Difference between revisions of "Cut Everyday Spending"
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== Steps == | == Steps == | ||
=== Spending Less on Food and Drinks === | === Spending Less on Food and Drinks === | ||
| − | # Make your coffee at home. It can be convenient to stop by a local coffee shop on your way to the bus or train every morning. However, the few dollars you spend on coffee add up over time. It's actually much more economical to take coffee from home to work or school in a thermos.<ref>http://theeverygirl.com/i-cut-5-unnecessary-spending-habits-for-30-days-and-this-is-what-happened/</ref> | + | # Make your coffee at home. It can be convenient to stop by a local coffee shop on your way to the bus or train every morning. However, the few dollars you spend on coffee add up over time. It's actually much more economical to take coffee from home to work or school in a thermos.<ref name="rf1">http://theeverygirl.com/i-cut-5-unnecessary-spending-habits-for-30-days-and-this-is-what-happened/</ref> |
| − | # Pack your lunch. If you eat out for your lunch each day, you're spending unnecessarily. Instead of running to a nearby restaurant during your lunch break, pack your lunch each day. Not only will this save you money, homemade lunches are often healthier and lower in calories.<ref>http://money.usnews.com/money/personal-finance/slideshows/10-ways-to-cut-your-spending-this-week?slide=6</ref> | + | # Pack your lunch. If you eat out for your lunch each day, you're spending unnecessarily. Instead of running to a nearby restaurant during your lunch break, pack your lunch each day. Not only will this save you money, homemade lunches are often healthier and lower in calories.<ref name="rf2">http://money.usnews.com/money/personal-finance/slideshows/10-ways-to-cut-your-spending-this-week?slide=6</ref> |
#*If you have co-workers, get a group together. You can all agree to start packing your own lunches and eating together in the break room. This will make packing lunch a fun social event. | #*If you have co-workers, get a group together. You can all agree to start packing your own lunches and eating together in the break room. This will make packing lunch a fun social event. | ||
| − | # Dine out for special occasions only. You would be surprised how much you're spending dining out. Try to limit dining out for special occasions, like a good friend's birthday. Most days of the week, prepare meals for yourself at home.<ref | + | # Dine out for special occasions only. You would be surprised how much you're spending dining out. Try to limit dining out for special occasions, like a good friend's birthday. Most days of the week, prepare meals for yourself at home.<ref name="rf1" /> |
#*If you're going out with friends, eat first so you won't be tempted to splurge on food later in the night. | #*If you're going out with friends, eat first so you won't be tempted to splurge on food later in the night. | ||
=== Saving on Entertainment === | === Saving on Entertainment === | ||
| − | # Stay home on weekends. Many people end up spending a lot of their weekly paycheck on the weekends. Instead of hitting up expensive bars or restaurants, try staying in. Have a group of friends over for something like a game night, a potluck, or a movie night.<ref | + | # Stay home on weekends. Many people end up spending a lot of their weekly paycheck on the weekends. Instead of hitting up expensive bars or restaurants, try staying in. Have a group of friends over for something like a game night, a potluck, or a movie night.<ref name="rf1" /> |
#*If you like going out, but don't want to spend too much, look into free events in your area. You can find free events online or look for fliers around local establishments. | #*If you like going out, but don't want to spend too much, look into free events in your area. You can find free events online or look for fliers around local establishments. | ||
| − | # Take a phone break. If you use your phone a lot, you may end up paying for extra data at the end of the month. To cut back on your daily phone expenses, try putting your phone away for a set period of time every day. During this time, do something like read a book or do a crossword puzzle. In addition to saving money, a phone break can help you learn how to have fun without technology.<ref | + | # Take a phone break. If you use your phone a lot, you may end up paying for extra data at the end of the month. To cut back on your daily phone expenses, try putting your phone away for a set period of time every day. During this time, do something like read a book or do a crossword puzzle. In addition to saving money, a phone break can help you learn how to have fun without technology.<ref name="rf1" /> |
