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Trying to Save More, Spend Less

Sam_C

New member
I’ve been trying to rein in my spending – eating out less, canceling memberships and subscriptions, and steering clear of online stores (confession -- I'm an Amazon addict). I haven't bought a coffee in weeks. The goal? To beef up my savings account and pay down my debt. I realize that cutting back on coffee isn't going to get me there, but it’s a start right? It’s also a struggle. Saving is hard. Sticking with it is even harder. How do you stay motivated to save money? I’d love some tips, tricks, hacks or advice for saving more and spending less!
 

Omar1292

New member
I think that your motivation can be putting a target ( saving amount to travel overseas , buying a fancy thing or something that you always wanted) because saving just for finical security doesn’t do it for everyone. Tips to earn more freelance apps would be my recommendation. Another tips to spend less is exchanging what you have for new things with someone/agency. Books/CDs that you already own change them with someone who has what you need.
 

bmcd16

New member
Good for you for deciding to take charge of your spending! I am just starting a similar journey and am (optimistically!) aiming to be debt-free by age 30. Although I am just beginning the process of extensively tracking my spending, here are some things that have been keeping me on track:

- I agree with Omar1292. For me, personally, I have a hard time being motivated by the simple idea of being debt-free. It was much easier for me to stay focused on my goal and keep my hands out of my wallet when I sat down and wrote out what no debt would mean for me. When I want to splurge on something I really don’t need, I try to think about the lifestyle I want to live and how holding on to this debt will hinder it. Giving my debt-free life a face (homeownership and more “fun money” for trips) has worked for me!

- Try moving to a cash-only system. I am absolutely swipe-happy and tend to think less thoughtfully about my purchases when I use my card. Moving to cash-only weekends has really helped when I am out with friends and don’t want to accidentally exceed my budget for the week.

- Make sure your money is working for you. I’m definitely not a financial expert, but be aware of the various saving account options available to you. Online banks often have higher interest rates compared to brick and mortar banks so the return on your initial investment is much better! Because high yield savings accounts are passively accumulating at a higher rate, it really is free money... and everyone loves free money.
 

ShannonMarie

New member
I am on a similar journey too. It is easy to get discouraged though. I recently read the book "How to Save Money When You Dont Have Any" and they suggested not just creating a monthly budget but constantly refining it and reevaluating it. Almost like you would with your investments. It helps me stay super aware of my spending. I also now never go to a grocery store without a list so I do not end up making impulse buys.
 

GermanBd

New member
Definitely, you took a good initiative but there should be some policies adjusting with your previous lifestyles. It's wisest to try and change day by day. You can make a list of major and minor things you spend money on. Priority basis you control your expenditure and also the demand of your daily life. It will keep you satisfied and cool to make your journey successful.
 

Trey.ru.iii

New member
I have an excellent book reccomendation to make, that will answer this question and more. it is called Rich Dad, Poor Dad and it contains invaluable wisdom on how to manage money to make more money. It has changed my whole perception on the way I navigate this world full of opportunities to spend and with few opportunities to earn.

As a piece of personal advice, I would encourage to see how the little transactions in your life can add up to be grand expenditures by the end of the year. However, it is near impossible to live a life purchasing only the bare minimum to survive. Don't buy coffee everyday, but don't be afraid to live a little and have a luxury once in a while.
 

Uncle Dil

New member
Personal advice:
-Buy non-perishable food in bulk.
-Start using coupons more often, can save so much money here!
-See if you can use alternative forms of travel (bike, walking, carpooling) more often rather than driving
-Put in more hours at work!!!
 

EliGray

New member
I’ve been trying to rein in my spending – eating out less, canceling memberships and subscriptions, and steering clear of online stores (confession -- I'm an Amazon addict). I haven't bought a coffee in weeks. The goal? To beef up my savings account and pay down my debt. I realize that cutting back on coffee isn't going to get me there, but it’s a start right? It’s also a struggle. Saving is hard. Sticking with it is even harder. How do you stay motivated to save money? I’d love some tips, tricks, hacks or advice for saving more and spending less!
Hey there Sam! I have a suggestion for you that I think will really help. I suggest using an envelope system. An envelope system involves switching to using all cash, and having each envelope apply to a very specific category. For example, you could have an envelope for Spending money, one for Entertainment money, one for Gas and Car repairs, one for your savings, so on and so forth. How that works effectively is a month in advance, every month, you take a tally of every single dollar you make and assign every single dollar to a category, and hence, an envelope. And that's it! What you put in there at the beginning of the month is all you get, so you have to make it last. If you want a super saving-eating ramen every night budget, you can do that. If you want a light-savings-and-sirloin-steaks-every-night budget, you go ahead! It's all about where you put your own money, and sticking to it that makes the magic happen. It's hard, but you'll meet your goals faster than ever before, and nobody tells you what you can and can't do but you. If you wanna learn more about his budgeting system, you can look up Dave Ramsay, he's the father of this type of system. Best of luck, and happy trails!
 

nhenrick

New member
@ldlittle ,

If you're looking for a great budgeting application/software I would recommend Mint. I have been using this for the past couple of months and it has served me great. It is very easy to use and extremely user-friendly. It links all of your bank accounts, credit accounts, and loan accounts together into one portfolio and automatically keeps track of spending, transactions, etc, and allows you to make a budget off of it. Overall, an incredibly great tool.
 

ldlittle

New member
@ldlittle ,

If you're looking for a great budgeting application/software I would recommend Mint. I have been using this for the past couple of months and it has served me great. It is very easy to use and extremely user-friendly. It links all of your bank accounts, credit accounts, and loan accounts together into one portfolio and automatically keeps track of spending, transactions, etc, and allows you to make a budget off of it. Overall, an incredibly great tool.
Thank you so much! I'll definitely look into Mint
 

jay05

New member
There is a secondary market on the internet for, quite literally, almost anything. My wife and I have made thousands of dollars in the past two years from selling things we no longer want or need. (It doesn't hurt that we both come from families of hoarders and have received tons of hand-me-downs from relatives.) While we both believe in giving back and in charity, we've got young kids and a tight budget and we need the extra money, so before we get rid of anything, we try to sell it. We've had multiple yard sales, post items on Facebook Marketplace, Craigslist, and NextDoor, post clothing on app-based marketplaces (try PoshMark and Whirl; Etsy is also possible, but the up-front fees are a huge downside), and even on a couple of occasions have sold things to friends or family who commented on something they liked that we decided we could part with. Only after we exhaust these options do we get rid of what remains, by giving it all away to charity (which also, since we itemize, gets us a tax deduction--money saved on the back end!). You'd be surprised at what you can sell, particularly at yard sales. You're not going to get rich this way, but if you a bit of time to put into it, you can make a surprising amount of extra cash this way.
 

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