Is It Time To Review Your Spending Habits? Yes!

 

With the current state of our economy prices continue to rise and it isn’t likely to change anytime soon.  We feel it most at the gas pump and the grocery store and it seems like far more is going out than coming in.  Now is the best time to take a good hard look at where your money is going and I encourage you to do so.  Last week I talked about eliminating all fee based subscriptions services and apps.  Next it is important to sit down with pen and paper and write out every expense you have and evaluate it to determine if that is really where your money should be going.

 

Transportation - How much are you spending on fuel for your vehicles, car payments, maintenance, insurance, parking fees, even car washes.  Do you pay for music and navigation?  Look at these expenses and determine how you can lower or eliminate these costs altogether.  Are you able to do your own vehicle maintenance?  Do you need to pay for parking or are there other options?  Where are you buying your fuel and how often?  Could you drive less, take public transportation, walk or ride a bike?  Is your vehicle payment truly affordable?  Do you have too many vehicles?

 

Utilities – How much are your monthly utilities really costing you?  Look it up and write it down.  Are you running the heat or A/C when no one is home?  Could you adjust the temperature and still be comfortable simply by wearing a sweater?  Do you heat or cool rooms you aren’t using?  Are you efficient with your water consumption?  Could you shorten your showers and only run the dishwasher or washing machine when full as opposed to smaller loads?

 

Storage – Do you pay for a storage unit?  If so, you simply have too much stuff.  Most people who store stuff off site fill up a storage unit and rarely go back to get any of that stuff.  If that is the case you obviously don’t need it so now is the time to either sell it, donate it or throw it away.  Storage units are a complete waste of money.

 

Dining Out – If you are struggling to make ends meet stop eating out immediately.  Cancel all meal subscription services, delete your Door Dash and Uber Eats apps, stop ordering pizza delivery or take out.  Make your own lunch to take to work or school.  Not only will all of this save you a ton of money, but your health will also improve substantially.

 

Shopping – Do you shop out of need or for entertainment?  Stop scrolling and shopping online, or if you do, leave items in your cart for at least 24 hours before you check out.  Chances are pretty good you’ll change your mind and decide not to make that purchase after all.  For many, shopping and buying is an impulse.  Avoid buyer’s remorse and overspending simply by giving up the habit of impulse shopping and being real with yourself.  Ask, do I truly need this item?

 

Vacations – If you are in debt put all vacation plans on hold.  Instead create a vacation savings fund and don’t go until one, you have paid off a big chunk of your debt, and two, you already have the money you need saved up to take that vacation.  In the meantime entertain yourself and your family with FREE options.  You will enjoy that vacation a lot more when you know you won’t be facing a big credit card bill once you get home.

 

The only way to live successfully in the midst of rising inflation and secure our future is to rein in our spending, eliminate debt and begin to save.  Living paycheck to paycheck and not being able to pay our bills is exceedingly frustrating and stressful.  It wears on our emotions and makes us miserable.  By reviewing our spending habits and getting a handle on where and how our money is spent we can take the first step in securing our financial future and our happiness.