Plan Your Meals
If you go to the grocery store without a plan, you’re more likely to make impulse purchases. When you create a shopping list based on your meal plan, you also avoid food waste.
On your list, include quantities for each item to prevent overbuying.
Buy In Bulk
Buying in bulk can save you money per unit, but only if the items are actually worth it. Avoid purchasing food items that can go bad quickly or products that expire, such as laundry detergent.
Instead, stick with products you know you’ll use, such as trash bags or shampoo. Throwing away expired items creates waste and costs you money. To avoid this, learn how to read a price tag.
Spending Freeze
A spending freeze is a period of time-it could be one week, a month or even a year-where you avoid buying anything that isn’t necessary. This will help you learn how to live below your means.
Before the freeze begins, stock up on things you need, like toilet paper, and plan meals based on what’s in your fridge and pantry.
Use Your Credit Card
Studies show you spend more freely with credit cards, so consider using them to buy only essentials or a smaller amount of non-essential items. Then, use cash or a budgeting system like envelopes to control spending.
To cut unnecessary costs, calculate the cost of purchases by dividing them by your hourly wage. Then, put the remaining money into savings or toward debt payoff.