Even if you have a carefully planned budget, it is easy to get carried away when you are
tempted with spending more than you should. Like those gorgeous shoes that you must
have, or the night out at the new restaurant.
The good news is that you can reduce your monthly spending, and still have a little left over
for your treats.
We do need to ensure that we can live comfortably. However, we often get distracted by
what we want compared to what we need.
How to reduce your spending
Understanding why you spend outside of your budget is the first step. The second step is to
figure out how you can reduce this so that you can rather invest in yourself.
Try the following in order to have more each month to contribute towards your wants:
- Use a free money indicator app: A free app will allow you to keep track of all your
monthly expenses. You’ll be able to see immediately where you are spending your
money and on what. This will give you the ability to plan more carefully.
- Go through your bank statements: Check which debit orders are coming off your
account every month. If it’s non-essential then remove it. Use cash or your debit
card instead of your store cards. You’ll find that you won’t spend more than you
- Save on electricity bills: Keeping your appliances plugged in can add up very quickly.
Switch off all appliances at the plug point to save on costs. Remember to purchase
your electricity on the 1 st of every month. This too saves on your bill.
- Practise Meat Free Monday: The cost of food, especially meat, continues to rise. Try
making Monday a meatless day and make use of other, less expensive food items
instead of meat.
- Sell your old stuff: It is surprising how many of us are hoarders with cupboards full of
appliances, clothes and other sundry items that we never use. Why not sell it?
After all, one man’s junk is another man’s treasure, and you’ll benefit from more
space, and a little extra cash too.
Interested in saving on your monthly spending? Speak to One Debt today.