This is a trait that the majority of people living in the urban areas have. They are known to be spendthrifts and can’t stop spending money on anything that they set their eyes on.
For the present generation, having a budget or probably making plans or everything isn’t easy as they are impatient and do not want to be controlled by anything especially when they earn a lot of money.
While the need to save for the days to come doesn’t strike them, there is this huge loss that they face when they grow old or probably lose their job when they are middle-aged.
While multiple things can be followed by people to cut down on costs and unnecessary expenditure, here are a few ways put down for you to earn how to stop spending money.
1. Cancel unnecessary monthly payments
There are several amongst us who own gym membership cards but never pay a visit to it. The card is renewed every month, and you pay for it in the hope of starting from ‘tomorrow’.
The same goes for cable connections where all you find yourself doing is staying glued to the computer or the smartphone watching a series on Netflix.
Discontinuing memberships as well as cable connections can help you save a lot of money that can be utilized for better things or probably an investment for the days to come.
2. Making a list before you go to the store
When you go to get groceries every month, it is often these self-service stores that you walk into.
Here there is an array of stuff that is put in the racks, and that is where you get confused. You often end up buying more things than required and that would end up being in the cabinet untouched. Therefore, to save money while buying your groceries, ensure that you have a list prepared where you add only the essentials that you require for the month and nothing more than that.
This prevents you from purchasing anything extra and thus making you come back home with lighter bags and a heavier wallet.
3. Wait 30 days
Another tip to stop spending money is to ensure you only spend money on things you care about is to wait 30 days before purchasing a non-essential item.
For example, instead of buying a $250 bike right away, you would wait 30 days before spending money on it.
If after 30 days you still want the bike, that’s a good indication of the long-term value you place on it and that it’s a good purchase, if, after 30 days, you no longer want the bike, well, you’ve just saved yourself an unnecessary $250 purchase!
4. Whip up delicious meals at home
While all of us love to gorge on delectable cuisines at our favourite restaurants and that too frequently, why can we prepare the same at home?
There are several who complain of not having the energy to cook after coming home after a long day of work and so for them, cooking meals during the weekends and letting it last the week through could be a way out.
You could start with the basics of cooking by referring to cookbooks or online tutorials and that way you save up on a lot of money at the end of the month.
The same goes for beverages such as coffee that you could prepare from home and carry in non-spill flasks or probably wait until you reach office to grab one from the pantry.
5. Set a limit to what you shop
There may be times when you are in need of multiple things in the house, and all of them would be expensive.
to stop spending money, you could consider setting a limit to your shopping where you only purchase those things that are essential and leave the rest for the next month.
When spending too much for a particular month, there are times when your planning and budgeting goes for a toss.
You could also consider online stores that put up discounts for their goods, and that can be a great deal to strike when you need things for the house.
6. Gift your savings account with bonuses
It could be money in your old jeans or probably a Christmas gift in the form of cash. Instead of spending then, why not put it in your savings account?
This way, you get to give a bonus to your account while curbing yourself to spend your money on unnecessary things.
It is a natural tendency for all to spend on a treat especially when there is money at hand and so bringing about that self-control and worrying about the days to come can help you a great deal.
7. Try a Zero Spend Challenge
The ultimate way to stop spending money is to take up the challenge to stop spending.
There are different shapes and sizes of this type of challenge, but the general idea is to only spend money on essential items over a period of time.
For example, you can make a challenge without spending money on :
- One day
- One week
- One month
- Three months
- A whole year !
During this time, you will be allowed to spend money on essentials such as rent or mortgage, utilities, gas for your car, loan payments and groceries.
However, you will be required to forego non-essential expenses such as dining out, coffee, new clothes, movies, shopping and any other discretionary expenses.
While a month without expenses is generally not a sustainable practice or a good long-term idea, it is a good way for many people to press the “reset button” and regain control of their spending habits. You may also be able to break your bad habits along the way and stop spending money.
What’s more, you’ll instantly save money by avoiding spending on unnecessary things for a short period of time!
8. Put up a garage sale
These are these little sales that everyone gets excited about where there are times when people get their hands on something that they always wanted.
It could be clothes you no longer wear or probably old furniture and antiques that are becoming aa clutter for your storeroom.
You are likely to find a great footfall for your garage sale where you may earn a lot of cash. Putting this earned money can help you give a bonus to your account and on the other hand giving you a lot of free space in the house.
9. Make use of budgeting apps to stop spending money
Given the multiple resources that have made lives easy for people, apps have made things even easier to stop spending money.
Using budgeting apps to help you track your finances can help you keep a note on all that you are spending on as well as earning in the entire month, and that is when you know where your money is going to and how it can be saved.
10. Learn to DIY
Given the multiple tutorials available on the Internet where you can probably even build a house yourself, you can always take its help to perform tasks.
It could be mowing your lawn or probably mending a leaking pipe, you can always DIY and get good results rather than taking help from professionals who would charge a lot of money for the job that they do.
Taking advantage of it could help you learn new things while making you equipped for anything and everything in the days to come and not be dependent on anyone for your needs.