Stop Over Spending And Improve Your Personal Finances
Most people don't even know where all their hard earned money is going: from too many trips to a drive-thru, hidden charges from banks and credit cards to buying rounds when out with friends, we just aren't being penny wise. Those pennies add up to serious money over the course of a year and can mean the difference between ending up in the red or landing on your financial feet! Consider the following ways you can stop over-spending and improve your personal finances.
1. Save around the home. Electricity can get outrageously expensive if you let it, as will other bills. Start conserving energy in your house and you will see an immediate savings.
2. Minimize your car use. Carpooling or public transportation can be great ways to cut back on gas, and these days, that will amount to significant savings. Team up with a few buddies at work or school and share the expense. Whenever possible, try walking too!
3. Brown-bag it. Homemade food is so much better for you anyway, and once you see the money you can save by not hitting your favorite lunch spot, you'll be too amazed to miss it! Restaurant bills can be pretty heavy, especially if you calculate the cost of making the same meal at home, so cut back on dining out asap.
4. Utilize the public library. Books and movies are big business, and if part of your income is being spent on them, you may want to get a library card and start borrowing such items. The wait time between opening day for a new movie and when it becomes available at the library should be negligible, but your savings will not be!
5. Cable and Internet. So-called "bundling" packages have become simply irresistible to consumers. In reality, you probably don't need everything in the bundle, and the money would serve you much better in a savings account. Take a look at what you actually use, and watch and see if a down-grade won't save you a few bucks.
6. Buy on-sale and in bulk. Even if you live by yourself, you can pair up with a family member or friend to get the absolute most out of BOGO and other bargains. Things with no shelf-life like toilet paper and cleaning products can be stored away, just like the money you will save!
7. Try second-hand shops. With this tip, you can easily save thousands a year if you are a big clothes and shoe shopper! Gently used fashions abound in consignment and Goodwill shops all over the country. Take advantage of this opportunity to keep more of your money by becoming familiar with their schedules for re-stocking and special sales events. Some big-name designers can be had at a fraction of the retail price.
8. Control your impulses. Impulsive shopping is one of the biggest consumer crimes committed! You make a strong commitment to savings, clip coupons and watch for bargain-outlet sales, but one strategically placed new or "must-have" item catches your eye and bam! An entire month's worth of savings and careful spending can be lost on impulse buying, so try and keep yourself in check!
It may take a little getting used to, but once you have adopted smarter spending habits and begin to see accumulating totals in your savings account, you will realize how beneficial such habits are. Try these tips out for a month or so and start getting yourself in tip-top financial shape.
