As of 2018 Americans have racked up $13.21 trillion in debt. Most Americans hold some level of debt, whether it be from credit cards or student loans. When you hold a large amount of debt it may seem difficult to save money.
If you struggle with saving money make sure to keep reading to learn how to spend less money in your day-to-day life.
1. Cancel Subscriptions
Most people have an array of subscriptions, ranging from Netflix to Amazon Prime. A great way to start saving is to get rid of the subscriptions you aren’t using. Sit down and take a look at what subscriptions you can cancel.
If you only use Netflix, go ahead and cancel the Hulu subscription. If you have signed up for trendy subscription boxes where you get clothing items, makeup, or trinkets, you should cancel those as well since they aren’t really a necessity.
You’ll notice more money in your account after canceling these subscriptions, just make sure to turn off auto-payments so you won’t get charged monthly. Make sure to look at these cash poor mistakes to find even more ways to save.
2. Automatically Save
If you have a direct deposit for work then you can change the way you receive your paycheck. If you’re bad about transferring money into your savings once you get paid, just set up your check to deposit 10% of your paycheck into your savings account.
Now you’ll only see the money you can spend on your wants and necessities. This is a great way to start saving because you won’t even have to remember to do it, and you’ll love to see your savings growing.
3. Pack Your Lunch
It’s tempting to go out and buy your lunch at work, but think about how much you’re spending to eat out. You most likely are spending at least $10 on lunch, and if you’re buying lunch every day you work, that’s $50 a week just on lunch at work.
You should start packing your lunch, find creative ways to make the lunches you love so you stop spending money on food out. That $50 will add up and you can throw it into your savings instead.
4. Make Your Coffee
This may seem like the world is ending by not going to the coffee shop every morning but that $5 coffee adds up weekly. You can buy a bag of coffee for that much and start making your coffee at home.
Make sure you buy your favorite creamer and even a frother to make your coffee just like the coffee shop. You won’t be sad for long when you start to save money by making coffee at home.
5. Cut Down Your Energy Bill
You can lower your energy bill by just a few simple steps. Start by changing the light bulbs in your home to LED lights. These LED lights use fewer watts than a normal light bulb, which is how you’ll save money.
Along with changing light bulbs, take shorter showers so you’re not using as much water. You can also find energy-saving appliances. These appliances will be more of an investment since you’ll feel like you’re paying more upfront but once your energy bill is lower you’ll thank yourself for these appliances.
Now You Know How to Spend Less Money
Now that you’ve read through how to spend less money, it’s time to put these tips into practice. It may seem tough at first but once you make a routine of saving money you’ll be happy watching your savings grow.
If you enjoyed this article make sure to check out our other posts on how to save money and pay down debt.