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Money Saving Tips Part 4 of 4
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Part 4 - Cutting out Unnecessary Spending
(Please note that these Money saving articles have been included for those who are actively looking to cut costs immediately. However, we believe that you influence and create your world via your thoughts. It is therefore important to change your mindset from Poverty conscious to abundant wealth conscious. To do so please see limitless living.)
41. Freeze your credit card. Credit cards can be very convenient and are a good way to
build your credit rating. But they’re also easily abused and with the absurdly high
interest rates they come, you can quickly get into trouble. If you’re having a problem
not using your card and don’t want to cut it up, put it in the freezer! That’s right,
freeze it in a block of ice. When you want to use it you’ll have to thaw it first. During
that time you can think about whether the purchase is necessary or not.
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42.
Keep a record of how much you spend eating out. Most people are surprised to
learn just how much they spend on eating out. For one month, write down everything
you spend on ALL eating out. This includes grabbing your morning coffee at a coffee
shop, a sandwich at the local deli, snacks on your coffee break, convenience food on
the weekends, etc.
43. Eliminate extras that you don’t need. Do you really need your cell phone? (yes for me!) But can you
live without all the movie channels? By taking a hard look at all of the extras in your
budget you’ll likely be able to identify some extras you can easily give up – and save
yourself a bundle every month. That’s not to say that you have to deprive yourself.
But look honestly at a few things you can live without and the savings will add up.
44.Start a holiday gift lottery. As families grow, so does the number of holiday
presents you have to buy every year. Instead of breaking the bank to buy for
everyone, consider starting a holiday gift lottery. Get everyone together ahead of time
and each pick one name from a hat. It’s then your responsibility to buy a nice gift for
only that one person. It’s a win/win because everyone still gets a nice present while at
the same time saving money.
45.Wait for a sale to buy the things you need. The problem with sales is that most
people use them to buy things they don’t need. So although they’re getting a deal, it’s
money they wouldn’t have otherwise spent. Not great for the budget! Instead, look at
sales as a way to buy the things that you do need. If you’re looking for a new pair of
shoes, wait until they go on sale. Or buy birthday, anniversary and Christmas gifts
when you see them at a reduced price instead of waiting and paying more.
46.Make use of your local library. When was the last time you visited the library?
Well, if you’re looking to save money it’s a great place to do so! You’ll find books on
everything from cooking to self-help to new release fiction. You can even take out
magazines and movies. All for nothing! If you buy a lot of books or subscribe to
several magazines this is a quick and easy way to reduce your spending.
47.Look for free ways to workout. Are you paying for an expensive gym membership
that you hardly ever use? Cancel it immediately and look for other ways to get your
exercise. You can walk or run home from work, get together with a friend for power
walks or even set up your own home gym with weights and a stationary bike.
48.Cancel magazine subscriptions that you don’t read. If you subscribe to several
magazines and find that you are never able to read them all, cancel all but your
favorite one. The same is true of newspaper subscriptions. They can be pricey if you
opt for the full week service. Instead consider switching to a weekend only delivery
or cancel it completely and buy the Sunday paper at your local store when you want
it.
49.Don't keep cash in your wallet if you can help it. It’s too easy to spend cash if you
have it available. A few dollars here and a few dollars there quickly adds up and you
suddenly realize you’ve spent $20 and you have nothing to show for it. Instead, only
take out cash for a specific purpose. Or, if you need a discretionary spending fund
then limit yourself to a reasonable amount each week and when it’s gone, it’s gone.
50.Do your banking online. Banks charge a premium to use the in-branch services.
Avoid these extra fees by doing your banking online or by telephone. It also makes it
quicker and easier to get things done so you’ll be sure to avoid missing bill payments,
which could cost you late fees or NSF charges.
51.Reduce how much you’re spending on prescriptions. In most cases, your doctor
can prescribe generic drugs that work exactly the same way but cost a fraction of the
cost of brand-name drugs. Don’t be fooled by fancy ads into thinking that only brandname
drugs are effective. If you’re on a drug plan, be sure to first check whether the
generic versions are covered.
55.Keep a detailed record of all medical expenses. You can deduct quite a few
different medical expenses at tax time - but you have to file an itemized return. Keep
detailed records of any medical aids purchased (including such items as contact
lenses, hearing aids and eyeglasses), any healthcare services and even your insurance
premiums.
55.Be an efficient shopper. The longer you spend at a store, the more likely you are to
spend money. So be sure that when you go shopping you have a list in hand to avoid
making unnecessary purchases. And you’ll also be able to get in and out quicker so
you’ll be less likely to give in to temptation and make an impulse purchase.
54.Take a calculator when you shop. This is especially useful when you’re grocery
shopping because having a calculator will make it easy to determine whether one
product is a better deal over another. It will also give you a way to keep a tally of how
much you’ve spent so you don’t get to the cash register and find out you’re over
budget.
55.Look for alternatives that don’t involve spending money. Instead of going to an
expensive dinner for your anniversary or birthday, go on a romantic picnic. When a
friend suggests you meet for lunch, instead suggest a walk in the park. Do something
special with a loved one or make them a gift instead of purchasing something
expensive. Not only will you save money but you’ll also be spending more quality
time with the people that matter most to you
56. Avoid impulse purchases. Stores intentionally place products in prominent places
that people can be convinced to buy on impulse. A perfect example is magazines and
chocolate bars beside the cash registers. Avoid buying these products on impulse by
bringing a list and only buying what you planned to.
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If you would like to see the whole series of money saving tips please see:
Part 1 Smart Shopping
Part 2 Around the House
Part 3 Your Car
Part 4 Cutting out the Unnecessary
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| To read more artciles on money click here.
or to see money related products click here
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While every attempt has been made to ensure that the information presented here is
correct, the contents herein are a reflection of the views of the author and are meant for
educational and informational purposes only. All links are for information purposes only
and are not warranted for content, accuracy or any other implied or explicit purpose.
No tips in this document should be considered financial advice. Seek the help of a
professional before making any decisions concerning your finances |
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Please feel free to contact us if you have a query and you are unable to find the answers to your questions in any of our Frequently Asked Questions - please check our the FAQ links for your convenenience.
Thank you
From the MHHW Team. |
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