6 Easy Tricks To Stop Wasting Money
Written by
Virginia Anderson
Edited by
Amen Oyiboke
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You open your banking app, expecting to see enough cash to hold you over until the next paycheck. Shocker — you’ve overspent somewhere. Now, you’re down to your last $10, and there are still three days until you get paid. What happened?
We’ve all been there. Sneaky little purchases can add up quickly, wiping out the money you need to live on. Here are a few ways you can get a handle on some of your money habits.
Establish a Reasonable Budget
You’ve heard it time and time again — the importance of setting a budget. And while budgeting probably isn’t as fun as, say, hanging out with your friends and family on the weekend, it is something to keep on your radar. A solid, well-thought-out budget can quickly extinguish the overspending habits that are keeping you from saving money.
There are all kinds of tools you can use to create a budget. If you’re a DIY-type person, pull up your favorite spreadsheet app and map out your income and spending for the week. Or if you want a little outside guidance, you can try a budget app like YNAB. The trick is to get into the habit of living within your means.
Try Going Shopping Without Buying Anything
It may sound a bit counterintuitive, but hear me out: Next time a friend or family member asks you to go shopping, agree to it — but leave your money at home. When you know you don’t have the means to make a purchase, the shopping trip becomes a social experience without putting a dent in your finances.
In a similar vein, don’t feel like you have to make a purchase just so you have something to show for your trip. There will be times when you can’t find what you need or don’t really like anything you see. Just accept it as a shopping “off day” and feel good about saving your money.
When It Comes to Clothes, Do a Quality Check
These days, stores are chock-full of cheap clothing that doesn’t last. While it may look nice on the rack and come with an affordable price tag, it won’t stand for more than a few runs through the washing machine. That means you’ll have to replace it with something else in just a few months — cue more spending.
Instead of looking for items with the cheapest price tags, think about what you wear the most and prioritize spending a little more for better-made products. If you can make a sweater or a pair of jeans last for a few years, you’ll end up saving money.
Prioritize Money for the Things That Really Matter to You
There are probably a few things you’d really like to use your hard-earned dollars on. Maybe you dream of restoring an antique car or taking a two-week ski trip in the Adirondacks. Those are impressive goals, and you can accomplish them by curbing your financial excesses.
Try writing down your most important goal and how much money you would need to achieve it. Then, designate a portion of your income to it with every paycheck. As you see your savings grow, it can motivate you to stay on track.
Wait 24 Hours Before Finalizing a Major Purchase
In the heat of the moment, it’s easy to throw caution to the wind and buy something that’s a little more costly than you’d like. Instead of giving in to your impulses, walk away from the cash register or close out of your online shopping session. Tell yourself to wait 24 hours to see whether you still care about the item and think it’s something worth buying.
Within those 24 hours, you may entirely forget about the product or realize that it’s not really what you want. That little gap of time can protect you from unnecessarily wasting your money.
Spend Time Decluttering Your Home
It’s common to accumulate an excessive amount of clothes, shoes, home decor and other items — especially if you’ve lived in your home for a while. You may not even realize you have them. That’s why it’s important to declutter at least once a year. Schedule a day, or a full weekend, to go through all of your closets and drawers to see what you have. If you find things you no longer need, consider donating them, or selling them for some extra cash.
The decluttering process keeps you in tune with what you already own. That way, you don’t end up blowing money on items you don’t need.
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