Many of us wish that we could spend a bit less money each month. It might be that we want to have a bit more left so that we can repay our loans, that we can increase the amount that we save or that we can just manage more easily. However, it can feel hard to reduce the amount that we are spending and we may even think that it is just too hard. There are some easy things that you could try out though and it is worth having a think about whether any of them might work for you.
It is a good idea to compare prices on everything that we buy. This is something that you might think that you are already doing, but we often forget a lot of items when we do this. It is easy to compare prices on the supermarket and see whether certain brands are cheaper than others. However, we need to do this with everything that we are buying. This means the big things such as rent, loans, insurance and utilities as well as tins of baked beans.
It is a good idea to start with looking at your bank statements and establishing everything that you spend money on. Then you can think about whether you can make these cheaper. If you can reduce the cost of the more expensive items you buy then you are more likely to see a more significant reduction in the money that you are spending, especially if you manage to reduce the cost of lots of items. You might think that you cannot reduce rent, but you could do if you move house. With loans, you might be able to change lenders and save money that way. With insurance and utilities you may be able to change providers and therefore save money. It can be worth checking these things at least every year and then you will be able to see whether you are paying more than necessary for them. Do not ignore the smaller things though, if you compare prices on everything you might be able to make significant savings across everything that you are buying.
Buy less unnecessary stuff
We often buy more things than we need. This might be because these things bring us pleasure, but it could also be because we buy them through habit, because we are influenced by adverts or by our peers or because we feel we should have them to keep up with fashions. It is a good idea to think about everything that we are buying and whether we really need it. Consider the items you are paying for and why you are buying them. Make sure that you check to see whether you need them or whether you already have something similar or think about whether you can do without them. It might seem like you will be going without and it will feel really hard to give up these things that we really like or want. However, if we are giving up things that we do not really have a good reason for buying, then it might be the case that we will not miss them anyway. We may gain far more pleasure from having the money and not having to struggle to manage each month, to be able to save a bit of money or pay some extra off our loans. Therefore, it is worth thinking hard about this. We can still buy things that we enjoy, but we just need to think about whether we really enjoy everything that we buy and if we can limit our spending to just buying the things that we like the best.