13/04/2021
10 Smart Ways to Control Your Routine Spend
No one is an expert at managing their spending, including people who have been budgeting for years. Thankfully, you can learn how to save over time by lowering the amount you spend in different budget categories over time. Start by saving just 10% off your highest categories each month and you’ll be a seasoned money-saving pro in no time.
Below is a list of 10 money-saving tips. Pick and choose a few tips that fit your family and your lifestyle.
1. Budget
Sitting down and creating a budget will help you save so much money. In addition, you’ll be able to tell where your money goes every single month. You’ll also be able to figure out which categories you want to work on decreasing your spending.
Do not panic when you blow your budget. You can salvage your budget and get back on track with a mini-budget. A mini-budget is a budget that will last from today until your next payday.
2. Cash Cards
Research has continued to prove that you spend less when you pay with cash overpaying with a card. According to research, when you pay with cash you feel the burn of handing over the money. However, when you hand over your card, you don’t feel the same way. It’s almost emotionless. You don’t even feel it.
3. YNAB
You Need a Budget (also known as YNAB), is a popular budgeting app to help you create a budget and track your expenses. It is my go-to Budget App. They have a ton of great features like goal tracking, reports of your spending, and personal support. It is a paid app but can enjoy up to 34-day free trials.
4. Automatically Transfer To Savings
When you automatically transfer money from your salary/business account to your savings account every payday, you don’t even miss the money. Plus you are making saving money a priority!
5. Leave The Impulse Spenders At home
If you are prone to making impulse purchases, don’t shop with other impulse spenders. Leave them at home. They will talk you into spending more than you intended. This includes shopping with friends too.
6. Drink Water
Skipping drinks when you go out to eat can save you 200-500 NGN or even more per person every single time. Just switch to water (most of the time it’s free) and you can save a ton of money!
7. Reduce Eating at the Fast Foods
When you go out and get food for lunch, you’re spending upwards of 1,500 or so per meal. If you do it 3-4 times a week, you could be spending 18,000 NGN a month just for lunch.
8. Shop with a List
Never go to the store without a list. You spend way less when you shop with a list and are less likely to toss several impulses buys into your cart. Don’t get anything other than what’s on your grocery list.
9. Buy Generic Brands
Buying generic brands can save you about 30% over buying popular milk brands when the other can give you the feel. Some stores will actually give you a refund if you don’t think their brand tastes good or works.
10. Stock Up On Items
If an item is on sale, then stock up for it. The rule of thumb I follow before buying extra is if I was out of this item, would I run to the store right away to get more or would I wait? If I would wait- I don’t get it. If I would run out and get the item- I buy it at the bulk price.
