By Lauren Anderson
on May 23, 2024
Read in 1 min

While there are few things as satisfying as getting a raise at work, saving money could have an even bigger impact on your bottom line. When you really start paying attention to how your daily choices effect your finances, you may be surprised at how much money is slipping through your fingers. Here are several tips to help you take control of your money by spending less.

Spend Less on Food

Most people spend a good portion of their income on food. Planning and preparing your meals at home combined with taking your lunch instead of eating out can save you tons of money in your food budget. Replacing highly advertised brands for the equivalent generic or store brand could also help to reduce your grocery bill. Skipping those magazines and snacks at the register and other impulse purchases will also help to keep your food budget from ballooning.

Utilize Elbow Grease

Before you call someone to make that repair, do a little research and see if you can do it yourself. The internet is full of videos and how-to articles that can take a lot of the mystery out of repairs that may seem intimidating at first glance. In many cases, the cost of labor exceeds the cost of parts, so your savings could be more than you expect.

Borrow Instead of Buy

If you want to read or listen to a book, check to see if the local library has it for free before you make an unnecessary purchase. If you need a piece of equipment for home improvements, such as a pressure washer or appliance dolly, instead of purchasing it, check with friends to see if they have one you can borrow or rent one instead. 

Negotiate a Better Rate

If you have had the same cellphone or cable service for many years, there is a good chance that the company has a better offer to new subscribers than you are currently paying. You could be a simple phone call away from saving a significant amount of money just by asking for a better rate.

Set Up Savings Deductions

Changing your mindset to prioritize saving over spending is not always easy. However, many people find that seeing the positive impact foregoing wasteful purchases has on their bank balance provides all the motivation needed to keep costs down and their bank balance up.

This is not legal or financial advice. Please consult a legal or financial advisor for your specific situation.