| − | # Have alcohol-free weekends. Many people enjoy having a few drinks on the weekends to unwind. However, the cost of alcohol adds up fast. Even if you're skipping the bars and staying in for drinks, a bottle of wine can cost a lot. Try to set aside one or two weekends per month for alcohol-free nights. For example, have a dry game or movie night. This way, you can have fun without spending a chunk of money on booze.<ref>http://www.lifehack.org/articles/money/30-ways-cut-your-monthly-expenses.html</ref> | + | # Have alcohol-free weekends. Many people enjoy having a few drinks on the weekends to unwind. However, the cost of alcohol adds up fast. Even if you're skipping the bars and staying in for drinks, a bottle of wine can cost a lot. Try to set aside one or two weekends per month for alcohol-free nights. For example, have a dry game or movie night. This way, you can have fun without spending a chunk of money on booze.<ref name="rf3">http://www.lifehack.org/articles/money/30-ways-cut-your-monthly-expenses.html</ref> |
#*Alcohol-free weekends allow you to go out without spending too much money. Going to a comedy show or concert will be much cheaper if you skip spending money on drinks. | #*Alcohol-free weekends allow you to go out without spending too much money. Going to a comedy show or concert will be much cheaper if you skip spending money on drinks. | ||
| − | # Pay with cash when you go out. When you go out for the night, withdraw some cash from an ATM and limit yourself to spending that cash only. When you're paying for things on a card, you're often not paying attention to your spending. If you only want to spend $40 at the bar, only bring $40 in cash.<ref | + | # Pay with cash when you go out. When you go out for the night, withdraw some cash from an ATM and limit yourself to spending that cash only. When you're paying for things on a card, you're often not paying attention to your spending. If you only want to spend $40 at the bar, only bring $40 in cash.<ref name="rf3" /> |
| − | # Ask for support from your friends. Let friends and family members know you're trying to cut back on spending. Tell them you would appreciate them not inviting you to costly events. It's easy to accidentally overspend on entertainment, so the support of loved ones can really help.<ref | + | # Ask for support from your friends. Let friends and family members know you're trying to cut back on spending. Tell them you would appreciate them not inviting you to costly events. It's easy to accidentally overspend on entertainment, so the support of loved ones can really help.<ref name="rf3" /> |
=== Saving on Transportation === | === Saving on Transportation === | ||
| − | # Carpool more often. If you drive to work, see if you have any coworkers who live close by. See if anyone would be interested in carpooling. Everyone could chip in a small amount for gas money and you could take turns driving each day.<ref>https://www.ytravelblog.com/life-hacks-living-expenses/</ref> | + | # Carpool more often. If you drive to work, see if you have any coworkers who live close by. See if anyone would be interested in carpooling. Everyone could chip in a small amount for gas money and you could take turns driving each day.<ref name="rf4">https://www.ytravelblog.com/life-hacks-living-expenses/</ref> |
| − | # Walk or bike to work. If you live in a pedestrian-friendly area, try walking or biking to work each day. If your work is not too far away, this can add some exercise into your routine. It also cuts back on the cost of gas or public transportation.<ref | + | # Walk or bike to work. If you live in a pedestrian-friendly area, try walking or biking to work each day. If your work is not too far away, this can add some exercise into your routine. It also cuts back on the cost of gas or public transportation.<ref name="rf3" /> |
#*Take basic safety into account, however. If your area is not pedestrian friendly, do not bike or walk to work just to save money. You should only choose this option if you work in a safe area and have plenty of access to sidewalks or bike lanes. | #*Take basic safety into account, however. If your area is not pedestrian friendly, do not bike or walk to work just to save money. You should only choose this option if you work in a safe area and have plenty of access to sidewalks or bike lanes. | ||
# Take public transportation. The cost of gas can add up fast. If your area has decent public transportation, take advantage of this instead of relying on your car. A monthly bus or train pass may be much cheaper long term than the cost of gas money each month. | # Take public transportation. The cost of gas can add up fast. If your area has decent public transportation, take advantage of this instead of relying on your car. A monthly bus or train pass may be much cheaper long term than the cost of gas money each month. | ||
=== Spending Less when Shopping === | === Spending Less when Shopping === | ||
