5 Ways to Stop Wasting Money Now
- Author: William Asher
- Posted: 2024-07-23
Like many, you may find that your finances have taken a hit from the recent COVID-19 crisis. Whether it is a job loss or reduced hours, millions of Americans are struggling financially right now. The first thing that many do when they are facing a financial challenge is to look to find ways that they can reduce some of their wasteful spending. In other words, they want to cut expenses in a hurry in order to make their money last. Here are five easy ways to stop wasting money in the short term.
Stop Unused Subscriptions
Sometimes, you sign up for a free trial of a service. This automatically rolls over to a paid subscription after some time, but you do not cancel it. Since you have likely given over your credit card information when you signed up, you get billed automatically for it every month. These unused subscriptions can add up, even if they are just a few dollars here and there. You should check your credit card bills when they show up each month and catalog everything that you are spending on a monthly subscription service. You should be vigilant about getting rid of what you do not need. You can always restart the subscription service at another time when your finances have improved.
Negotiate Your Bills
Of course, you are not going to be able to persuade the gas and electric company to lower your monthly bill to them. However, you can shop around for new providers. Where you do get the leverage is where you have been a customer with a service provider for a long time. For example, let's say you have been with an auto insurer for many years. At a certain point, you have no idea if you are getting the best price. Oftentimes, the way to know if you are getting the most competitive rate is when you tell your service provider that you are canceling and switching your business elsewhere. They may make you a counteroffer, cutting your price to try to keep your business. However, you never quite know if you are paying too much until you ask the question. Even if you tell the service provider that you are taking your business elsewhere, you do not have to follow through with the threat.
Take the Word "Sale" Out of Your Vocabulary
Retailers have a way of convincing you that you need to buy something by telling you that something is on sale. It does not matter that the same sale on the item has lasted for the past five years. They know that the psychology of the consumer is to always want to think that they are getting something for less. Try to think objectively about how much you are paying and whether you actually need what you are buying. Do not focus on how much you think that something should cost. This way, you can reduce some of your frivolous spending when you end up buying things that you do not need because you think that they are cheap.
Don't Wait for the Bill to Track Your Spending
Some people do budget each month. However, they do not realize how much they have sent until the bill has come. This defeats the purpose of budgeting because consumers do not know if they have gone over their allotted amounts until it is too late to know. Thus, they should find ways to track their spending on a real-time basis. Try to find an app or program that allows you to compare your spending to your targets as it happens. This will give you a way to manage the bills that you receive as opposed to just being taken by surprise when they hit you.
Use Coupons and Loyalty Programs
If you do not take the free money that is offered to you, it is literally wasting money. Your business is worth something, and you should be paid in discounts and rewards. This holds true for any kind of regular spending that you do each month. Take advantage of programs like Ebates to save a few dollars here and there. If you are buying online, always do an exhaustive search for discounts once you have decided on a purchase. While you may not be able to find valid coupons, there are still many places where you can find discounts to save you money.
