1 .Know what you spend – As a result of debit cards and online banking, it is easy for one to lose track of your spending! Try making a list of income and expenses so you know which bills are those you may be able to reduce.
2. Eliminate unnecessary expenses – Go through your list of expenses and eliminate things you might not need. Allocate specific budgets towards specific expenses, like groceries, fuel, and entertainment each month. When the money is gone, you can’t spend any more on that particular expense.
3. Think about how much you are giving to your children… and see whether you can trim down. You don’t want them to go without, but setting a specific allowance can help you save more money and keep track of your expenses. It’s also a good way to them good spending habits!
4. Lower your cable bill – How many cable channels do you actually watch? Consider downsizing your cable package to one with fewer channels to save money.
5. Lower electric bills – A great way to lower electric bills is to use power strips to prevent electronics from using electricity even when they are off. Did you know that your television still draws a small amount of power if it’s plugged in, even when it is switched off?!
6. Save on water bills – Invest in an aerator; it adds air to the water from the faucet, allowing you to use less water, whilst increasing water pressure. Also consider buying a “tank bank” that sits in the back of the toilet. This reduces the volume of water used for each flush.
Use these handy tips to spend less money, and consider opening a savings account where you can deposit extra amounts you save each month