Enjoying a happy, healthy and prosperous life often means getting control of your finances. A little bit of thought and planning can help you avoid spending on things that, in the long run, won’t provide you with value for money – so that you can spend more on the things that will. This might mean, for example, forgoing a gym membership for a year so that you can spend a luxury weekend away, or slashing your grocery bill so that you can spend less of your free time working. Often, it’s an accumulation of small savings that can make a big difference.
Let’s take a look at a few ways to bring down your overall spending without compromising on the things you really enjoy.
Embrace the “Downshifting” Trend
The most effective way to avoid spending money is to make a conscious commitment to consume less. Increasingly, money-conscious shoppers are forgoing possessions in favour of experiences. If you’re finding yourself spending a significant chunk of your monthly pay on new gadgets, clothes, and decorations, then you might be able to cut your working time by forgoing these things. This trend is called ‘downshifting’, and it’s widely viewed as an antidote to economic materialism.
Savvy Shopping Strategies
You can often save significantly by adopting the right approach to your grocery and clothes shopping. For items that you can’t avoid buying entirely, you might look for bulk discounts and loyalty savings. You might also wait for sales events and seasonal discounts, especially on things like clothing.
If you can avoid buying things in finance, then you might also save on interest payments. This can allow you to commit money to major yearly purchases. For example, you might save and then pay for your car insurance annually.
The Power of “No Spend Days”
It might also be possible to drive down your spending by time-restricting it. This might involve not spending any money on a given day of the week. You might reflect on how these self-imposed restrictions make you feel, and see whether you can increase their frequency. In the same way as time-restricted eating can drive down the overall number of calories you consume, a no-spend challenge can help you to keep your expenditure low.
Make the Most of Free Activities
It’s possible to spend a huge amount on a day out in the UK, especially after costs like parking, food, and admission are factored in. On the other hand, if you’re willing to research your local options, you might enjoy a free day out, instead. You might find that there are dozens of local parks, museums, and festivals in your vicinity, each of which might provide a satisfying day out with the minimum spend required.
Utilise Budgeting Apps and Tools
Modern technology provides a number of effective ways to track and limit your spending. You might use a budgeting app to set a spending limit, and to see where you’re straying beyond that limit. Mint, Quicken, and YNAB are all popular and effective solutions. You might also find that your existing banking app provides many useful budgeting features.
