10 Ways to Stop Wasting Money

No matter how much money you make, you’re probably not making enough. There are more costs out there than you might imagine and they tend to pile up faster than you could ever expect. If you’re looking for ways to save money, you’re in luck – the following ten tips and tricks can help you to keep your bank account in the black.

Make a Budget

Budgets are everything to financial planners. Make a budget so you know where your money is going and so that you feel motivated to stick to your plan.

 Plan Your Meals

One of the easiest ways to waste money is on food. If you want to save some money, plan out your meals at the beginning of the week so that you don’t get tempted to blow your money on fast food.

Look at Your Subscriptions

How many subscriptions do you have? How many are you actually using? If you can’t answer both of those questions, it’s time to take a look at your credit card statements and making some cuts.

Repair, Don’t Replace

Yes, it’s time to start investing in replacement parts. Throwing away perfectly good items is a great way to hurt your bank account and the environment at the same time, so start learning how to repair your own stuff. In time, you’ll notice that the cost of replacement parts is much lower than the cost of new items.

 Know-How Your Money Works

Do you actually know what your money is doing? Do you have it in a checking account that has no interest and high fees? Are you throwing it an investment that probably won’t pay off? Take some time to educate yourself on what your money is doing so you can figure out if you’re ignoring better opportunities in favor of something that’s not quite so great.

Establish a Fun Account

You’re going to spend money – and you deserve it? Just make sure that you’re drawing from the right account when you do so. Establish a separate account just for having fun and realize that when it’s done, you’re done.

Buy Smarter

Don’t get tricked into buying brand names just because you’ve heard of them. Buy generic, buy store-brands, and buy the knock-offs if you can find good reviews. You want to make sure that you’re actually paying for what you use, not what the name on the outside of the box.

Use Cash

Yes, cash. It might seem outdated, but using cash for your daily spending actually makes you pay attention to what you are spending. Breaking a twenty is way harder than swiping a debit card, and you’ll never have to worry about paying an extra fee to pay in cash. It’s really a win-win situation for most people.

Avoid Fees

The best way to stop wasting your money is to stop giving it away to the companies to whom you owe it. If you know that you’ve got bills due, pay them on time – doing can theoretically save you hundreds of dollars a month in late fees.

Keep a Ledger

Yes, one of the best ways to save money is by going old-school. Whenever you spend money, write it down in your ledger. It doesn’t matter if it’s five dollars or five hundred, you’ll definitely see where you’re wasting money when you see it in writing.

The easiest way to stop wasting money is to pay attention to what you’re spending. Make lists, keep ledgers, and always keep an eye on your account balance. With a little oversight, you can start to build up a healthy savings account.