| − | # Avoid the grocery store when you are hungry. Your mood when you shop can adversely affect your purchasing decisions. People tend to buy items they don't need when they're hungry. Avoid grocery shopping on an empty stomach.<ref>http://money.usnews.com/money/personal-finance/slideshows/10-ways-to-cut-your-spending-this-week?slide=5</ref> | + | # Avoid the grocery store when you are hungry. Your mood when you shop can adversely affect your purchasing decisions. People tend to buy items they don't need when they're hungry. Avoid grocery shopping on an empty stomach.<ref name="rf5">http://money.usnews.com/money/personal-finance/slideshows/10-ways-to-cut-your-spending-this-week?slide=5</ref> |
#*If you have a tendency to stress eat, you may also be tempted to buy unneeded items if you're shopping while upset or stressed out. Try to grocery shop when you're in a positive mood overall. | #*If you have a tendency to stress eat, you may also be tempted to buy unneeded items if you're shopping while upset or stressed out. Try to grocery shop when you're in a positive mood overall. | ||
| − | # Look for bulk items. Some items are cheaper when purchased in bulk. When you shop, be on the lookout for sales on bulk items. If, for example, if paper towel is $1.25 per roll or 10 for $5, you can save a lot of money buying paper towel for your home in bulk.<ref | + | # Look for bulk items. Some items are cheaper when purchased in bulk. When you shop, be on the lookout for sales on bulk items. If, for example, if paper towel is $1.25 per roll or 10 for $5, you can save a lot of money buying paper towel for your home in bulk.<ref name="rf4" /> |
#*Make sure to account for how long an item lasts when buying it in bulk. If you live alone, for example, it may not make sense to buy perishable items in bulk. Go for non-perishables, like canned foods and household supplies. | #*Make sure to account for how long an item lasts when buying it in bulk. If you live alone, for example, it may not make sense to buy perishable items in bulk. Go for non-perishables, like canned foods and household supplies. | ||
| − | # Shop at thrift stores. Thrift stores often sell useful products, like clothing and household supplies, secondhand. Make a habit of stopping by a thrift store first when you're in need of something like a new shirt, jacket, or bookshelf. You may find an item in decent condition secondhand that's cheaper.<ref | + | # Shop at thrift stores. Thrift stores often sell useful products, like clothing and household supplies, secondhand. Make a habit of stopping by a thrift store first when you're in need of something like a new shirt, jacket, or bookshelf. You may find an item in decent condition secondhand that's cheaper.<ref name="rf3" /> |
| − | # Stick to a list when shopping. When shopping, always make a list first. Write down the items you need and only buy items off that list. This will cut back on the temptation to impulse buy things you don't really need.<ref>http://money.usnews.com/money/personal-finance/slideshows/10-ways-to-cut-your-spending-this-week?slide=3</ref> | + | # Stick to a list when shopping. When shopping, always make a list first. Write down the items you need and only buy items off that list. This will cut back on the temptation to impulse buy things you don't really need.<ref name="rf6">http://money.usnews.com/money/personal-finance/slideshows/10-ways-to-cut-your-spending-this-week?slide=3</ref> |
| − | # Use coupons. Make a habit of saving any coupons you receive and clipping coupons out of your local newspaper. Scan the newspaper for coupons for items you buy regularly. You will be surprised how quickly savings add up when you're making use of coupons.<ref>http://money.usnews.com/money/personal-finance/slideshows/10-ways-to-cut-your-spending-this-week?slide=4</ref> | + | # Use coupons. Make a habit of saving any coupons you receive and clipping coupons out of your local newspaper. Scan the newspaper for coupons for items you buy regularly. You will be surprised how quickly savings add up when you're making use of coupons.<ref name="rf7">http://money.usnews.com/money/personal-finance/slideshows/10-ways-to-cut-your-spending-this-week?slide=4</ref> |
#*You can also find coupons online, especially if you sign up for e-mail subscriptions at your favorite stores. | #*You can also find coupons online, especially if you sign up for e-mail subscriptions at your favorite stores. | ||
# Choose generic products. Oftentimes, generic products are made with the same basic ingredients as name brand products. When selecting something like peanut butter, for example, read the ingredients and nutritional information for both name brand and generic varieties. If there is no significant difference, go for the generic product. | # Choose generic products. Oftentimes, generic products are made with the same basic ingredients as name brand products. When selecting something like peanut butter, for example, read the ingredients and nutritional information for both name brand and generic varieties. If there is no significant difference, go for the generic product. | ||
