Ways to Avoid Overspending

Let’s face it, by the time you go through your necessary monthly bills, there’s not much left in the bank account, so every dollar matters when it comes to avoiding overspending and seeing your-hard earned money go out the window.  While of course taking a look at your entire financial picture is important, not to mention making the necessary cuts such as cutting the cable cord or cancelling the gym membership, but there are also a few tips that will ensure your bank account statement balance rise every month going forward.

Always Make a List

It doesn’t matter whether you’re going to the grocery store, to Home Depot, or online shopping, it’s good to keep a list of items that you need, and sticking to it.  Shopping can be overwhelming, especially when it comes to the impulse purchases that make their way into your cart, sometimes even forgetting the items that you went in for in the first place.  By taking stock before you go, you can keep your head down, especially if you’re able to group locations together on the list to save time going back and forth down each aisle.

Track Every Purchase

If you were asked how much you currently spend on food, gas, entertainment, even utility bills, would you know?  A great way to stay on top of your purchases is one that will end up being eye-opening when you add up all of the purchases that probably could have been avoided.  By taking a look at last month’s debit or credit card statement, you can actually go line by line to see every purchase that was made, and give a little more attention to ensure charges go under the microscope going forward in the hope to save money in the long run.

Try Using Cash Instead of Credit

If you find yourself getting into spending trouble with a credit card it may be time to turn to cash.  With credit, there really is no stopping you from spending, unless you hit your credit limit, and not paying off the full statement balance by the due date will lead to carrying over balances and paying interest, something of a vicious circle that will lead to a mountain of debt.  At least with cash, once you spend your allocated amount it’s gone until next paycheck, and maybe seeing the actual money leaving your hard and going into the register can give second thought to what would otherwise just be a swipe of a card, not thinking of the money leaving your account.

Avoid Going Out to Eat

Sure, it’s nice to get out for a meal where someone else cooks, serves, and cleans up after you, but that certainly comes at a premium price.  By saving going out to eat for special occasions, or even going once a week if you’re someone that goes out for lunch or dinner multiple times a week, you will immediately see the savings by cutting back, going grocery shopping, and preparing your meals at home for a much lower, and healthier, option.

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