We’d all love to Spend less and save more, but how? Which expenses can you cut back on? You may feel stuck if you can’t think of anything you’d be happy to go without. While you may have some expenses you can’t ignore, there are many ways to save money. There are things you can do to make your money work for you instead of running away from you.

Here we’ll look at what expenses you can cut out and what you can do to save money.

1. Budget!

You’ve probably heard it before, but budgeting is where it all starts. You must write down all your outgoings. It’s important that you know exactly what you need to cover each month. And don’t forget to include any payments like car repairs that you don’t pay monthly.

Your essential household bills must be paid, but you’re likely to have other payments that you could reduce. Review your finances to see where you could spend less. Look at any subscriptions and streaming services like Netflix that you pay for. Could you live without these services? If they’re a big part of your life, look at ways of paying less for them.

Your grocery bill is also something you could reduce. Buy supermarket branded items instead of the more recognised brands. Plan what you’re going to eat each week. Make a list and stick to it. By doing this you’re more likely to resist the temptation to buy more than you need.

If you’ve got any spare cash left over in your Budget, put it into savings or use it to pay off any debts.

2. Track Your Spending

Once you’ve got your budget worked out, see how well you stick to it. Track your spending for a month. Take note of every penny you spend, then look at where you’re going over your budget.

Look back through your bank statements to see exactly where you spent your money. You’ll soon see where you’re overspending and which spending habits you need to change.

If you find it difficult to resist the temptation to spend, try leaving your cards at home. By only taking out the cash you need you won’t be able to spend more than the money you’ve got. It might feel hard to begin with, but when you stop running out of money, you’ll feel better for it.

3. Do You Need It, or Do You Want It?

Before you spend any money, always ask yourself if you really need it. If you don’t need it, then don’t buy it. You can start by looking at your budget. Against every item on your budget, note alongside it whether it’s something you need, or just something you want.

We’d all like to have what we want, it helps to make us happy. But running out of money has the opposite effect on our happiness. So, before you go through a checkout, look at what you can take out. Remember, if you don’t need it, don’t buy it.

4. Review How You Fund Your Lifestyle

Do you find yourself taking out short terms loans or maxing out your credit card just to fund your lifestyle? If so, you need to change it. This reliance on borrowing simply to fund the life you wish you had means you’re living beyond your means.

The way to overcome this is to find ways that fulfil you that don’t lead you to taking out different types of loans. Look at things you’re interested in or that you care about. Maybe do some free online courses on something you’re interested in. Maybe there’s a charity that means something to you who you could volunteer for. Doing this will not only help you feel good about yourself, but it’ll distract you from spending.

If going out with friends involves spending money, why not find alternative ways of spending time with them? Go on a walk together, pack a picnic and sit on beach. Do an activity together like painting or having a home spa day.

You can still enjoy life without it having to cost you a fortune.

As you can see, these are simple ways to cut back on your expenses. It doesn’t take much to change the way you manage your money. With any spare cash you end up with, put it straight into savings. When you take back control of your finances, you take back control of your life.

By choosing to live a little more mindfully, cutting back doesn’t have to feel hard, just different.

Disclaimer: Note that, we are not providing any financial advice. Our blogs are written for informational purposes only.