In order to cut back on your expenses, you have to know where you are spending your money. The best way to figure out where your money goes is by tracking your spending. Be honest with yourself and write down every last penny you spend. Do that for an entire month. You’ll be surprised at how much “Oh, that’s just a couple dollars” adds up over the course of a month.
Consolidate Debt
Instead of paying high interest rates on several credit cards, consider consolidating your debt. For those living in southern Texas, taking out a personal loan in Edinburg, Texas will help save you money by lowering the cost of paying off your bills.
There are 2 other approaches to paying off debt. One approach is for you to make the minimum payments on all of your credit cards with lower interest rates and focus on making bigger payments on the card with the highest interest rate.
Conversely, you can focus your payment efforts on the card with the smallest balance and work your way up. Once the smallest balances are eliminated, you’ll have more money to focus on the next bigger balance.
Be Frugal
Once you track where you are spending your money, you know that driving through to get your favorite coffee a few times a week can easily add up to about $80 a month. That doesn’t mean you have to deal with trying to cut coffee out of your life! Instead, make a cup of coffee in a travel mug for when you leave the house. If you like to sip on your coffee throughout the morning, pack a thermos and you’re still planning ahead and saving money.
When you need or even just want to expand or update your wardrobe, instead of hitting the mall, check out your local thrift stores! You’ll be amazed at the designer clothes you can find for a fraction of the price of the big department stores. Don’t think it stops at clothing. You can find household goods, linens and shoes. Some items are brand new and still have the store tags on them. You have nothing to lose and a lot of money to save by seeing what’s available in thrift stores.
Say no to popular, big brands when doing your grocery shopping. There are plenty of store brands of comparable quality for as much as 50% less cost. When pantry staples go on sale, stock your cupboards instead of paying more when they are regular price. Don’t forget to take advantage of using coupons too. Sometimes you can even find coupons to use on products that are on sale.
Prepare
Instead of getting lunch out most days, start packing your own lunch. Not only will you save money by not eating out, but having prepared the food yourself, you will be eating healthier and avoiding extra salt and fat in your diet.
Instead of making a single meal at home, dedicate a few hours to preparing meals in bulk and freeze them to eat throughout the week.
Cutting expenses doesn’t mean compromising your quality of life. There are small changes you can make that will make a huge difference to your pocketbook.
