Do you find yourself overspending each month? If things are getting tight in the run-up to payday then you should look to curb your spending and you will find that there are a few effective ways to do this without sacrificing too much. Additionally, now is a good time to go through your finances with inflation on the rise. So, what can you do to curb your spending each month?
Check Your Subscriptions
A good place to start is the subscriptions that you have. Often, people have multiple subscriptions that they do not really need but never get around to cancelling. In particular, look at the streaming services that you have – you do not need 4 different film and TV streaming services and can make big savings by cutting down to one.
Control Food Spending
Food is an area that many struggle with, especially as it can be hard to track over a month. Meal planning is one of the best ways to control food spending as you can plan what you need to buy and then make meals that will last all week. Try to save takeaways and meals out for special occasions. You can also save money on food by shopping at cheaper supermarkets, buying supermarket-own brands and buying in bulk.
Learn to Say No
People often overspend each month because they find it hard to say no. Going for drinks after work, nights out and brunches can all eat into your budget each month. Of course, you need to enjoy yourself and be social, but you also need to learn how to say no. You could always suggest alternatives, such as having someone round for dinner or going for a walk in the park.
Make a Budget
People usually struggle because they do not have a budget in place. You need to know where your money is going and control your spending, so it is a good idea to draw up a budget with a percentage of your income going towards different areas, such as rent/mortgage, travel, food and non-essential spending. You should also designate a percentage towards savings and put anything extra in a savings account at the end of the month.
Calculate Work Time
A tactic that many find effective is to work out how long it takes you at work to afford a purchase. You might like the look of a new outfit, but if you calculate that it is 8 hours’ worth of pay then you are more likely to think twice!
Stop Buying Clothes You Don’t Need
Finally, you should try to avoid buying clothes that you don’t need. It is always a good idea to wait at least 24 hours before buying something – often, you will find that the impulse goes away.
If you are looking to curb your spending then these are all methods that should help and improve your financial well-being.