When it comes to what we like to spend our money on, it depends on the person. Some like to shop, others enjoy social nights out at the bar, but whatever the vice, in order have extra money leftover at the end of the month to use to save for your future, there needs to be a few corners cut to improve spending habits this year and going forward.
Sure, it is easier to pay someone to do all of the work around the house, but it does not always make the most sense. I am not the handiest person in the world, but when it comes to taking care of simple things, with the help of YouTube and some trial and error, you can save hundreds, even thousands. Take painting for instance, it is tedious, but hiring out costs a fortune and there is no reason that you cannot handle the job.
Come Back to Make a Purchase
Impulse purchases are a large reason why we spend so much in a given month. Whether it is small money-wasting items at the checkout, something we see while window shopping, or adding to our cart online, not thinking about a purchase before you make it will only deplete your wallet. If you are in the market for a purchase, think about it for a few days, even a week, and come back and see if you still really want the item.
Track Every Dollar Going Out
The only way to open your eyes about how much you are spending in a month is to get the account statement and go line by line to see every dollar that went out. It probably will be alarming just how much you spend, in that you think now that spending a few dollars here and there do not add up too much. Once you have examined, start to ask yourself if the purchase was really worth it and it might reduce unnecessary expenses.
Eating out is, I know for me, one of the biggest spending habits that are currently doing every week, let alone how much in a month or a year. Whether you go to a diner for a quick dinner, or a nice meal out, the costs are sure to add up compared to what it would cost if you were to grocery shop and prepare the meals yourself. Sure, there is the cooking and cleaning up parts, but hundreds of dollars a month could stay in your bank account.
Put the Credit Cards Away
When using a credit card for purchases, especially shopping online with your card information stored, you do not feel the money leaving your account and feeling the pain of the transaction, often until the next billing statement comes in the mail. Next time, take cash out for what you want to spend that week and see if you think twice about making a purchase, once you see the cash leaving your hand and going into the cash register.