Eliminate Wasteful Spending: Do More with the Same Income

posted 1/8/2015 in Banking

Budget

Are you getting tired of hearing us preach the necessity of budgeting? Then maybe it’s time to dedicate some time to making a budget. By examining where your money goes every pay period or every month, you can set limits in your budget and change your behavior to reflect where you want your money to go.

Make your own food

This may mean you have to up your grocery budget a little bit and learn how to cook. Both of those options are better than living paycheck to paycheck. If you have a crockpot, you can make large batches of breakfast, lunch and dinner items for very little. We suggest investing in a crockpot and then searching Google or Pinterest for inexpensive yet healthy recipes.

Ask “Do I really need this?”

A good rule of thumb: anytime you are purchasing anything over, say, $50, stop and ask yourself if it is something you truly need. It’s amazing how many times the answer is “no.”

Shop the sales smartly

The whole point of a “sale” is to save money, right? If you need five shirts, and they’re all half price, you shouldn’t by ten. Why? Because you’ve completely invalidated the sale. Instead of getting five shirts at less than what you were expecting, you’re getting ten shirts at the same price; you didn’t save anything. Plus, who needs ten more of anything?

Get used to less

The truth is most of us probably don’t need so much stuff. We can still live without DVDs and cable and restaurant dinners. Life would still be okay with a smaller data plan or a less expensive car. Get used to having less.

By eliminating wasteful spending, you have more cash available to go into your savings account, emergency fund or toward your retirement. It can also help your peace-of-mind when you think about how financially secure you are.

Lincoln Savings Bank is here to help in any way we can, including offering savings accounts and IRAs for your new found funds. Call or come by to see how else we can help!

Lincoln Savings Bank, member FDIC

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