How To Spend Less Money

This is a BattlePlan Virtual, finance content marketing, and “how-to” sample. First shared via Terri Bell and Associates, IN THE BLACK Newsletter, Volume 1 issue 2, March 2022.

THINKING about SAVING? Convert that thought to PRAXIS!

Saving does not have to be a boring or scary topic. Would you agree that it is better to have and not need than it is to need and not have?? The desire to save is a matter of mindset. The act of saving is an art. The art is YOUR personal discipline. 

Saving for your future is a long game. A positive, can-do attitude about amassing personal savings often requires a change in your view about your future, what you need NOW, what you want NOW and a reality check about how much time you have to achieve your financial goals. 

At some point, you WILL want to kick back, relax and live your best life. TIME is marching on! Make no mistake, saving is about YOU, without excuses.

To save, it may be necessary to use “blinders” to resist all the “buy” noise that surrounds you every single day through numerous channels. For example, just consider the incessant  ads you see on your smartphone, your desktop, your tablet –  that are customized just for you based on cookies collected about your online searching habits and your buying habits [see “Incognito Browser” below]. Do you find it interestingly curious and invasive when you constantly experience ads popping up continually based on an item you previously searched? Understand that this phenomenon is by design not happenstance. 

Another thought – Why not keep more of your money by saving rather than “spending [giving] it all back” and be on the same “hamster wheel” next week, next month, next year –  following “trendmasters” that entice your spending like an evil Svengali. All while you make others rich with your hard earned, hard won resources.

Here are some tips to help the long game!

Save some, if not all, of your Tax Refund

This needs no further elaboration!

Save for the Unexpected

While saving for emergencies is always a much discussed topic in personal finances, here’s something that’s not as widely discussed: saving for opportunities.

Save Automatically

One of the best ways to save automatically is to set up recurring transfers to your savings account. By saving automatically, you’ll adopt a “set it and forget it” approach that increases your success.

Make a zero-based budget before the month begins

A budget is all about being intentional. It helps you create a plan so you can see where your money is going and find out how much you can actually save each month. When you make a zero-based budget, you’re giving every single dollar a name—or assigning it a job to do—before you save or spend it. Remember: It really doesn’t matter how much money you make—what matters is how you spend and save the money you make.

Track your spending

The more conscious you are of what you are spending the less likely you are to overspend.

Try a little patience, Be less impulsive

When shopping online, place items in your shopping cart but don’t check out immediately (even if it’s something that’s selling like hotcakes). STOP – Ask yourself, “Do I really need this??” If suppliers spot items sitting in your basket for a day, they’ll get in touch to ask you if you forgot to check out and sometimes they’ll send you a discount to persuade you to return.

This only works if you have an online account with them, as they’ll need your email address.

Use an incognito browser

Going incognito when you shop online can help you save money by automatically deleting your browser history when you close a tab. This means companies can’t use cookies to track what you’re browsing then constantly entice you, overtly or subliminally, to spend. 

Save by reducing debt

Do you consider paying down your debt as saving? You should! There are many inherent benefits of reducing your debt, including increasing your credit score, saving money on interest and fees, and gaining more disposable or discretionary income to allocate as you see fit.

Don’t pay interest on your credit card debt

If you’ve got card debt, put a strategy in place for getting rid of it. Don’t panic if you haven’t got a handy lump sum to “disappear” the full amount, you can achieve the same end result by transferring the debt to a 0% balance credit card to avoid paying interest for a fixed time (up to 30 months) and paying off a set amount every month.

Some cards come with a small balance transfer fee, so make sure you do the math. Do set up a direct debit to avoid missing minimum payments and being stung with high charges. If you still have debt after the 0% period ends, move to another 0% balance credit deal. Do not use this card for purchases.

Additional SAVING Strategies…

Check your insurance policy

If you are using your car less as a result of the pandemic and working from home more, check your car insurance is still the right fit. Never auto renew, always check for better deals via your existing supplier and others companies.

Declutter and Make the most of resale platforms

Declutter the things in your home that you don’t need and are willing to let go of for the sake of your financial future. That vintage chair your Cousin BB gave you? Sell it! That crystal vase you found at an antique shop? Sell it! You’d be surprised at how much clutter you have in your home (that you don’t even use or think about). And the cash you can make on those things can be the difference between living paycheck to paycheck or not. You can also use resale sites to hunt for top-quality gifts. Pre-owned doesn’t have to mean lower-quality – many items sold on these sites are brand new and often cost less than the original retail price.

Cancel automatic subscriptions and memberships

If you’re paying for multiple subscriptions like Netflix, Hulu, Spotify, gym memberships, trendy subscription boxes and Amazon Prime. It’s time to cancel any subscriptions you don’t use on the regular. And make sure that you turn off auto-renew when you make a purchase. If you cancel it and decide you can’t go without it, subscribe again—but only if it fits into your new and improved budget.

And for those subscriptions you do want to keep around, think about sharing memberships with some family or friends. A lot of streaming services, like Netflix and Hulu, let you watch your favorite shows from two or more screens (with an upgraded account). That way, everyone wins while saving.

Unsubscribe from emails

Email marketers are really good at what they do. They know how to entice your money out of your wallet with a 24-hour sale or exclusive coupon. 

If you just can’t resist shopping when you see a special offer, click the unsubscribe link at the bottom of the email. Do it! You’ll be less tempted to spend AND your inbox will be a lot less cluttered. It’s a win-win for YOU!

Ask about discounts, Pay in cash

You never know until you ask—and you should always ask. Next time you’re getting tickets for sporting event or movie check to see if they have any special discounts for seniors, students, teachers, military or AAA members. If not, never underestimate the negotiating power of cash!