We could all stand to cut our monthly spending, but where to trim? We’ve collected some useful money saving-tips for hoarding the green and living leaner.
Eliminate the extras
It’s amazing how cutting back on seemingly unimportant purchases can make a big difference to your bottom line. If you spend $5 a day on coffee and a muffin, you’re flushing $150 a month down the drain, money that could be invested for significant returns. If you earned 10 percent on that $150 over 40 years, you’d have $948,611 waiting for you. Cutting a morning cup and muffin for nearly a million dollars return? Breakfast in your own apartment kitchen is sounding pretty good, right?
Think of other little expenses that you could trim, like song downloads, movie rentals (what’s on cable tonight?), lunches and dinners out. By simply making these purchases less often, you could significantly cut your monthly expenses. Make use of free services like the library. Most branches lend DVDs along with books, and some even offer free film programs. Cultural and community centers often host free art exhibits, film screenings and other events.
Make a meal plan
There are few places to make a shopper get carried away like the grocery store, especially if you shop while hungry (not recommended). To keep to the straight, narrow and thrifty path, be religious about your shopping list. Before you head out, sit down and make a weekly meal plan and a list of ingredients. Take inventory of your pantry and refrigerator and buy exactly what you need.
Shop around for utility prices
Don’t assume that your utility prices aren’t negotiable. Gas, telephone, cable and high-speed Internet providers are all eager for your business and are often willing to pay you for switching to their company. When it comes to getting the plan that you really need and can afford, be sure to talk to your phone and cable companies to trim the extras.
Want vs. need
Another way to cut back is to decide whether your potential purchase is something you can really do without, find a substitute for or do yourself instead. If you go to a salon to get your hair colored, your neighborhood drugstore at-home kit could save you $40. The same goes for manis, pedis and facials. Do you need a brand new coat, or would a trip to the thrift store net you something with ultimate style at a fraction of the cost? Sure you could get your dog groomed, but your own bathtub might do the trick. Think before you buy!
Don’t let your monthly spending get the better of you. Trim the extras, plan ahead and avoid impulse purchases to keep your money in your pocket and in the bank, working for your future.
