Shop less, save more

FRIDAY, JAN. 11: A lot of us are looking to make changes to our saving habits as one of our New Year’s Resolutions. We’d all like to save more but of course this requires that we spend less.  This is not always easy and you should start with a plan that is realistic and achievable.

First, take an honest look at your spending habits, all of them. What percentage of your spending is on wants vs needs? How expensive is your lifestyle?

Here are few tips to consider if you want to cut back on your expenses and put that money towards your savings.

Eating out

This is an obvious one -— eating out and going to out for drinks on a regular basis adds up. It is an expense that can easily be managed. Yes, it is nice to treat yourself to a nice meal and to enjoy happy hour with friends, but doing this on a regular basis is a serious budget buster. Do the math and decide where you would rather see that money go — in your stomach or in your bank account. Eat breakfast at home, take your lunch and make a simple quick dinner at home. When you want to go out and socialize with friends, arrange to have drinks and dinner at your home or that of a friend. If everyone brings something you can save quite a bit of money. And don’t forget your coffee habit – buying a cup everyday adds up.

Groceries

Groceries are one of our biggest expenses. There are lots of ways to save on groceries but a good start is to plan what you and your family will eat for a week or two. Find affordable recipes like pasta and slow cooker meals that last a few days. Plan your meals around seasonal food and foods that are on special. Factor in leftovers and use your menu to create your shopping list. Buy fresh foods as you need them, to avoid spoilage. A lot of fresh produce ends up in the garbage because it goes bad before we get a chance to eat it.

Do It Yourself

How much do you spend to have someone clean your house, mow your lawn, wax your eyebrows, wash and style your hair or wash your car? These are all things most of us can do for ourselves. If you are seriously trying to spend less and save more, take a look at the money you are spending on these services. You may not want to cancel them altogether but consider how much you will save by reducing them. 

Bargain Hunt

It is safe to say that most of us appreciate a good deal, but remember, most of the time you do get what you pay for. Compare prices and products before you purchase. Do not be afraid to ask for a discount or buy second hand depending on the item. You want to be confident that when you are making your purchase you are getting the best deal possible. Do not be afraid to buy the least expensive product you can live with.