Most people can agree that whether you have a lot of money or hardly any at all, most people would still like to have more. In order to have the most amount of money stay in your pocket each month, the trick is to know where to avoid spending and how to cut expenses where you can.
In order to be able to have the most amount of money after all of your basic expenses go out, like mortgage, rent, and groceries, you simply have to know a few tricks that are guaranteed to save you the most amount of money. Here are some of the most common and effective ways to cut back your spending immediately.
Pack Your Work Lunches
Since a full time working person spending most of their week at work, it’s reasonable to think that they are going to need to do a lot of eating outside of their home. Even though it can be easy to opt for a fast solution which requires no work at all by going to a nearby restaurant, it’s a fast way to add up a pretty big hole in your wallet each week.
The average lunch costs at least $10 on the low end. When you multiply this by 5 working days a week, you’ve found yourself spending over $200 a month on just lunches alone. If you eliminated this expense entirely, you would find yourself with $2400 a year in your pocket. You can do this by packing your lunch each day and bringing it to work with you.
Create a Budget
Creating a budget is the simplest way to enforce self-control on your spending habits. A budget can be created easily in Excel or Google Docs or with one of the many applications available on your Smartphone.
All it takes is keeping an eye on your limits and making sure that you are nearing your allowed amount per expense. Once you start getting close, you know that it’s time to pull back and focus on saving money for your other allocated expenses.
Avoid Your Triggers
Spending money is no different from any other addiction. Addiction specialists will tell you that the key to ending your impulses is to avoid the triggers that cause you to give in to them.
This means not going to the store that you are famous for spending hundreds at every time that you visit. By simply avoiding these triggers, you are much less likely to spend the large amounts that you later regret.
Don’t Carry Cash
Cash is one of the biggest culprits for spending your money quickly. Since you have no way of tracking how you spend it the same way as you do with a bank account, it can be easy to have an entire pile of cash gone in a short amount of time without even knowing where it went.