Saving Money After The Fact

save money

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Now that we’ve started a new year, it’s time to pay down last years debt and start some new financial habits. If saving money and reining in spending are two of your financial goals, the beginning of a new year is the best time to start.

You didn’t need money (or cash) to rack up all of the debt you now face, credit cards worked just fine, maybe too good. It is so easy to waste money by racking up credit card debt; you see, you buy. Of course you know where that spending habit gets you. The only way to stop wasting money is to change your spending habits.

15 Ways To Stop Wasting Money

  1. Change your definition of your “wants” and “needs”.
  2. Only buy what you need; need a purse but want $100 one.
  3. Stock pile and buy in bulk.
  4. Only stock pile items you will actually use; if you dislike mandarin oranges stockpiling canned mandarin oranges is a waste of money.
  5. Keep a spending log; learn where you can cut back.
  6. For 3 weeks write down every single thing you buy; you will be amazed at where your money goes.
  7. Clip coupons; although tedious, the savings all add up.
  8. When dining out save some money by skipping the extras, those appetizers and desserts.
  9. Comparison shop on electronics and big ticket items.
  10. Shop your auto and home insurances every year; avoid overpaying on premiums.
  11. If you usually trade your car in every couple years, keep it a few extra years.
  12. Increase the time between haircuts, perms, manicures and pedicures.
  13. Stop wasting money on interest; pay down high interest auto and student loans as quickly as possible.
  14. Save money by improving your credit score. A high credit score qualifies you for lower interest rates on mortgages, loans and credit cards. In addition you may also save money on rent, utilities and even cell phones contracts.
  15. Stop email alerts. Spending money on things you don’t need is easy when you are constantly reminded. If retailers email alerts or junk mail are too tempting have them stopped.

If you are truly committed to racking up less debt this year than you did last year you have the ultimate control over your spending habits.