It’s always a good time to analyze how you’re spending your money and identify the leaks, or the ways you may be wasting money.
Here’s a few suggestions on how you can plug up the money leaks and put your money towards the things that actually matter to you!
Setting and maintaining a budget is the #1 way to avoid wasting money! If you don’t already have a budget then read this post here where I go over the essentials of managing your personal/family finances.
By meticulously looking at how and where we spend money can highlight the areas we are wasting our money. Do you know exactly how much you spend on coffees per month? Or on lunches-on-the-go? Once you can discern your patterns and habits you can very easily identify the ways to save.
Invest in a personal finance software
There are several free personal finance programs you can find online. My favorite is Mint.com. But also check out YNAB.com (You Need A Budget). Both are free online programs that can help you stay organized with your finances. Or if you’d like a more robust and extensive program, one that you can use to manage personal AND business finances, I suggest you look into a Quicken software program. The most basic and user-friendly edition is the new 2018 Quicken Starter Pack.
Know where to SAVE and where to SPLURGE
There certainly are things that I would never skimp on, such as this bomb @ss tinted moisturizer from Coola. However there are other items that are not worth paying out the yoohoo for, such as my favorite drug-store lipstick by PIXI.
On the other hand, I have priorities that I’m willing to pay a little extra for, such as vegan shoes like these cool gladiator sandals!
Or this sleek vegan leather satchel!
Or check out some of my other faves!!
Believe it or not, there is a good time to shop for specific items. Here’s a short list of the most common goods to find at the best prices according to lifehacker.com:
Jan-Mar: Clothing, furniture, and tv’s
Apr-Jun: Kitchen appliances, cruises, gym membership and home equipment
Jul-Sep: Home decor, kid’s clothes, cars
Oct-Dec: Patio furniture, tools, electronics
Check out RESALE
Don’t be intimidated by online resale platforms such as Offerup.com. Here you’ll likely find people trying to get rid of stuff at a reasonable price. You can ask questions to the seller, make an offer, or “watch” the item. The best part about offerup.com is that you can limit your search to a specific distance. This way if you’re on the hunt for a large, heavy item you can be sure to find one that is within a certain distance from your home.
Save money at the grocery store, eliminate the need to waste food that has gone bad before you’ve had a chance to use it, and reduce stress during mealtimes. I highly recommend pepperplate.com. You can upload recipes, add them to your meal planner/calendar, and then instantly add the ingredients to your shopping list. Then either print the list, or pull it up on the mobile app while at the grocery store and you are good to go. This is a serious lifesaver for me, folks. Because we eat a plant-based diet, I usually shop two to three times a week. With pepperplate.com I can separate my grocery list to include items needed for days 1-3, then 4-7. This drastically reduces the clutter and chaos in the fridge and the likelihood that anything will go bad.
Instead of wasting money on an instant-gratification item, how would it feel putting that money into an investment account to go to work for you???
Give serious consideration to the things you spend money on that you swear is worth the convenience. Ask yourself whether the money you spend is saving your time and sanity, or is worth the investment. If you can’t honestly say “yes” to any of those, then it’s probably not worth the money.
What are some other ways you have found that can save you serious cash and eliminate money leaks???