Spend Less, Save More, Start Small

In this economy, saving money isn’t exactly easy for a lot of people. We are constantly being reminded how important it is to pay down debt, live within our means, and work on building up a nest egg for the future. Easier said than done? Perhaps it’s all to do with perspective. Any goal can seem hopeless unless it’s broken down into small, manageable chunks. By spending a couple of dollars less and saving a couple of dollars more every day, this adds up to huge savings over the long term.

Now we’ve all heard the concept of giving up the daily coffee latte to save a whole heap of extra money over time. When I first heard this I thought “fine, but I don’t drink lattes!” It got me thinking about some other realistic switches that I could make; ones that are a lot more relative to my own lifestyle. Once I started really looking at the money I spend on a daily basis, I was able to properly analyze where I could make some changes.

So let’s take a look at some potential switches that we can make today to help us get on the right track. Remember: to spend less, and save more, we must start small.

If you enjoy going to the gym and working out, you probably pay a membership or drop in fee. Depending on the quality of the gym these membership fees can cost upward of $5 per day. If you’re a committed gym member, have you asked yourself whether these membership fees represent good value for money, and is there any way that you could achieve the same quality work-out for less or no money? Perhaps you could change up your routine and get some fresh air: go walking or jogging instead – it’s free! Grab the dog (or a neighbors dog), crank up the tunes on your iPod and you’re ready to go. If you enjoy lifting weights then you could perhaps get your own set of weights to use at home. I’ve walked past many a garage sale where I’ve seen an unwanted set of weights on sale for just a few dollars. Think of the money you would save.

How much money do you spend every month on your phone bills? In my hub "How to Save Money on Your Cell Phone Bills" I talk about an interesting switch I made to drastically cut down on my local and long distance call charges. You can do it, too! Also, think about all the added features you pay for on your phone bill – do you really need 3-way calling and call waiting? Take a look at your phone bill and understand all the little extras you are getting billed for. Small charges add up drastically over time.

A simple supermarket switch can have a huge affect on the money we spend every day on groceries and household items. Recently, Walmart Supercenters have been opening up in several locations across the city I live in. I can shop for my groceries, household items, clothing and gifts - all under one roof! Walmart offers roll-back pricing on everyday goods and the savings really do add up. Next time you’re out shopping, be mindful of the price you are paying on basic goods. Personally, I am amazed at how the price of a product can vary so much from one supermarket to another. Also, learning how to coupon can yield significant savings on your grocery bill!

Make your own lunch to take to work, at least a couple of days a week anyway. A café bought sandwich or McDonalds meal (for example) might cost somewhere in the region of $5-$10. Switching to a homemade sandwich packed with fresh, nutritional ingredients (that you bought from your more cost-effective supermarket) will not only make your lunch healthier, it will also put a few extra dollars back into your pocket. Even if you save only $10 a week making your own lunch, this small change could save you over $500 a year.

If you regularly buy newspapers or magazines, then you could consider cutting this habit out of your lifestyle altogether. I always flip through magazines while I am standing in line waiting to be served in a store. Occasionally, I might be tempted by a glossy article or a promise to lose 10 pounds in 2 days, and get lured into buying the magazine for a few dollars. When buying a magazine together with a week’s worth of groceries, a few extra dollars doesn’t seem like that much of an added expense (and after - all I was treating myself!) However, I got to thinking that these extra dollars were all adding up over time. The magazines were piling up on my coffee table and I ended up recycling them or donating them to my doctor’s office. Overall, I came to the conclusion that they really weren’t worth the added expense in my life. Instead, I joined my local library which cost $12 for an entire year, and now I have access to all the newspapers, magazines, and books (and CDs!) that I need. By spending a little less, I was able to save a little bit more. By joining a library you might also realize some additional benefits that you hadn’t thought of, such as gaining access to free classes or courses on a variety of topics. If you really miss your old magazine then you could always consider looking up the magazine’s website address online where you may find all the great information you need, together with old articles that you’ve never come across before.

Another way to save a few dollars and add them to your “nest egg” jar is to make a budget dinner a couple of nights a week, if you don’t already do so. Even though a budget dinner is cheaper, you don’t have to scrimp on flavor or nutrition just because you are spending a little less money. Use whole wheat pasta, lean beef or turkey, and fresh spinach to put together a hearty lasagna or spaghetti bolognaise that will go a long way to feeding your family as well as putting a little bit back in your pocket. For more ideas on great budget meals, click here. Instead of buying store bought sodas or bottles of water to enjoy with your meal, try drinking tap or filtered water which is readily available and free! Again, you don’t have to rob yourself of flavor or nutrition; if you think that plain water is boring or tasteless then you might enjoy reading my hub on “5 Ways to Make Water More Interesting”.

These are just a few ideas to spend a little less money and save a little more every single day. By starting off small you should be able to appreciate some easy results almost immediately. Think of some other things you could to spend less and save more, make yourself a list of and then gradually build these things into your new routine. You will be surprised what you can achieve when you start small and really put your mind to something!