One of the best ways to save money and start working towards your financial goals is to stop wasting money in the first place!
When you stop spending your hard-earned cash unnecessarily, you can use it to build up your savings, pay off debt or invest in your future which is why I’ve put together a list of some of the best ways you can stop wasting money right now…
1. Make a budget
If you don’t know what you are spending, then you can’t identify areas where you could potentially cut back. So, before you do anything else, sit down, work out what you spend each month and reevaluate which of those spends are necessary and which you could give up.
2. Hire a good accountant
If you are self-employed, then having good accountants on your side is a really effective way of saving money. Why? Because they will be able to identify any expenses that you aren’t currently claiming for or any ways you can lower your tax burden legally, which means more money in your bank account at the end of the financial year.
3. Cancel your subscriptions
In the digital age, most of us have a number of subscriptions to all kinds of things from Netflix to magazine apps. Most of us will rarely if ever use some of them., So, a really easy way to save money is to go through all of your subscriptions and if you haven’t used them much in the past month, cancel. You can always resubscribe later but for now, you are just wasting money keeping them open.
4. Take your own lunch
Instead of buying coffee from a takeout place or eating your lunch at a local cafe, pack it and take it with you each day. You might only save a few dollars each day, but those few dollars will really add up over the months and years, and packing your own lunch will also help you to eat healthy too.
5. Delay your purchases
Whenever you see something that you want to buy, unless it is essential that you do so, make a note of it and move on. If, after a period of around 30 days, you still want to buy those new shoes or that fancy phone, go ahead and do so., However, by delaying your gratification, you may well find that you no longer desire that shiny new object after all.
6. Leave the sales alone
Similarly, don’t go buying things in the sales just because they are a bargain. If you don’t actually need that cheap frying pan or that bargain pair of boots, walk on by. Sales are a great way to save money but only if you are buying things that you need and which you would have purchased anyway.
As you can see, it’s easy to stop wasting money if you are motivated to do so. You just need to take a step back and think about your money management a bit more than you perhaps have in the past.