Can you cut spending now without it having a negative impact on your life? Absolutely! There are probably more ways than not to curb your spending habit, but it’s changing your daily routines that can feel tough. Thankfully, it only takes 21 days to get comfortable with a new way of doing things.
By following these 4 tips, you’ll rewire your brain for financial stability in a month or less:
1. Make your money less accessible.
The easier it becomes to spend money, the easier it becomes to go into debt. Consumers today don’t even need to swipe a credit card in order to make a purchase. You can now simply touch your phone against a register or touch a single button to pay for items straight out of your bank account.
In order to get your spending under control, you need to remove some of these conveniences. Automatic billing can prevent you from being late, but when payments are out of sight, they can also be out of mind. It’s to your advantage to set up automatic payment reminders instead.
It’s also a good idea—financially and for the sake of security—to take all of your bank information out of your phone. While security measures are in place to keep thieves from getting your information, nothing is fool-proof. If someone were able to pick pocket your phone, they may be able to gain access to your account information.
Also consider reserving your debit card for emergencies or special occasions. Otherwise, keep cash on you for normal expenses like gasoline, and keep your credit cards in an easily accessible place at home in case you need them in an emergency.
2. Use technology to find everyday deals.
Perhaps the easiest way to cut back on your spending is by buying items when they’re on sale. This is especially easy for people who are online or have smartphones. A number of web-, browser-based or mobile apps track prices of everyday items, so that you can always buy what you need at the lowest prices.
Buying in bulk at the best prices can significantly reduce your living expenses throughout the year. However, unless you already have money in savings, it might not be possible without short-term financing. This is just one way a title pawn or similar product can help put you in a better financial situation in the long run.
3. Adjust your HVAC use.
Heating and cooling bills are some of the easiest to lower, and not by shutting them down. Making sure you have a clean filter can greatly reduce your bills month to month by reducing resistance. You can enjoy a cooler home for less money with one simple and affordable change.
Adding a humidifying-dehumidifying element to your equipment can also cut your bills quite a bit. Moist air feels warmer and dry air feels cooler, so adjusting moisture can have a big impact on comfort at little cost.
4. Set up an emergency fund.
As you save on everyday expenses, that money can be shifted to an emergency fund. Experts recommend setting back between three and six months of your normal living expenses, just in case you run into a crisis. This cushion is meant to give you enough money to pay your bills while you recover.
Over time, you can also use this fund to purchase sale items in bulk, save a bundle on major purchases and to provide proper maintenance for the property you already own.
It can take time and practice to learn how to cut spending now and make a budget. If you need a bit of wiggle room, a title pawn can help. Call or visit your nearest Title Tree Branch Office to find out whether you qualify.