7 Spending Tips That Can Save You Thousands

Many households struggle to pay their bills on time every month even when earning enough income to meet the expenses. Others pay the bills but save little to nothing for emergencies or investments. You can get out of this trap and secure your future by adopting a savings culture. The change does not happen overnight. You systematically change your spending habits until you get the best out of your income. The spending habits below will save you thousands of dollars if you implement them consistently.

Pay off your debts

The first thing you want to spend your money on is your debts. As long as you have loan repayments every month and a huge credit card debt, your efforts to save money will be futile. The secret to paying less interest on your loans is to repay before the due date. If you can, clear all the debts at once. Practice living within your means and planning for emergencies to avoid accumulating debts in the future.

Avoid impulse buying

Always plan for every shopping by creating a list of the things you actually need. Otherwise, you will always add more items to your basket that you do not really need. The salespersons have a way of making your feel as if you need every item in the store. Hence, it is important to carry a list with you and be disciplined to pick only the items on the list. Stick to your plan even if you need one item from the store.

Buy a second-hand car

Buying a brand new car may be one of your goals but it may not be the best move when trying to save money. The value of the car begins to depreciate as soon as you drive out of the showroom. You can buy a quality used car of the same model that will serve your family well. You will save thousands of dollars on the purchase and enjoy the same service if you pick the right car. You postpone the joy of driving a brand new car to the day you will have accumulated enough wealth to sustain your dream lifestyle

Pack your lunch

How much money do you spend on lunch every day? Multiply that amount with the number of days in a year and see the total amount you spend on lunch alone. You will be surprised that the amount is enough for a family vacation. Learn to prepare your meals at home and then pack your lunch. It may be difficult at first if you are used to eating from restaurants but the savings are worth it. In addition, you are assured that you eat clean and healthy foods every day.

Use public transport

Many people ignore public transport after buying their personal car without considering the benefits of using public transport. You can save gas money and use it to meet another bill or add to your savings. Most states have reliable public transport. You will get to and from work comfortably while saving hundreds of dollars every week. You can reserve your car for the long drives or the weekends. An additional benefit of using public transport is that you minimize the maintenance cost.

Reduce your utility bills

You cannot save enough money to invest if you keep paying high utility bills every month. Reducing the bills requires the contribution of all the people living under your roof. For instance, everyone should learn to keep taps closed and switch off lights in unoccupied rooms. Teach your family to minimize their water and electricity when doing laundry and using appliances. The savings in a day may be minimal but the new habits will count in the long run.

Avoid carrying a lot of cash or several cards

Sometimes you spend money because it is readily available in your wallet or purse. Practice carrying a specific amount of money and bank the rest. Paying for items in cash is advisable because it limits your spending. However, carrying a lot of cash is not only tempting but also risky. If you prefer to shop with a card, carry only one card. In fact, you should be considering reducing your credit card accounts to minimize the amount spent on interest.

Savings money consistently requires discipline and commitment. Every little step counts in the long run. Start where you are and identify the items you can cancel out of your budget. Adopt the spending habits outlined above and implement them consistently. Invest the thousands of dollars that you will save, especially in ventures that will give you passive income. The rewards of a savings culture are worth every effort.

Adam Richards

About Adam Richards

Adam Richards is a semi-retired business professional originally from Bangor, Maine. He spent the majority of his career in sales and marketing where he rose to the marketing lead of a Fortune 1000 company. He then moved on to helping people as a career counselor that specifically helped bring families to self-sufficiency through finding them rewarding careers. He has now returned to Bangor for his retirement and spends his free time writing. This blog will be about everything he learned throughout his career. He'll write on career, workplace, education and technology issues as well as on trends, changes, and advice for the Maine job market and its employers.