5 Ways to Slash Your Spending and Increase Your Savings

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5 Ways to Slash Your Spending and Increase Your Savings

I must admit this topic is easily said but difficult to do. But if you follow these 5 steps you will have a better chance to slash your spending and increase your savings.

  1. Carry Your Lunch to Work

Eating out for lunch is a huge expense. You can save a lot of money by taking your lunch to work. Just think, you can prepare your favorite food at home and take it to work. The first step is to buy your favorite lunch items in bulk. This alone will slash your weekly lunch spending. If time, is an issue try bulk cooking on the weekends.

Generally, you can make a good healthy lunch for less than five dollars a day. You can create a weekly meal plan to help control your lunch budget. I pack a lunch daily and most times it consists of leftovers from last night’s dinner.

Cheap fast-food meals or vending machine meals that may be available are not healthy to eat, and eating that food may lead to increased medical costs in the future. Sure, eating out for lunch can be a relaxing and enjoyable experience, but if your goal is to save money, it should be considered more of a treat rather than an everyday occurrence.

  1. Cut Dual Services

One example of dual services is having a landline and a cell phone. Often you do not need both of these services. Another area that you may consider cutting back is a gym membership when you have access to a gym at work, in your apartment complex, or in a walking park nearby. You may also consider cutting back on your cable package if you are looking for ways to save money. Cancel the paper edition of newspaper and magazine subscriptions. An online subscription to newspapers and magazines is usually much cheaper. Look carefully at all the services you use to see where you can save money.

  1.  Buy Clothes out of Season

One easy way to slash your clothing cost is to buy clothes at the end of the season. Buy summer clothes at the end of summer and winter at the end of winter. Granted, the selection may not be great, but you can save a ton of money. Be mindful of clothes cleaning expenses. Wash clothing when possible. Check out consignment stores and thrift stores. You may be surprised at what you may find.

  1. Stop Impulse Purchases

Ask yourself whether I really need this item. Can I live another day without this item? Do I already own something that will get the job done? Answering these questions may help you curb your urge for impulse purchases. Another trick is to wait two or three days before making a purchase.  At the very least give yourself a limit on how much you can spend without waiting before making a purchase. These are great ideas to help cut down on impulse spending. Often you will find that you will no longer need the item or it will lose its appeal.

  1. Avoid Late Fees

Paying bills is painful and paying a late fee on top of the bill is a double pain. We all know when our bills are due. Simply paying bills on time can save you several hundred dollars a year. I know that sometimes a bill may slip our memory. It has happened to me. It’s understandable we are very busy people. However, if you are paying late fees monthly it is an indication of a deeper problem. You can eliminate late fees by using reminders such as a calendar or app to remind you of upcoming due dates or online bill pay. If you use an online banking schedule to pay your bill one or two days after your income enters your account.

I have used these steps to slash my spending and increase my savings. Hopefully, they will help and lead to your saving goals.

I would love to read comments about how you slashed your spending.