Frivolous spending will prevent you from saving money and damage your financial standing. Analyse your spending habits to reduce the list of items you are unnecessarily buying.
Here are some useful tips to lower your spending:
Dining out or ordering take-away regularly is a sure-fire way to burn through your pay-check. Start cooking at home and packing your lunch for work to increase your savings.
2. Streaming Services
Amazon Prime, Netflix, Hulu, Apple TV, Quibi and Disney+ are just a few of the many streaming services available. Give your wallet a break and unsubscribe from services you don’t use often.
3. Expensive Energy Plans
If you have had the same energy plan for a number of years, it is likely you are not getting the best deal on the market. Compare energy providers in your area and switch to a better-suited plan. If you’re looking for a competitively-priced plan, check out Origin energy rates.
4. Bottled Water
Buying bottled water is convenient, but it is a waste of money and resources. Avoid buying single-use bottled water and carry a re-useable water bottle.
5. Morning Beverages
Instead of buying barista coffees and breakfast smoothies, start making your own morning drinks. There is an abundance of coffee brands available at the supermarket to brew at home at a fraction of the price.
Cocktails are an expensive drink to order at the bar. If you enjoy partying on the weekends, invite your friends over to make cocktails at home.
Clothes, shoes and other fashion items can take up a significant portion of your pay-check. Set yourself a monthly budget to spend on clothes. Consider buying second-hand clothes to save money and benefit the environment.
8. Impulse Purchases
Late-night social media scrolling can lead to impulse purchases. Give yourself a probation period before buying anything non-essential.
9. Branded Items
Branded items will often charge a higher market price than generic items because of their label. Stick to un-branded and no-frills goods.
10. Upgrade Smartphone
There is a worldwide frenzy every time a new iPhone is released. If your current smartphone is working fine, resist the temptation to spend a significant amount on the newest version.
11. Unused Gym Membership
Gym memberships are expensive and often go unused. If you have not utilised your gym membership, consider cancelling it and exercising outdoors or at home.
12. Hiring help
Learn how to do easy home improvements rather than hiring a handyman for small repairs.
These money-saving tips can make a difference in your monthly spending. Reform your spending habits and regulate your expenses to build your financial future.