it!
The ideal is to spend only 1/3 of your income on rent. If you can bring this down to ¼ that’s even better. There/s no use in having a bigger house than you really need. This not only makes you spend more money on furniture but also on utillity bills and maintenance costs.
You can be just as happy, or happier, in something smaller and save money in the process.
The costs that come with moving, such as real estate agent, moving services, or the time it all involves, must be taken into account, but are usually wothwhile in the long run.
Now, if your house is bigger than you need and moving isn't an option, you could try renting it out on Airbnb.
6. Cook Your Meals
Eating out or calling for delivery can be an enormous waste of money. It is said that a meal out costs, on average, about $15, and a home cooked meal costs around $9.
That means that you cane save $5 on every meal you cook at home, and home cooked meals can be just as good or better than restaurants.
7. Use Cash
Yes, credit cards are more convenient, and yes reward points can be nice, but if you don't pay that credit card debt off every month, the interest will start to pile up.
This is where cash becomes a better option.
Give yourself afixed budget each week, say $30, and that's your spending money for the week, and once it is gone, that's it. This makes it impossible to overspend.
8. Smart Shopping
You can do your best to avoid shopping, but things like groceries, household supplies, clothes, and some fun stuff every now and then are necessary at some point.
However, if you just go out and buy these things withot analysing saving opportunities you're wasting money!
If you want to save money on food and household supplies, you should look into apps that help you save ASAP and if you like to shop online, make sure you're taking advantage of apps that pay you to shop, such as Groupon for example.
Finally, you can get a money refund if you buy something and then see it a week later being sold for a cheaper price. This happens all the time and most stores will refund you the price difference if you ask.
But if you don’t have the time to monitor everything you buy that’s where free programs like PARIBUS come in.
Paribus monitors all your purchases for price drops. If it finds one and the store has a price adjustment policy, it will get you a refund automatically.
It's free money with no work required.
In a society where we are constantly bombarded with sales and marketing we tend to spend money on things we don’t need, but taking into account these tips will help cut down on money we waste on unnecessary things.