How To Save Without Feeling The Pinch
Saving money doesn’t have to be painful. In fact, you’re more likely to stick with your plan if it doesn’t hurt too much. Here are some ways to cut back without feeling the pinch.
Need to curb your spending? You’re not alone. But rather than putting your wallet on some crazy crash diet (i.e. “No meals out! No new clothes! No vacation!”), be realistic.
Saving money doesn’t have to be painful. In fact, you’re more likely to stick with your plan if it doesn’t hurt too much. Here are some ways to cut back without feeling the pinch.
Find money you don’t know you have
Late fees on movies, interest charges for late bill payments, parking tickets and overage fees on your cell phone are all discretionary purchases you don’t need to be making. Ditto for paying surcharges at a non-credit union ATM or exceeding a monthly transaction cap on one of your accounts.
Like it or not, convenience costs. And so does laziness. So try cutting what we might call “the stupid factor” from your budget first. You might be surprised at how quickly all those little extra fees add up.
Likewise, think about services you’re currently paying for—and then not using. Magazine/newspaper subscriptions and gym memberships are typical culprits.
Buy smarter
If you’ve always worn department store or designer clothing, it’s probably going to be tough for you to suddenly switch to wearing no-name brands from the local super-duper discount store.
That’s why outlet stores and retailers that specialize in buying up department store brands and selling them at a discount are becoming so popular. If you’re willing to hunt a little, often you can find big labels without the big price tags. Scoop something off the sale/clearance rack at these stores and the deals only get sweeter.
Another option is to consider the types of purchases you actually could make at a discount store without really noticing. Pajamas and workout clothes come to mind. If it’s just you sweating to the oldies in your living room, or making breakfast in the kitchen, does what you’re wearing really matter that much?
Get creative
Being budget conscious doesn’t have to mean becoming a social hermit. Maybe instead of doing a fancy dinner date you could opt for casual coffee and dessert instead. Or take a cue from your grandmother and invite friends over for a potluck. Try an appetizer party or a theme night to make things more interesting. Or if you’re really craving a night away from the kitchen, put limits on it. Maybe it’s okay to have nice dinner out just once a month, or even two lunches. And don’t forget that alcohol is a notoriously bad investment at a restaurant. If you can be happy with water or another more modestly priced beverage, you’ll have more left in your pocket at the end of the night.
Similarly, think strategically about your annual vacation. Try making it a day shorter—or saving on accommodations. Maybe instead of five nights at a nice hotel you could do three, and then 2 nights with friends/family or even camping.
Be Free
Did you know your local library stocks movies? Most do—especially if it was a book first. And if you’ve got a computer with Internet access, check out the full catalogue online.
And while you’re at it, try talking to far-flung family and friends using your computer too—rather than using a long-distance plan. You can even do computer-to-computer video calls.
Keep it fun
Need some extra incentive to save beyond just meeting your bills and other obligations? Try tracking how much you’re saving or engage in a friendly competition with another member of your household. After all, the only thing better than more money in your account is bragging rights.
For more money saving ideas, try a Google search on phrases like “cost cutting tips.” You’ll be amazed what you can learn. Or visit us at a community branch of Nelson & District Credit Union or email us at enrichingyourlife@nelsoncu.com.
