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How to Cut Your Personal Spending

  • April 9, 2020

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How to Cut Your Personal Spending

We are living in uncertain times right now. After months of robust growth, the economy has declined sharply in the last few weeks. With the forced shuttering of millions of businesses across the country and globe, the U.S. and world economies are sluggish at best. Now is a great time to practice some personal frugality and cut some spending. We’re unable to predict the future, so it’s a good idea to limit your expenses and hold onto some cash. If you don’t know where to start, here are some tips on how to cut your personal spending.

Use Coupons and Discount Codes

Clipping coupons and finding discount codes isn’t just for baby boomers. That’s free money for you—all you have to do is take it. There are websites dedicated to finding the best codes and coupons for you to take advantage of. If the products you want to buy don’t have coupons, then try some new products. There’s a dozen different varieties of everything—simply find a cheaper version of what you want.

Maintain Your Vehicle

If you have a car, you know how much of money pit it can be. Take good care of your vehicle by performing the basic maintenance on it regularly. Simply changing the oil every three months will extend the life of the car. You should also regularly top off other fluids, such as the transmission fluid; lack thereof can cause transmission failure, which is expensive to repair. Prevent these costs by taking care of your car.

Avoid Food Delivery Services

Ordering takeout from your favorite restaurants is awesome, but that kind of convenience comes at a price. Food delivery services have a hefty markup for their services. You could end up paying 15 to 30% more for the same meal than if you ate at the restaurant or went and got the food yourself. Getting food from restaurants is also more expensive than making meals at home. Limit the number of times you eat out each week; otherwise, go pick up the food yourself and save some money.

Implement No-Spend Days

The best way to limit your spending is to simply not spend money. Seems simple enough, right? Look at the calendar and pick one day a week on which you will vow to spend zero dollars and zero cents. This will take a bit of planning on your part, of course. Pack a lunch for work, make sure there’s food in the house, and top off the gas tank ahead of time. It’s a small thing, but it will mean the $50 you would’ve normally spent that day will remain in your pocket.