Do You Nickel and Dime Your Wallet to Death?
When you have cash can you make it last or do you find yourself pulling money from the ATM and it's gone in a day or two? A pack of gum here, a chai tea latte there...just for those couple of items it'll probably cost you $5. And that's not even a meal. From fast food to coffee to gum to chips, there are a ton of little items that can nickel and dime your wallet and bust your budget.
Easy ways to reduce spending without sacrifice:
1) Pay at the Pump: Avoid the temptation to buy snacks or other items by simply paying at the pump. Gas stations make a ton of money because of people going inside to pay and buying things that they don't really need.
2) Buy in Bulk: Think about the small purchases that cost you $1-5 a day. Soda can be purchased much cheaper by the case than in individual servings. The same goes for coffee, candy bars, chips, fruit, and whatever else you may like to snack on. Instead of buying individual packets of crackers, buy a bigger box and put a serving in a baggie or container to take to work or school.
3) Make a List: Go to the grocery store with a purpose. If you stick to your list, you'll save time and money. If you use coupons, that will save you even more at checkout.
4) Avoid Vending Machines: There are expensive and usually have unhealthy choices anyway.
5) Bring Your Coffee and Lunch: If lunch is $5-10 (if you're lucky), that adds up to $25-50 per week. Add coffee for $3-5 each day, that's another $15-25 per week. Monthly that would total $160-300! Use the groceries you just bought, and bring your lunch with you as much as possible to save money.
6) Avoid Endcaps. You see them at the end of checkout aisles at every grocery store, Target and Walmart of the world. Avoid them because they usually have items that you don't need or can get in bulk or somewhere else cheaper. This fits with #2 above.
Where does YOUR money go each week?
Take a close look at what you spend...and just use common sense. It's fine to grab a coffee on the go every once in a while, but if you walk into your local coffee shop and you find that you're like Norm from "Cheers" (where everybody knew his name when he walked in), you should probably re-evaluate your spending habits. Once you make a few changes, you might even find that you have a little extra money.
To set up a personalized spending plan and get options to tackle your debt, call LSS Financial Counseling to schedule a phone or in-person session at 888.577.2227. To get all your support online, go to our website. It's free and confidential, and our counselors will help you create a plan to achieve your financial goals.