So you’re in a bit of a financial crisis. What should you do? Cut back and fast. There are so many ways one can cut back their spending and start seeing the difference even in just a matter of weeks. Below is a list of ways one can cut back their spending.
1. Create a budget – Go over your expenses and decide what is essential and what is not essential. For example, do you need cable TV when you have streaming TV? Should you terminate a landline? Can you cancel your gym membership?
2. Stop all subscriptions – In the day and age where everything is streamed or sent automatically, money can be flying out the door left and right without us even realizing. For example, Netflix, Hulu, Spotify, Apple TV, magazines, and more. All those paid subscriptions can add up. Can you cancel any? Change your plan so it is either the free version or a cheaper version?
3. Stop eating out – It can be so easy to go out to eat all the time. However, it is not always cheaper. Start meal planning and preparing and using leftovers and you will be surprised how far your food can go saving you lots of money from eating out.
4. Stop unnecessary spending – Take a shopping list with you when you go to the store and stick to it. Eliminate unnecessary trips to the store and only go when you are in need of something.
5. Cut up your cards – Start using only cash so you are able to better track where your money is going and how much. You will be shocked at how much less you spend when you are able to physically hand over the cash rather than putting a square piece of plastic into a machine.
6. Coupons, coupons, coupons – Everyone laughed at the extreme couponers with their shelves of products. But really, we should have all been taking notes. The amount saved in just one trip of shopping for just one item doesn’t seem like a lot, but if you add up the continued use on multiple items you can save hundreds by simply saving coupons found online or in papers.
7. Go Green – Find other ways to get where you want to go like walking, biking, taking the bus, or car pooling. Even if it means taking your car to work with your bike and biking to your lunch destination or even walking. Every little bit helps.
There are so many things one can do to start immediately saving money. You just have to decide if it’s worth it to you to save or not. It takes work and time to be able to save and become frugal with your money, but it will always be worth it.
As the Swedish proverb goes, “He who buys what he does not need, steals from himself.” Start saving for the life you want today, and your future self will thank you. It’s up to you how you want your future to look. So what will you do to achieve that?
Disclaimer: Each business and/or individual situation is different and unique. This article is intended to provide you with general advice only and not to be construed as legal advice. If you would like a detailed approach to your particular situation, please contact David J. Winterton & Associates for a consultation to discuss your options.