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Strategies for Cutting Down on Spending
Ask yourself….is it a need or a want? Do you really "need" that plasma TV?
- Reduce utility costs:
- Disconnect your cable TV service.
- Turn off the lights when not in use.
- Stop spending for things you don't need.
- Stop paying for purchases with your credit card.
- Put all your loose change in a jar. Keep it for laundry, or save it for unexpected expenses.
- Reduce your food expenditures:
- Buy in bulk.
- Don't shop more than once a week.
- Buy only what you've put on the list.
- No impulse purchases.
- Compare prices.
- Don't buy what you can't use.
- Eating out:
- Eat out less frequently and less expensively.
- Treat eating out as a luxury.
- Eat less expensive foods.
- Use restaurant coupons.
- Eat early - take advantage of early-bird specials.
- Eat when you're hungry, not when you're upset.
- Order entrees only, not expensive desserts or appetizers.
- Spilt or share meals with a friend.
- Pack your lunch.
- Learn to cook for yourself.
- Find an alternative to driving your car. Rely on public transportation, friends, bikes and your feet.
- If you must have a car, try the following tips to save money:
- Wash your car yourself.
- Purchase regular, unleaded gas.
- Look for coupons for oil changes.
- To avoid long-term expenses, keep your car in shape.
- Use cash or debit cards to pay for gas.
- Carpool with friends.
- Find free or inexpensive ways to entertain yourself:
- See movies in the afternoon rather than in the evening.
- Seek out discount movie theaters.
- Check out local museums and parks.
- Participate in sports.
- Read a book.
- Hike a trail.
- Rent videos.
- Buy season passes or books of tickets for those activities you engage in frequently.
- Take care of yourself, but look for deals.
- Avoid membership in trendy health clubs; take advantage of the YMCA.
- Rely on coupons or specials for hairdressers and barbers.
- Don't waste money on a lot of expensive cosmetics sold at department stores.
- Look for free-sample cosmetics, or purchase them at discount stores.
- Give yourself a manicure/pedicure rather than paying someone else to do it. Have a manicure/pedicure party with your friends.
- Shop around; look for sales and specials.
- Shop around for special long-distance telephone rates that meet your individual needs.
- Stay away from the shopping mall and out of the stores (particularly when you're upset or depressed).
- Avoid or reduce expensive luxury habits.
- Buy products, clothes and food that you really need.
- Check out the costs of banking and negotiate what works best for you (e.g., avoid ATM fees, checking fees, designer checks, etc.).
- Don't be influenced to spend by friends who have more money than you. (In life, there will always be others who have more disposable income than you do - no matter how much money you make.)
- Shop for clothes wisely.
- Shop at discount outlet stores, consignment stores and thrift shops.
- Look for generic labels; avoid expensive brand-name clothing.
- Avoid buying and wearing clothes that must be dry-cleaned.
- Select and purchase gifts that are on sale.
- Live at home or with a relative. Get a roommate.
- If you want or think you need something, wait a full 24 hours before you buy it.