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Evans Walsh | Evans

Stop Spending: The Best Way to Save Money

Dec 29th 2015 at 7:20 AM

It is easy to say that you would stop spending. But it is easier said than actually done. But sometimes, there is absolutely no way out of a financial crisis, other than stopping all sorts of spending except on essential items such as food, health, heat and other essential bills. Here are some effective tips for sticking to your resolution of doing no spending barring on essential items.

Prioritize Your Expenses

Assess your expenses over a year or so and then identify what are the most important and essential expenses and cut out the ones that are pushing your expenditure beyond your monthly income. You could consider using the Budget Planner tool that comes free. If you do not have sufficient earnings to pay for all the things you wish to buy, then it is mandatory for you to prioritize your expenses as per their necessity and importance. You should spend firstly, on your necessary bills including food, clothing, mortgage, and rent etc.

Sleeping on it is a Good Decision

If you are really tempted to buy something, it is a good idea not to indulge in spot buying, but to postpone buying it for a night. Sleep on it. Often, after a good night’s sleep and a good thought over it, you may not be that keen or interested to buy the item after all,

Work Out the Cost In Terms of Work Time

When you are lured by something and you are at the verge of indulging in some impulse buy, quickly think about the money you are about to shell out and exactly how long would it take for you to make that money in terms of hours put in by you. Once you think coolly about the hours of extra work you need to put in, to compensate for such a buy, you would in most cases, reconsider your decision.

Concentrate on Savings & Debts

Focus on knowing exactly how much total debts you have and how much longer you would need to pay off all your debts so that you could boost your savings every month. Keep track of your debts and try your best to keep aside maximum amount possible for paying off your debts every

Go Food Shopping Only Once Every Month

Set a precise monthly budget for food alone. Whenever you go food shopping carry a calculator along so that you do not exceed the monthly amount assigned toward buying food items. Avoid going when you are hungry. You would tend to overbuy. When you go once every month you would be less likely to indulge in impulse buying. You could however, top up with bread and milk in between.

Leave Your Credit / Debit Cards Behind

Make a habit of only carrying cash in your wallet. Leave the plastics safely at home so that you do not end up overspending, while shopping. You would pay according to the ready cash. Consider the plastic as your debt card. Do not fish out your credit card unless forced to. Also, make sure that you have the cards with lowest possible interest.

Avoid Temptation to Shop

If you stay away from shops you would not be tempted to buy things. Staying at home is the best policy if you wish to save money.

Get Rid of Something You Have to Get Something New

In case you are really interested to purchase something new, think of something old you do not really use anymore, then you could sell it off to cover the expenses.

Practice the Concept of a No-spend Day

Once every week you could observe a no-spend day, when you do not buy anything apart from the ones accounted for in your monthly budget.

Opt for Leasing a Car than Buying One

You can contact LeaseQuit to avail short-term leases and also, terminate or quit your car leases early. It is quite affordable and expedient process for getting in and out of any auto lease, thanks to the professional help from LeaseQuit.

 

For more information, please visit http://www.leasequit.com/

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