When it comes to budgeting and trying to save money, those impulse buys or unnecessary spends can really take their toll on your efforts. In order to make sure your hard work truly does pay off, consider giving some of the things on this list the old “heave-ho” to see if eliminating them can free up some spending room for other things:
Item #1: Online shipping
If online shopping has become your favorite form of cardio, then at least do yourself a favor and try to reduce shipping costs as much as possible. Most retailers have free shipping deals, but in case your current order doesn’t offer this perk, visit freeshipping.org to see what types of deals you can find.
Item #2: Banking fees
Between overdraft, ATM, and other banking fees, it’s no wonder you can’t seem to accumulate any real “interest” or savings. Take a look at your bank statement today to see what types of hidden fees might be creeping into your savings. If you’re not quite sure what to do about these charges, consider switching to an alternative bank or credit union that offers fewer fees, such as Chime!
Item #3: Subscriptions
They’re convenient, sure, but all of those memberships really add up! Instead of opting in to the next subscription service, try paying as you go instead! This way, you’ll only end up paying for something you’re really using.
Item #4: Smart phone data
Evaluate your next phone bill to see how much you’re currently paying for data. If you’re continuing to go over your data or minutes limits each month, consider upgrading to an unlimited plan to avoid paying monthly penalty fees. On the other hand, if you’re not using as much data as you originally thought, contact your phone company to see what options you might have so you’re not paying for a service you don’t need.
Item #5: Name brand items
The next time you’re shopping your local grocery store or nearby Target, take a look at the price difference between your normal name brand item and the generic version likely positioned next to it on the shelf. Sure, not every generic item is a great substitute for the “real thing”, but in many cases, the switch to the generic product can be worth every bit of the cost savings. Give it a try!
Item #6: Cable TV
Cord-cutting has become a popular thing for a reason. If you’re finding most of your tv-watching has taken the form of binge-watching new shows on Hulu or Netflix, then consider chopping your cable bill. Give your cable company a call to either negotiate a new rate or drop the service altogether.
Item #7: Fast food
There’s a time and a place for fast food, but this habit should not be part of your daily budget. Instead, opt to splurge on those Chick-Fil-A fries sporadically and pack your lunch (or dinner!) on those other days of the month to save some major cash.
Item #8: Trips to the coffee shop
No one is telling you to give up caffeine (can you imagine?!), but perhaps scaling back on those pricey non-fat Venti lattes is worth trying. If you notice a good portion of your weekly budget going towards little splurges like this, invest instead in a quality coffee maker for your own kitchen. Sure, spending money initially may seem counterintuitive, but we promise that in the long run, your overall budget will thank you.
Item #9: Alcohol
A little happy hour cocktail never hurt anybody, but one or two can quickly increase the overall price tag of your bill! If you’re looking to cut back, try alternating a glass of wine with a water or lemonade to reduce the price of your overall bill at the end of your meal. Better yet: host a girl’s night and invite each guest to bring their favorite bottle of wine or cocktail mixer. You’ll still have a great time and likely spend less money overall!
Item #10: Brand new cars
Buying a gently used car can save you thousands! Since cars are a depreciating asset in and of themselves, buying one brand new is oftentimes not the most sound investment. Instead, consider buying a used model and consulting Kelley Blue Book to ensure you pay the vehicle’s fair market value.
Tahani says
But making your own coffee always doesnt feel as great as when people make it for you🥲