Category: Spend Less

Many of us find it tricky to manage and wonder what we can do to reduce our spending. We might think that we have already tried everything and there are no other things that we can do in order to help. However, there may be some things that you have not thought of that might be useful for you to try. So it could be worth having a look at the suggestions below to see whether there is anything that you can change so that you can spend a bit less.

Compare prices – if we compare prices on everything that we buy then that can help us t o make sure that we are paying more than necessary. Obviously, it is really important to make sure that we are getting good value for money as well though. It is no good paying less for something that does not last or that we do not like. However, there might be a lot of things that we are paying more than necessary for. We may often compare prices in the supermarket, but it is worth doing this for everything that we are buying. This includes things like utilities, contracts, insurance, loans etc. We might often forget that we are able to change those and we could end up saving a significant amount of money by changing.

Shop less often – often when we go out shopping or shop online we will buy more than we need. Therefore, if we shop less often then it is likely that we will spend less. We will not be tempted to buy those extra things that we often pick up. Seeing things in the shops can be tempting and we pick them up, but online can sometimes be worse as we might need to spend a certain amount before we get free postage and so we may spend money on things we do not need to achieve this when actually it would have been cheaper just to pay the postage and not buy the extra items that we did not need.

Ask yourself if you need it – it is always a good idea to ask yourself whether you really need something before you buy it. It might seem like a bore, but it can just help you to make sure that you are not buying things that you do not really want. Sometimes we are tempted because something has a reduced price or because someone we know has one and that might mean that we buy it even thought we do not really need it and we could even regret that purchase afterwards. If we can return it, that might be fine but not all of us bother to return things.

Set a budget – it is also a good idea to set a budget. It can be great to work out what you have to pay for and then what money you have left to buy luxury things or treats. Then you can decide how much money you want to spend on these and you will be able to make sure that you do not spend more than you can afford.

It might seem a bit tedious to have to do these things if you want to reduce your spending. However, you will soon find that they become automatic or a habit and you will not really need to think about them. You will also benefit from the extra money that you will have a result, which will mean that you may not struggle to make ends meet anymore, not have to borrow or have money that you can put into a savings account.

There can be a lot of us that would like to spend less money but it can feel like there is nothing we can do to achieve this. It can feel like the bills pile up and everyone needs paying and it can really get on top of us. However, you may find that there are a few techniques that you can use that will help you to be able to repay your bills much more easily.

Make sure you are aware of what you need to pay and when

It can be really easy to lose track of everything that you need to pay and when you need to pay it. If you have a good idea of this, then it can make it a lot easier for you to manage the payments. So, take a look at your bank statement and gather up your bills etc and write a list. It is important to include everything you pay out for regularly, how much you pay and when you pay it. So, you should include things like rent or mortgage, insurance, utilities, loan repayments, MOT, breakdown cover, contracts etc. All your standing orders, direct debits and things you pay regularly should be included. Also include things you have to pay for that you do not pay regularly like food, transport to work etc.

Make sure you are not paying more than necessary

It is well worth then looking through the list and thinking about whether you are paying too much for some items. It might be that you can change to another provider, supplier or retailer and spend less money. Get some quotes from other places to see whether you can still get the same service from another place and you could end up paying less for exactly the same thing. You will need to be careful that you will be getting exactly the same thing or that you are sure you will be getting good value for money.

Ask yourself if you need it

When you buy things it can be a good idea to ask yourself whether you really need the item that you are buying. This can be a really good exercise as it can stop you picking up random items and buying them if you do not really need them. We often get tempted to do this by good marketing in shops or by special offers and buy things without really realising that we have. It is not really our fault but if we can just ask ourselves if we need the item, then we will take stock and make sure that we are not being trapped in this way into buying things that we do not really need.

Hopefully, by trying these things, you will find that you can spend less money without going without things. Often, we associate spending less with buying less and that can feel like we are depriving ourselves of things. However, if we are buying the same things but just paying less for them then we will have more money but still the same amount of goods. Obviously, we could save even more money by buying less items and by checking if we really want them. If we are only stopping spending on items that we do not really want or need, then again, we have no reason to feel deprived. In fact having this extra money could mean that we will be able to treat ourselves to a few things every once in a while so we actually might feel more spoiled if we put any of these measures in place.