How to Cut Back on Your Spending!
Part of budgeting can be learning where you spend money that you don’t need to spend, and this will be the first half of where you can cut back on spending.
Use cheaper alternatives to thing where you can:
A lot of things like food ingredients (flour, sugar, spices) and foods in general as well as certain products are actually the exact same product just in different packaging, they make the name brand stuff more expensive for those who care about name brands, but it’s the exact same thing! When you stick to generic brands, you get the same product for cheaper.
Get rid of subscriptions you don’t use or need:
So many people spend a ton of money over time on subscriptions that they don’t need or use. “Oh but I do use my netflix” No you dont. You watch one movie a month and so you feel like you actually use it, when you’re wasting $15 on one movie. If you’re spending that much on a movie, at least go to the theaters and watch it there. You do not need the subscription. If there’s anything you actually want or need, if it’s something you can put that value to, restart the subscription and then cancel it. You’ll get the next period of that subscription and then it will end before it takes more money from you. If it’s a subscription you really want or need, save up and get the annual subscription, its cheaper and then every month you can set aside how much it would be monthly so that you’re ready for the next payment when it comes around.
Stop eating (and drinking) out:
You spend so much money on getting coffee out every morning or getting food on the way home from work, and that stuff adds up! It’s cheaper to just learn how to make it at home. It may not be easier but if you’re wanting to cut back on spending, this should be the one of the first places to start. You can also make any changes you want that you might not be able to make when getting it out. Maybe you want to add something, or take something away, when you’re the one making it, you know what changes you have to make for it to be perfect for you.
Track your spending:
This ones self-explanatory, but when you actually look at where your money goes, and how much of it you have leftover, it can really make you see where you don’t need to spend your money.
Find cheaper or free activities:
If you’re getting that itch to go out and do something, maybe spend the day with your friends, find cheaper or free activities. Want to go to the movies? Figure out when they have cheaper tickets. Want to go walk around somewhere? Go to the park or find out when there’s a free day at the museum or something. Want to have brunch or dinner with a friend? Invite them over and make something, don’t go to a restaurant where you’re going to pay more. There is always fun things to do for cheap instead of spending a bunch of money.
Hey everyone! I totally get it – looking at your bank statement can sometimes feel like a jump scare. I used to feel overwhelmed trying to figure out where all my money was going and how to even begin cutting back. But after experimenting, I’ve found that some categories are definitely easier wins than others when you're trying to decrease your spending and balance your budget. The Easiest Targets for Quick Spending Cuts: Subscriptions You Don't Use (or Barely Use!): This is hands down the lowest-hanging fruit, and the article touched on it perfectly. Seriously, go through your bank statements for the last three months. You might be shocked by how many streaming services, apps, or gym memberships you're paying for that collect digital dust. I cancelled three subscriptions last month I didn't even remember I had! For the ones you do use, like that monthly streaming service, consider sharing with friends or family if policies allow, or try rotating them – binge a show, cancel, then subscribe to another for a month. The OCR even reminded me about saving up the monthly amount for the annual subscription option, which is often cheaper in the long run if it's a true necessity. Eating and Drinking Out: This is another big one that adds up SO fast. That daily coffee or takeout lunch can easily cost you hundreds a month. My personal hack? I started making my coffee at home—it's surprisingly enjoyable to try new recipes! For lunches, I spent one Sunday meal prepping quick, delicious meals for the week. Not only did I save a ton, but I also ate healthier. Even inviting friends over for a potluck instead of going to a restaurant, as suggested in the original article, is a fantastic way to socialize cheaply. Learn how to make your favorite things from your own kitchen – you'll be amazed how much you save! Impulse Buys & Non-Essentials: This category can be a little trickier because it feels good in the moment, but it’s where many of us bleed money. Think about that extra pair of shoes, a new gadget you don't really need, or that cute top just because it's on sale. Before buying, I now ask myself: 'Do I truly need this, or is it a 'want' that can wait?' Giving myself a 'cooling-off' period (24-48 hours) before purchasing has saved me countless dollars. Beyond the Obvious: More Ways to Trim Your Budget: Smart Grocery Shopping: The article mentioned generic brands, which is a game-changer! I’ve found that many store-brand products are just as good as their name-brand counterparts for a fraction of the cost. Plan your meals, make a list, and stick to it. Avoid shopping when hungry! Look for sales and use loyalty programs. This is where those "cheaper versions where you can get them" really add up, as the OCR noted. Entertainment & Hobbies: You don't have to stop having fun to save money! Explore free local events, libraries for books/movies, hiking trails, or free museum days. Instead of going to the movies every week, maybe have a movie night at home with popcorn. I love finding budget-friendly activities with friends, like picnics in the park or board game nights. Track Your Spending (with a twist!): The article mentioned tracking, which is crucial. But here’s the twist: don't just track, *analyze*! At the end of each week or month, look for patterns. Are you consistently overspending in one area? This insight helps you make targeted adjustments. There are tons of free budgeting apps out there, or even a simple spreadsheet can work wonders. Cutting back on spending isn't about deprivation; it's about making conscious choices that align with your financial goals. By targeting these categories first, you'll see progress quickly, which is super motivating! You've got this!
