10 Ways To Better Manage Your Spending

Overspending leads to borrowing, usually with higher cost debt associated with credit cards.

#1 To seriously cut spending, you need to examine your household budget. Build a simple budget plan. The key to spending at least within your means is to know your fixed expenses (more predictable but less flexible) and variable expenses, where we may be better able to control.

#2 Learn to deal with inconsistent income. You need to consider your current lifestyle and review your budget. If you received a large bonus, don’t leave it in your checking account. It is too easy to spend.

#3 Use cash for more categories Increasing your pain of spending is the best way to curb unnecessary buying. For more expensive items, like furniture, I have asked the salesperson for a different price if I pay entirely in cash, and I often receive a discount.

#5 Save money with coupons and apps Confession: my husband has been doing most of our food shopping. He has been an avid user of coupons for years and is a loyal shopper at certain outlets. We have also been using Ibotta and Checkout 51 with good results. Using coupons can be fun, but you need to be organized—recommended apps such as thegrocerycame.com, couponsuzy.com all worth a try.

#6 Use unit pricing. If you have time to peel and cut the carrots, the full-size carrots are the better deal. All you need is basic math to make better buying decisions.

#7 Avoid brand bias You are often paying more for brand marketing than for higher quality when you buy name brands. The private brands (also known as private label or generic brand)  and the name brands are often sitting near each other, so it is easy to compare the ingredients’ labels.

#8 Handle the pitfalls of online shopping Online shopping has benefits: quick, convenient, and the opportunity to avoid crowds and lines. However, it is just too easy to buy things online. Retailers know this and have developed strategies to induce overspending. To save money on shipping, they will tell us to spend more than we intended.

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