It Can’t Be Done! Or Can It? 4 Ways You Can Spend Less Than You Make

What are the easiest ways to spend less than you make?

There are a few incredibly simple ways spend less than you make. The hard part is putting them into motion. Once you begin to accrue a savings, however, these methods will become effortless and automatic. Start to invest in your future today with these easy tips.

Here are four surprisingly surefire ways to spend less than you earn:

1. Determine how you want your money to work for you.

Make no mistake. Every dollar you spend is an investment. If you’re having trouble deciding what expenses to cut from your budget, ask yourself, “Where is this money really going?” Cable TV is a luxury for many people, while others feel it’s an investment in their quality of life. It’s okay to invest in entertainment, just make sure you’re not sacrificing more important things in the process.

For instance, those ultra-convenient microwavable meals may help you reduce stress at the end of the day, but what will the cost be when a poor diet creates problems for your health? Commit now to what you want your money to do for you, and every other budgeting decision you make will be 10 times easier.

2. Save money by always using a shopping list.

The Simple Dollar has over 100 simple tips to help you spend less overall. One of the easiest to master is developing a habit of making a list whenever you head to the store. This does a few things. First, it keeps you from being swayed by in-store advertising and the lure of flash sales. Second, you wind up going to the store less. If you make a list and there’s only two items on it, you’re very likely to wait until you have more to purchase. This helps you avoid unnecessary purchases, but it also saves on gas!

3. Put your savings on autopilot.

Every dollar you bring home is a dollar at risk of being spent unnecessarily. You can prevent that from happening by investing in your employer-provided 401(k) or having a portion of your check diverted to a personal savings account if it’s deposited directly into your bank account. Financial experts tell you to aim for saving 20 percent of your income. It’s a lofty goal for all but the biggest earners among us, but saving something each and every month is an important habit to adopt, even if it’s just a few dollars.

4. Lower your biggest bills.

It’s hard to spend less when you’re already struggling to buy ramen. However, one highly effective way to cut down your expenses involves pinpointing your largest expenses. These are often necessities, like rent, utilities, loans or health care. As your biggest bills, however, they have the most potential to deliver big savings.

You shouldn’t stop paying your mortgage or car payments, but you may be able to refinance to secure lower payments. Getting a roommate may offer rent relief. Check into lowering your student loans payments, or cut them entirely for a limited time through forbearance or deferment requests. Cut back your utilities too with just a few tweaks. Just changing a dirty furnace filter, for instance, can have a marked impact on your winter heating costs, as can learning to use all the features of a programmable thermostat.

When health care bills are overtaking your finances, a trip to your local human service department can help. There are programs to help people find cheaper insurance plans, to help cover prescription costs and to provide transportation assistance. If you’re stuck paying off existing medical bills, your community or hospital may have grants available to lower the balance.

Even if you’re working to spend less than you earn, you may need a title pawn to help you in the meantime. Come on in to Title Tree, and we can help you get the cash you need.

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