<\/p>\n
Overspending can have a big impact.<\/p>\n
People are tempted to buy things using credit and end up owing thousands in credit card debt.<\/p>\n
Many people don\u2019t have savings, or even an emergency fund because they have nothing left to save at the end of the month.<\/p>\n
Don\u2019t worry though, there are so many simple things that you can do to stop overspending.<\/p>\n
Even if you don\u2019t spend your entire paycheck each month, we could all do with cutting back a bit on what we spend.<\/p>\n
In this post, we\u2019ll cover super easy tips that you can follow to spend less, and therefore, save more, reduce or even pay off your debt fast<\/a>, and just feel less stressed about your finances.<\/p>\n If you\u2019re overspending, then even just spending a little less each month could help.<\/p>\n Did you know that having just $250 to $749 in your savings account could help you to avoid eviction, missing house payments, and other financial problems? This is, according to an analysis from the Urban Institute<\/a>.<\/p>\n Below, we offer easy to implements tips on how we can all stop frivolous spending.<\/p>\n You might not even realize how much you spend each month.<\/p>\n It\u2019s easy to lose track of purchases. Spending $50 on clothes at a store might not seem like a lot, but purchases add up.<\/p>\n Without realizing it, you could spend $100s extra each month just on what you think are small purchases.<\/p>\n We\u2019d highly recommend you go through your bank accounts for the last few months and write down all of your expenses.<\/p>\n If you like getting paid for surveys, and are going to join only one site, I would recommend you choose Ipsos-iSay. Ipsos is the most fun and well-paying panel. Give it a try to see how you like it. It is free anyway!<\/p>\n Click to Join Ipsos Now!<\/a><\/p>\n<\/div>\n It will really make your spending habits hit home.<\/p>\n Once you know where your money is going, you need to set a budget for yourself<\/a>. You might be spending too much, simply because you don\u2019t have a budget in place.<\/p>\n Track your expenses and income \u2013 you can use a spreadsheet to do this. And, then allocate money to each area of your life.<\/p>\n So, for example, allocate part of your income to food, part to utilities, part of it to pay off your credit cards, etc.<\/p>\n Budgeting keeps you on track with your finances, it allows you to see how much you\u2019re spending, and it prevents you from spending more money than you earn.<\/p>\n Like we said above, planning your budget is important because then you\u2019ll know how much of your income you have to allocate to bills, etc.<\/p>\n Goals are important too.<\/p>\n Goals, like paying off your debts, cutting down your grocery bill, and starting a savings fund are important.<\/p>\n Perhaps you need to spend less because you want to save money to buy a car.<\/p>\n Or maybe you owe thousands in credit card debt.<\/p>\n Work that into your budget as well, but set goals for yourself.<\/p>\n You then have something clear to work towards. And each time that you go to spend, you\u2019ll know why you shouldn\u2019t \u2013 because it will deter you from your goals.<\/p>\n Goals give you a starting point, something tangible to work towards.<\/p>\n If you\u2019re spending $1000 a month on groceries, for example, you can then set a goal to reduce that to $600.<\/p>\n We mentioned using a spreadsheet to budget, but this doesn\u2019t work for everyone.<\/p>\n Handily enough, there are lots of apps out there you can use to budget.<\/p>\n A few good ones include:<\/strong><\/p>\n YNAB isn\u2019t free, but the other two are \u2013 EveryDollar has a free version.<\/p>\n With these budgeting apps<\/a>, you can set up a budget, keep track of your expenses, and even set goals for savings and paying off debts.<\/p>\n If you struggle to budget, then we\u2019d highly recommend using a budgeting app.<\/p>\n Many of us are losing money from our bank accounts each month via unused subscriptions, and other recurring payments.<\/p>\n It could be a gym membership that you ever use that\u2019s debited from your account each month.<\/p>\n You may rarely use these services, even though you are paying them, or you may have even forgotten about these direct debits altogether.<\/p>\n Cancel any direct debits for services that you don\u2019t really use. Doing this could save you so much money.<\/p>\n In fact, if you cancel your gym membership, you could save $648 a year.<\/p>\n There\u2019s also a tool called Trim<\/a>, which will find subscriptions, and, if you okay it, will cancel them for you!<\/p>\n So you don\u2019t even need to take the time or effort to cancel unused subs.<\/p>\n According to Trim \u2013 you could save $120 a year!<\/p>\n Check out our review of Trim here<\/a>.<\/p>\n Did you know that people spend up to 100% more with a credit card<\/a> than they do when they use cash?<\/p>\n Crazy right?<\/p>\n Credit cards encourage overspending.