17 July 2018 Posted By : Administrator

Cut Your Spending This Month in 4 Easy Steps

Americans live in a culture that tells them to spend, spend, spend. Everywhere you look, there’s an advertisement to encourage the buying of something. But where is this overindulgence getting the average American?  The following is written from the perspective of an American:

4 Ways to Spend Less

“Whether its going beyond our means when buying a new car or charging too many restaurant meals on credit cards, we’re regularly spending more than what our budgets allow,” RISE explains. “In fact, nearly half of Americans say their expenses are equal to or greater than their income—and for consumers ages 18 to 25, the proportion rises to 54%.”

If you’re making an average or above average salary, there’s no excuse for having expenses that are equal to or greater than your income. You should have a cushion of at least 10 percent. That means you should be spending no more than $4,500 on take-home pay of $5,000 per month. This gives you money to save and invest.

Most people aren’t aware of how much they’re spending. If you fall into this category, take the time to develop a budget and get on top of your finances. Once you’ve done this, you can start to cut back on excess spending. Here are a few ideas:

  1. Pay in Cash

How often do you carry cash? If you’re like most consumers, you carry multiple cards, yet very little paper money. This is largely a result of convenience, but it has detrimental effects that actually impact spending.

By carrying and paying in cash, you actually force yourself to be more cautious with what you buy and how much you spend. Studies have shown that paying in cash has a greater psychological impact on the buyer, which results in lower spending limits and less buyer’s remorse.

If you’re apt to spend without thinking, try leaving the cards at home and only carrying cash. You may discover that it makes you think twice before buying something you don’t need.

  1. Cut Cable

According to independent research, the average American household’s cable bill is roughly $101 per month. By cutting the cord and switching to one of the many streaming options that are now available, you could save a hefty sum of money.

Live streaming options like Sling TV ($20), DirecTV NOW ($35), PlayStation Vue ($40), YouTube TV ($40), and Hulu with Live TV ($40) cost 60 to 80 percent less per month. They also offer more flexibility in terms of the devices you can use.

  1. Cook Your Own Meals

Let’s say you eat out five times per week for lunch and three times per week for dinner. At a moderate cost of $6 per lunch and $10 per dinner, this means you’re spending a minimum of $60 per week on fast food and restaurants (or $240 per month).

By shopping for fresh groceries and buying in bulk at the supermarket, you can cook your own meals at a fraction of the price. Plus, you’re almost guaranteed to eat healthier (which saves you in healthcare costs down the road).

  1. Invite Friends Over

If you’re someone who is very social and enjoys doing things with your friends, then you’re probably spending a ton of money on the weekends eating at restaurants, going to bars, attending concerts and sporting events, etc. While all these things are fun, they need to happen in moderation. Otherwise, you’ll blow your entire monthly budget on entertainment.

One way to continue being social without overspending is by inviting your friends over on a regular basis. Ask everyone to pitch in some food. Set up some yard games. Turn on the game. It’s fun, social, and cheap. In fact, you’ll find that it actually gives you more of an opportunity to meet new people and engage with them on a personal level.

Regain Control Over Your Wallet

You own your wallet – your wallet doesn’t own you. It’s time to regain control by developing an understanding of your financial situation and cutting back in areas where you’re currently overspending.

By implementing just a few of the tips outlined in this article, you may be able to start saving as much as a few hundred dollars per month. And whether you realize it or not, that’s enough to change your entire financial future.

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