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The Art of Spending Less

Spending less money is something that a huge number of us would like to do, but it doesn’t always feel easy. One of the best strategies to take is to make cutbacks in a number of different areas. What feels like a small cost when you pay it once quickly adds up to a huge one when you turn it into an annual expenditure. Ultimately, learning the practice of mindful spending and really thinking about every single purchase you make is one that will stand you in good stead during your life.


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Of course, there are various options out there if access to cash quickly is urgent, and adjusting your spending habits is just one thing that you can do as part of a longer-term financial plan. So, here are a few ideas about mastering the art of spending less.


Reduce Needless Shopping

The internet has made it easier than ever to shop for things that we really don’t need. Of course, purposeful shopping that you have planned in advance and budgeted for is fine, but it is the browsing and impulse buying which are two of the things that you should be looking to tackle at the earliest possible opportunity. If you are used to going shopping as an activity in itself, it can be a very tricky lifestyle change to cut this out of your life, but it is one that you will benefit from in the long-run.


Pay with Cash

It may seem highly inconvenient to pay with cash in today’s world of contactless and phone payments, but this is exactly the point. When you count out cash and hand it over to the cashier, you have a much clearer idea of what you have just spent. The world of card payments have made us all more reckless spenders, so it can pay off to go a little more old school in your spending habits.


Keep a Spending Record

Though you may think that there is no need to keep a spending record when everything is done digitally these days, it still helps know exactly where your money is going. You may prefer to use a spreadsheet or write things down by hand, but it is a good idea to keep this somewhere safe and ensure that you are filling it in on a regular basis or the whole process becomes pointless. Take the time to analyze your records so you can identify the areas in which you can make adjustments.


Write Out a Grocery List

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Supermarkets are one of the worst culprits when it comes to environments that encourage impulse buying. Your best way of combating this is by going to the supermarket with a list of exactly what you need so you are not tempted to buy anything extra. Also, try to plan your weekly meals in advance and bulk buy your ingredients so you can freeze things to have at a later date.


Break Away from Brands

Branded items tend to have a pretty powerful hold on people which it can be difficult to break. But if you try some non-branded items for a change, you may well end up being surprised by the quality as well as saving yourself a great deal of cash. The more brands you switch away from, the more money you will save. In some cases, you may decide that the branded item is superior but at least you know the other options that are out there.


Shop Around

With the power of the internet at your disposal, there is no reason whatsoever that you shouldn’t be shopping around to get the best deal wherever possible. Also, you should always check to see if there are any coupons out there which can save you money or cashback websites you can take advantage of. It all comes back to putting that extra bit of effort into your shopping so you are not simply seduced by the first pricetag that you see.


Avoid Bank Charges and Fees

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Always read the small print before setting up a bank account as you don’t want to find yourself in a situation in which you are paying extra fees and not receiving anything extra. When you go to use an ATM, make sure that it is one that doesn’t charge you to take out your own money. If you have a credit card, make sure that you always pay it off in full each and every month.      

~ This is a submitted post. 

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