<\/p>\n If you want to know how to stop spending money you don\u2019t have, then you should ditch the credit cards \u2013 they aren\u2019t your friend.<\/p>\n It\u2019s easy to think, \u201coh I\u2019ll just put it on the credit card and pay it off when my next paycheck comes in.\u201d <\/em><\/p>\n It\u2019s likely though that next month, you won\u2019t have the extra cash to pay off the expense and you\u2019ll probably charge another purchase.<\/p>\n Unfortunately, it\u2019s easy to slip into the trap of credit card debt.<\/p>\n Instead of using your credit cards, use your debit card or cash instead.<\/p>\n If you don\u2019t have money in cash or debit, don\u2019t spend.<\/p>\n Credit cards should really only be used for emergencies, or if you know that you can pay off a balance in full before you incur those pesky interest charges!<\/p>\n Do you find yourself saying, \u201cI wanna stop spending my money but I can\u2019t.\u201d<\/em><\/p>\n Sometimes, people just get into the habit of spending, it almost becomes second nature!<\/p>\n One of the best ways to break the habit is to go a month without spending any additional money.<\/p>\n If that\u2019s too hard, go for a day or two.<\/p>\n Of course, direct debits for utility bills might be subtracted from your account \u2013 it\u2019s tough to avoid these.<\/p>\n But, you could easily go a day without spending money on things like games, clothes, or even food.<\/p>\n Even just going a day without buying anything can be enough to break that overspending habit.<\/p>\n And if you want to know what it\u2019s like to stop spending money for 30 days, check out Money Mini Blog\u2019s post on not spending money for 30 days<\/a> where Kalen shares his experience and what he and his wife learned during the experiment.<\/p>\n Before you buy anything, it\u2019s best to wait until the next day to see if you really want the item.<\/p>\n So, sleep on it for a night, and the next day, and ask yourself, \u201cdo I really want to buy this?\u201d<\/em><\/p>\n This is a simple trick that can prevent overspending.<\/p>\n If you\u2019re really struggling with spending, rather than waiting a night before buying something, try waiting a whole month!<\/p>\n I know, that seems like ages, but it really is a good way to determine whether you actually want or need an item.<\/p>\n Plus, you can actually work it into next month\u2019s budget, so that if you do decide to buy that item you\u2019ve been wanting, you\u2019ll have the money to do so!<\/p>\n If you\u2019ve been wondering how to stop spending money for 30 days, this is a good trick!<\/p>\n A good way to prevent buying stuff is to work out what the cost of an item would be in work time.<\/p>\n Look at the cost of the item and determine how many hours you would have to work in order to cover the price of it.<\/p>\n If you get paid $10 an hour<\/a> and you want to buy an item for $100, for example, that\u2019s 10 hours you\u2019d have to work just to pay for that one item. It\u2019s an extra 10 hours of work to cover the purchase!<\/p>\n When you look at it that way, this $100 you might have spent on a whim seems like more of a big deal.<\/p>\n So work out what an item costs in work time and see if it\u2019s really worth that extra work time to buy.<\/p>\n If you spend $15 on lunch every workday, then that\u2019s $75 a week, around $300 a month, and $3,600 a year!<\/p>\n When you look at it that way, that $15 you part with each day then seems like a substantial amount.<\/p>\n Skip eating out lunch, or any other meal out. Instead, take a packed lunch with you. In ten years\u2019 time, you could have $36,000 saved up just by making your own lunch!<\/p>\n We\u2019re not suggesting that you never dine out again \u2013 just cut back a little, and you\u2019ll see big differences!<\/p>\n Oh and for those times when you do want to treat yourself to a lunch or dinner out, use these tips to save money at restaurants<\/a>.<\/p>\n Want to know how to stop spending money on food?<\/p>\n Then plan!<\/p>\n As part of your budgeting, you should have allocated a certain amount of money to food.<\/p>\n It\u2019s also important to write out a food plan. I like to do this, because then, not only do you have all of your meals planned out for the week, but you also curb overspending and avoid buying items that you don\u2019t end up using \u2013 so you waste less food in the process.<\/p>\n When you go shopping, stick to your plan, and add up your purchases as you go.<\/p>\n One of the best ways to fix a bad spending habit, especially when it comes to food and grocery stores, is using a shopping list.<\/p>\n A simple shopping list is more powerful than you\u2019d think. Studies<\/a> show that when you take a shopping list with you to the store, you spend less money.<\/p>\n When you have a shopping list, you\u2019re less likely to spend money on impulse purchases. Just make sure that you stick to the shopping list. Having a shopping list is also useful for sticking to your food plan for the week.<\/p>\n It\u2019s a simple, but effective way to spend less.