Effective ways to cut back on excess spending

Money makes the world go around and there is no getting away from how important it is to all our lives

Effective ways to cut back on excess spending

Money makes the world go around and there is no getting away from how important it is to all our lives. From paying the mortgage to buying groceries and paying other bills, we all need an income to survive. For many people though, spending too much can really hurt their bank balance and lead to financial worries. If you find yourself in that situation, it really is worth doing what you can to reduce your spending. Even if you simply want more money to put away for holidays or other treats, it does make sense.

 

If you are looking for some simple yet effective ways to go about this, the below should help.

 

Carry out car care and maintenance tasks at home

 

Most people now use cars to get around in. Indeed, over 260 million are registered in the USA alone! When it comes to excess spending though, they can be a real money pit if you’re not careful. The good news is that this does not have to be the case – there are things you can do in this area to slash your spending and save more.

 

A great tip to begin with is performing car detailing work at home rather than paying lots to take it into a garage or a professional valet service. There are some very good car shine products out there which turn making your car shine as though it has come from the showroom into an easy task. They are also much cheaper to use than getting someone else to do it. In the same vein, you should also think about carrying out simple car maintenance tasks at home as well. Things like changing windshield wipers, checking oil and changing air filters are not hard to do and cost much less when handled yourself.

 

Take a look at your grocery bill

 

One area where many people could also cut back on excess spending is their food shopping. While we all have to eat in order to survive, many of us simply spend too much on things we don’t need. While some treats are good, try to only buy what you need and always look out for things on offer. The best way to really trim your spending is to write out a shopping list for the week according to a set budget and to stick to it. This will mean you do not go over budget by filling your trolley up with extras.

 

Get the best deal on energy

 

Another necessary evil in life for everyone is paying for the energy we use. These utility bills are another area where you can spend more than you should be. This is because many people are on tariffs which are not the best in terms of value. A good tip is to look around at what deals are on offer and switch to suppliers that bring your monthly bills down. This will instantly cut back on your overall spending.

 

Ditch the expensive labels

 

A lot of us spend much more than we need on designer clothes and expensive electronic goods. While the big brands like Gucci are tempting, paying out hundreds of dollars for clothes when you can buy perfectly good ones for much less is bad for your wallet. To really cut back on spending excessively, try to find less well-known brands that still offer good quality but at a much lower price. You will be surprised at the range of stylish clothes and funky electronic goods that are out there from less well-known brands.

 

Think second-hand

 

With the rise of sites like Gumtree and eBay, buying second-hand items has never been easier or cooler. Even browsing through the rails at a local charity store is something most people think about doing now. The reason that shopping for second-hand items has taken off is clear – you get much better value for money and spend less. Video games are a great example – you would pay around $70 for a brand new one but one that is bought pre-owned will only set you back $10 or $20 in many cases. This allows you to still get exactly what you want but by not spending as much.

 

Less money spent is more money to enjoy

 

If you are looking to have more money to save or enjoy, the first thought is often about earning more. While this will obviously work, it is sometimes better to look at where you could spend less. Trimming back excess spending habits will achieve the same goal and will mean you get the extra money you need, without having to put more hours in at work.

Updated Date: 11 November 2019, 13:00

John Thunberbold

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