Finance,  Simple Living

7 Simple Ways To Spend Less Money Part One

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Do you wish to spend less money? Everyone around you has newer or expensive tech gadgets, designer clothes, sports cars or mansions. This makes you feel obligated to acquire these material goods so you can “fit in” with everyone.

But you aren’t a material girl, right? This kind of thinking only leaves you with massive debt. But it’s just a tiny debt, right? That is how your habit of “borrowing” starts until it encourages you to spend more than what you can really afford.

Are you a little worried now? Don’t worry… yet!

There are ways to help you spend less money but the easiest way for you to attain that goal is to cut back on a few unnecessary habits or things in your life. Below are the seven practical ways of helping you on how to save money. These seven ways are just part of the first episode of my blog series about learning how to spend less money.

The First 7 Simple Ways To Spend Less Money

1.) Cut Cable TV.

I know it’s quite difficult to break this most expensive habit but cutting out this habit can give you more free time to do something productive like writing stories or building a business on the side. This has probably been one of my most huge expenses last year. I decided to cut it off last January 2019. I usually spend around $30 every month for a Cable TV that I don’t even use. I do not watch current fashion trends or news.

Instead, I signed up for local internet service. It costs at least $25 but at least, I will be able to use it for my work. I, then signed up on Netflix so I can watch TV and movies with my mom.

2.) Exercise for free.

Joining a gym is fun, especially if you are working out with your friends. You can use their treadmill, elliptical bike, and other gym equipment. However, joining a gym means signing up for a membership. You must pay before joining one. There are affordable or no cost ways for you to exercise at home. You don’t even need to be at home when you exercise. You don’t need expensive equipment for exercise activities such as yoga, walking or running.

You only need a yoga mat to do yoga. You just need running shoes for you to walk or run around the park or a sports center. You can even play sports with your friends such as badminton, volleyball or basketball. By exercising at least three times a week, you can be able to stay in good shape. Performing weekly or daily exercise does lead to being healthy and fit. This can help you save money on medical expenses.

3.) Use energy efficient light bulbs.

It’s time to switch to energy-efficient lighting is one of the fastest ways to cut your household bills. Although most types of light bulbs initially cost more than the regular incandescent bulbs, it can help you save money because it consumes less energy.

I always buy LED bulbs more than the regular bulbs because it won’t burn my hand when I remove or even touch it. Buying LED bulbs is probably the best money-saving decision I had made since last December 2018. My electricity costs around $25 before I switched my incandescent bulbs into LED bulbs. Now, my electricity expenses are around $15 to $18 per month even though I am working online at night.

Recommended Post: 7 Simple Ways to Manage Your Finances Better

4.) Make coffee at home.

You have probably heard from anyone that you can save money when you don’t buy coffee from coffee shops. If you heard it, you better take that advice because you can always save money by making your own coffee at home. If you buy one Venti of freshly brewed coffee at Starbucks in my region, you will probably spend at least $2 to $3 whereas if you buy coffee from Dunkin Donuts, you will probably spend at least $1 to $1.50.

If you make coffee at home, you would initially spend buying a coffee grinder which costs around $17 to $33 and coffee beans which costs around $33 to $68 or coffee blends which costs around $15 to $18. What’s my point? I’m a coffee and mocha frappe lover too.

Let’s just say, you buy coffee every day for the whole year to either Starbucks or Dunkin Donuts with an average cost of $3. You spend at least $1,095 per year. Whereas, if you make coffee at home, you spend at least $38 to $68 per year.

I know you will be better off buying Starbucks, not just for the taste but unknowingly for the buying experience, brand, and positioning in the market. I also know you will be better off buying at Dunkin Donuts if you want to save money and still have a great quality taste of the coffee. However, we all know that if you want to save money, you must make your own coffee at home.

5.) Use fans to lower bill.

Electric fans are everywhere in my country. I know that they just blow the air around your room or in your face. It does not cool your body but it will definitely give you headaches and colds when your fan is placed in front of your face.

Ceiling fans are much better than stand fans when you want to save money but you must buy a right-sized fan which is a 44-inch ceiling fan. It initially costs you around $100 to $150 but this can help cut your energy bill. Fans are not great when it comes to Summer unlike an air condition but you can cut back on your household expenses only if you turn off your fan when you are not using it.

6.) Don’t shop when hungry.

According to PNAS, hunger not only motivates us to consume food but also to buy objects. This happened to me at least thrice in a year and it costs me half of my household expenses. The next time you go out shopping, eat before you go or better yet, purchase things online. You can save gas, meals and transportation expenses.

If you can’t find the item online, you can go out after lunchtime.  If you start to feel your hunger pangs during your shopping, drink a lot of water or just eat a snack then go back to shopping.

7.) Get enough sleep.

Seriously. You can save money when you get enough sleep because you can’t purchase items at the mall or online. You won’t need to buy too many age-defying products. You can save from buying lattes or frappes. Sleeping for at least 7 to 8 hours a day can help increase your productivity at work. It can also improve your concentration and decision-making.

Takeaway

These are a few easy ways for you to spend less money to help you pay your debt or even save money for the future. If you are still worried that you will be “left out” from the world because you don’t have the latest gadgets, clothing styles or cars, you must remember that the world is changing.

Everything from gadgets, clothes, bags or cars are constantly changing. There will always be newer gadgets, clothes or cars that you can’t keep up unless you are a billionaire. However, it is not practical to keep up when you have a massive debt in your hands.

You must buy for functionality and necessity. Ask yourself if you really need to buy these material goods. If not, then save money for your future or for your family. How about you? Do you want to spend less money too? If you do, what are the things that keep you from saving money?

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Justina is the writer behind the finance section under The Eleanor Journal. She is a mom of three kids, who are currently living somewhere in Nigeria.

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