<\/p>\n Don\u2019t want to deal with the hassle of using a pen and paper for your list? Try some of these grocery shopping apps<\/a> that you can use to create shopping lists with.<\/p>\n Sales can be tempting. After all, if you\u2019re trying to save money, buying a product that\u2019s usually worth $100 for only $70 seems like a no-brainer.<\/p>\n However, $70 spent is just that \u2013 it\u2019s $70 spent, rather than $30 saved.<\/p>\n The best way to save money on a tight budget<\/a> especially,\u00a0is not by purchasing discounted items, it\u2019s by not buying them at all.<\/p>\n If an item that you planned to buy anyway goes on sale, then it\u2019s great.<\/p>\n Don\u2019t buy stuff just because it\u2019s on sale though.<\/p>\n Again, plan before you go shopping, and take a list with you. It will be easier to avoid those sale items.<\/p>\n If you want to know how to stop spending money on unnecessary things, then this is a good tip to keep in mind.<\/p>\n Wanna stop spending money you don\u2019t have, this is the best tip for you to keep in mind.<\/p>\n Take cash with you instead of a credit or debit card.<\/p>\n It\u2019s a simple, but effective strategy.<\/p>\n While credit cards encourage spending cash you don\u2019t have, debit cards can also be dangerous.<\/p>\n Because you don\u2019t physically part with cash, it\u2019s easy to spend too much when you pay with a debit card. Cards, in general, are bad news when trying to curb spending.<\/p>\n Take the exact amount in cash that you allocated in your budget for food, or whatever it is you\u2019re buying to the store with you. Leave your cards at home.<\/p>\n This way, even if you are tempted to buy a few extras, you won\u2019t be able to, as you won\u2019t have the cash with you!<\/p>\n Whether it\u2019s pizza<\/a>, Chinese food, or coffee<\/a>, make your own at home, rather than ordering it out!<\/p>\n It will cost so much less.<\/p>\n This is such a simple tip!<\/p>\n Before you head out to the grocery store, check your pantry.<\/p>\n You might find you don\u2019t need another trip to the store just yet.<\/p>\n Just take a look in your refrigerator, freezer, and pantry to see if you have food in that you could eat instead. You could eat for \u201cfree\u201d for a few days by delaying that next trip to the grocery store. Only go to the store when your food is gone!<\/p>\n We actually do this in our home where we try to use everything we have left in the freezer and pantry before going to the grocery store. Not only it saves you some money, but it also helps you clean your kitchen and even save money by not having to through away food that might go unused for long enough that it becomes bad.<\/p>\n Pro tip<\/strong>: Before you through away anything while cleaning up your pantry, check out these tips to save money on trash bags<\/a>.<\/p>\n While going to the mall with friends at the weekend can be fun, it\u2019s such an easy way to spend money on clothes, games, coffee, etc.<\/p>\n Don\u2019t go shopping \u2013 avoid the temptation.<\/p>\n There are plenty of free things to do as well.<\/p>\n Do a search for free museums, events, or other activities in your area \u2013 and check out our list of free museums<\/a>!<\/p>\n Also, you could pick up an inexpensive or free hobby \u2013 check out our list of hobbies<\/a>.<\/p>\n Or you could volunteer at a local animal shelter.<\/p>\n By occupying your time with other activities and hobbies other than shopping, you\u2019ll save yourself so much money.<\/p>\n You take away the temptation to spend money.<\/p>\n The change jar<\/a> is a classic \u2013 with good reason.<\/p>\n Deposit all of your spare change into a jar, and then save it. You could even put a label on it for what you plan to do with it, like \u201cweekend getaway,\u201d or \u201cTV fund\u201d if you wanted to.<\/p>\n Or you could simply deposit the money back into your bank account<\/a> once you\u2019ve accumulated enough cash.<\/p>\n This will stop you from mindless spending that extra cash frivolously, and encourages you to use the money in a smarter, well-considered way.<\/p>\n I\u2019m actually a huge fan of doing my grocery shopping online. Not only do you avoid the crowds, and save yourself money in gas and time, but I find that you actually spend far less.<\/p>\n Plus, with so many great grocery delivery apps<\/a> and services, it\u2019s easier than ever to grocery shop on the Internet.<\/p>\n When you shop online, you can see a running total.<\/p>\n As you put each item into your cart, you\u2019ll see your total increase, and this really makes you think about how much you are spending.<\/p>\n Also, you don\u2019t have those in-store distractions, like sale items and samples that encourage you to buy stuff.<\/p>\n Plus, you can sit there with your meal plan and budget beside you and take your time over your shopping \u2013 this ensures that you really stick to your budget.<\/p>\n Interestingly, grocery items can actually be cheaper online \u2013 Consumer Reports<\/a> suggests some items can be 10% cheaper.