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If you are looking to tighten your belt, whether because you want to pay down your debt, pay off the mortgage or save some extra in your kid’s college fund, you could be forgiven for thinking that doing so would be a painful road filled with many sacrifices, but it really doesn’t have to be that way.
It is totally possible to cut your expenses, start spending less, and not feel the pain when you do so. Here are a few ways you can do exactly that:
- Track your spending
There are lots of simple apps and software packages you can use to track every cent you spend, and they are very easy to set up and use. Why do that? Because, when you track everything that you are spending, it is really easy to immediately identify any expenses that are unnecessary to you. You can then choose to stop spending money on those things or continue depending on how important they are to you.
- Cut your energy consumption
Right now, energy bills are one of the biggest regular expenses that many of us face, but it would be unthinkable for us to go without heat and electricity for long. Luckily, you can lowe tout energy bills without having to sacrifice a thing. For example, you can learn more about lowering our energy use here by doing simple things such as turning off appliances and better insulating your home. These ideas are all fairly inexpensive and easy to implement, and once they were in place, you can carry on as normal while also benefiting from much lower utility bills – what’s not to love?
- Cancel unused subscriptions
From Netflix to Kindle Unlimited, most of us have a subscription or four on the go at any given time, and you know what? Many of us rarely if ever use those services we have subscribed to, so a really easy way to painlessly cut your expenses is to do an audit of all of the subscriptions you currently have active, and then systematically cancel any you do not use often enough to justify the cost or impact upon you if you were to no longer have access to them, Have every member of the family do the same and you’ll be surprised at just how much money you can save.
- Consider downsizing
This is not always possible to desirable but for many families, downsizing can be a great way of potentially saving thousands of dollars each year. The bigger your home, the more your mortgage is likely to cost and the more money you are likely to spend on maintaining it, so by moving to a smaller space, you can easily cut your expenses, and if you choose a home that has just the right amount of space for you all to live comfortably in, it will be a pretty painless change to make. You may even be able to move to a better neighborhood while still saving a significant sum, so your quality of life could actually impede as a result of downsizing!
- Batch cook
Eating at home, rather than eating out may seem like a hardship at first if you are used to dining out most evenings, but when you think about it, it really is not. When you eat at home, you have complete control over the ingredients you use and what you make, which means you can always eat your favorites. You can also make your food healthier than it would otherwise be, which might help to keep your health costs down too!
When it comes to eating at home, one way to really cut your expenses is to batch cook. If you work out in advance what you are going to eat for the next week or month, then you can be sure to only buy the necessary ingredients, and by cooking them in one big batch you will use less fuel, while also ensuring that you don’t have to worry about finding something to eat after a stressful day at work. It doesn’t get much better than that.
- Use cash
Something that many people find useful when trying to lower their expenses, is to use cash instead of a credit or debit card. It is all too easy to spend more than you really should when you are paying with a card and you don’t see the money physically leaving your hands. By drawing out a set amount of cash for the month and using that and only that to pay for things, it is much easier to keep track and rein in your spending. So, if you are something of a shopaholic, and you often buy things you don’t really need, you may find that this technique is a huge help.
- Keep a list of wants
Speaking of shopping, something else that can help you to painlessly give up those impulse buying instincts is to have a list of wants. When you see something you want to buy, instead of purchasing it then and there, make a note of it and wait 30 days. If, after 30 days, you still want to buy said item, go ahead and do so, but more often than not, you will find that the initial rush of dopamine that makes you want that things vanishes and you no longer feel the desire to own that dress or car or whatever it is. This can really help you to curb unnecessary spending and get a better perspective on things.
Cutting your expenses and saving money really doesn’t have to cause you a lot of heartache if you don’t want it to and you will quickly find you can live just as well on less. As you can see above, there are lots of simple things you can do to lower your monthly expenditure that will not only not impact your life particularly negatively, but in some cases, may actually enhance it! So, what are you waiting for?
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