The biggest enemy of saving money is wasting money. We are living in such a consumerist society that we are constantly facing various temptations. Spending money becomes super easy. Overspending or spending money on unnecessary things can seriously hurt your budget. Here are my top 4 tips on how to stop wasting money.
1. Don’t purchase stuff if you can get it for free
Many people do not realize how much free resource that we can use, so when they need something, they just go ahead to purchase it. There are many ways you get what you need for free or at a very cheap price, such as taking free online courses, earning free gift cards, getting free moving boxes, finding free books/magazines, just to name a few.
With a little planning, you can even earn free flights or free stocks.
2. Don’t pay full price if you can get discount or cash back
Use coupons, check store ads, and do price match, etc, to cut spending on shopping. Besides, make sure you use cash back apps such as Checkout checkout51, ibotta, Rakuten (previously “Ebates”) or TopCashback to maximize your savings when shopping; otherwise, you are missing the free money.
Also, don’t forget to negotiate for better prices whenever possible. Check out how I saved $500 a year by making two phone calls.
[Read more on 7 Simple Ways to Never Pay Full Price for Anything]
3. Use cheaper alternatives
When you put saving money as a priority, you need to consider buying cheaper alternatives to their expensive counterparts. For example, some drugstore skincare products are of top quality but at a much lower price.
There are many other simple ways to use cheaper alternatives to save money. Use cloth napkins rather than paper napkins—cloth napkins can be reused and last longer. Drink home-made coffee rather than buying from Starbucks. Skip fancy drinks at a restaurant and ask for water. Here are 25 ways to improve your budget and save money.
4. Stop impulse spending
Small spending here and there can eventually ruin your financial plan and goals. Make a shopping list before going for grocery shopping. When you shop impulsively, you are more likely to buy something that you do not really need. Always save your receipts, so you can make easy return and exchange.
Related posts on how to stop wasting money:
Don’t Waste Money on These Things, According to Science
60 Fantastic Online Resources that Help Saving Money
I like this article. I especially agree with number 4. That is precisely why I write a grocery list. Thank you for writing this informative article. 🙂
Thanks so much!