<\/p>\n Overall, doing your grocery shopping online can save you a lot!<\/p>\n Keep a list of your debts, if you have them, and your savings goals in your wallet.<\/p>\n When you open your wallet, you\u2019ll be reminded of your budgeting and goals to spend less money.<\/p>\n It\u2019s a simple trick for keeping yourself focused on your financial goals and to remind you why you shouldn\u2019t be spending money.<\/p>\n Shopping online can sometimes save you money<\/a>, as we mentioned above. There are, still, however, spending traps that you can fall into with online shopping.<\/p>\n One to avoid is storing your card information on retailer websites.<\/p>\n When you have your card details already entered on a site, you can click a button and spend money pretty much instantly.<\/p>\n That\u2019s not a good thing if you\u2019re looking to curb spending.<\/p>\n When you have to enter your card number, it gives you more time to consider the cost of the purchase, and whether or not you actually need that item.<\/p>\n We\u2019d suggest deleting your card information from online stores you shop with, as it will deter you from compulsive spending by helping you resist the urge to spend money.<\/p>\n This is a good tip to keep in mind if you\u2019re wondering how to stop spending money on clothes \u2013 clothing retailers make it so easy to spend money by storing your card information.<\/p>\n Following a budget can be tough, let\u2019s face it.<\/p>\n This is especially true if you restrict yourself too much. It\u2019s like going on an extreme diet \u2013 it\u2019s too restrictive, so much so that you just can\u2019t stick with it.<\/p>\n That\u2019s why it\u2019s important to include some money for those extra expenses, like a coffee once a week at Starbucks<\/a>, or a new piece of clothing once a month.<\/p>\n Work that into your budget.<\/p>\n Make sure that all of your bills are paid, and then if, after savings and paying debts too, you have some money left over, then treat yourself to it.<\/p>\n Just be smart about it.<\/p>\n Freecycle<\/a> is definitely worth checking out if you\u2019re hoping to limit spending, because it has a lot of freebies.<\/p>\n If you really need an item, it\u2019s a good place to look. On the platform, people can give stuff and get stuff for free<\/a>. It encourages recycling and giving to others, so it\u2019s a wonderful organization.<\/p>\n If you don\u2019t have much money left after bills, paying down debts, and saving, then consider picking up a side gig.<\/p>\n This will give you a little extra breathing room.<\/p>\n Then, if you do really need an item, or would just like to dine out with your family one evening, you\u2019ll have a bit of money to do so.<\/p>\n Check out these posts for side gigs:<\/strong><\/p>\n Many of these gigs are home-based, which is great.<\/p>\n Also, you could take surveys, watch videos, and play games, and get paid for it with the following sites:<\/p>\n You don\u2019t make a ton of cash, but for beer money, you really can\u2019t beat these survey and rewards platforms.<\/p>\n These sites really do provide great easy ways to make extra money on the side<\/a>.<\/p>\n If there\u2019s something in particular that you want to buy, then you can even set a challenge for yourself.<\/p>\n For example, if you want a new sofa, then you could challenge yourself to see how quickly you can raise the funds through a side gig.<\/p>\n For each new thing that you buy, check to see if there\u2019s an old item that you no longer need, which you could sell.<\/p>\n Maybe you want to purchase some new games?<\/p>\n Then sell your old ones on a site like Decluttr<\/a>, for money to put towards them. Or, sell your old clothing on Poshmark<\/a>, and put the money towards some new outfits.<\/p>\n Small changes like this can really help you to spend less.<\/p>\n Check out our post on the best places to sell used stuff online<\/a> for a list that shows you which sites are the best place to sell particular items.<\/p>\n
\n<\/p>\n2. Plan Your Budget<\/h3>\n
3. Set Goals<\/h3>\n
4. Use Budget Apps to Keep You on Track<\/h3>\n
5. Cancel Unwanted Subscriptions and Services<\/h3>\n
6. Stop Using Credit Cards<\/h3>\n
7. Use the 30 Day Rule<\/h3>\n
8. Before Buying Something, Sleep on It<\/h3>\n
9. Wait Until Next Month to Buy an Item<\/h3>\n
10. Covert Cost from Dollars to Time<\/h3>\n
11. Stop Eating Lunch Out<\/h3>\n
12. Make a Food Plan and Curb Spending<\/h3>\n
13. Always Use a Shopping List<\/h3>\n
14. Resist the Sales<\/h3>\n
15. Take Cash With You Instead<\/h3>\n
16. Make Your Own at Home<\/h3>\n
17. Eat What\u2019s In<\/h3>\n
18. Don\u2019t Go Shopping, Do Something Else Instead<\/h3>\n
19. Keep a Change Jar<\/h3>\n
20. Do Your Grocery Shopping Online<\/h3>\n
21. Keep a List of Your Money Goals & Debts in Your Wallet<\/h3>\n
22. Delete Credit Card Information from Online Stores<\/h3>\n
23. Budget Some Money for Yourself<\/h3>\n
24. Get Stuff for Free Online<\/h3>\n
25. Pick up a Side Gig for Extra Spending Money<\/h3>\n
26.\u00a0 Sell Stuff to Raise Funds for New Stuff<\/h3>\n