Six Ways to Save More Money

saving moneyThe most effective way to increase your savings is to reduce consumption. While some financial expenses are unavoidable, there are plenty of expenses in life that can easily be defined as wasteful. If you are looking for more effective ways to make the most of every dollar that you spend, you must find a way to eliminate the wasteful expenses and put away the money you have saved for a rainy day or retirement. Here are 6 ways that you can reduce or eliminate wasteful spending so that you can save more of the money you are earning each month or year.

1. Pack Your Lunch 

Brown paper bag lunches are much more affordable than ordering out every day from the office. If you spend $10 on lunch every day of the week, you are spending $250 a month on your lunch alone. It is so much easier to cook a larger dinner and turn your leftovers into a creative and delicious meal. Packing your lunch is also an effective way to watch your waistband shrink while your savings account grows.

2. Learn How to Bargain Shop 

Why would you pay full price for a good when you can find the same good for 50 to 60% less? All too often, people pay full price because they do not do their research before they take a trip to the store. Review sales ads, clip coupons, and search for coupons online. If you have the right mindset and do your homework, you can avoid paying full price and become the king or queen of bargain shopping.

3. Stop Paying Unnecessary Fees 

Do you know what fees your bank or your creditors are charging you every month? People pay a lot of unknown fees throughout their lives. If you are paying for checks you do not use, monthly service fees for a bank account you do not use, or late fees for your bill payments, find a way to eliminate these fees and you can stop the waste.

4. Know Monthly Expenses 

Your home phone provider, your cell phone company, and your Internet service provider may change their rates without ever notifying you. All too often, people will just continue to pay for their high speed Internet or the cell phone plan even when the monthly service charges go up. By examining your monthly bill and eliminating the charges for the waste, you can keep your monthly bills low.

5. Look At Money Differently 

When you see money as the tool that will secure your future, you will start to avoid wasteful spending. Set your budget, set your goals, and stick with a monthly budget that will help you achieve your long-term goals.

6. Eliminate Routine Purchases 

Do you stop at the store every morning to pick up a soda and a snack? These small expenses add up and may cost you several hundred dollars a year. Buy your soda and snacks in bulk at the store and stop making excuses to spend.

There are plenty of areas where you can eliminate spending. If you address your expenses, think about money the right way, and eliminate the expenses you do not need in your life, you will have more money to enjoy later in life.

Madyson Grant is a small business owner who enjoys spending time with her family and in the outdoors. She is currently blogging about great ways to make and save money.

Comments

  1. Great tips! I used to waste money on many things but have since learned to budget better. Now that I work from home, I am not buying my coffee out or lunch out. I also was paying way too much for my cell phone and I saved a lot each month by switching to a prepaid phone. Comparing how much I spend now as compared to a couple years ago, there is a huge difference!

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