How to Pare Back Spending

When you set goals for the things you want in life, it may require paring back spending to get there.

While virtually everything costs money, there are many ways you can save on everyday expenses.

 1. Never buy new what you can buy used

You can save on almost everything by buying used. Not only are you getting the second hand price, but keep in mind almost everything new loses its value over time. That’s money wasted when you can get the same use from used.

2. Buy in bulk

Buying in bulk requires a higher upfront investment, but makes the most sense on items you use frequently. Bulk purchases save you money in the long run by lowering the item’s cost per unit, and not to mention, frequent trips to the store.

3. Bye, bye impulse buys

Don’t go to the store without a list. A list is a great way to keep you on track and to lessen the chance of impulse buys. If you happen to grab a few extras while you shop, look at them again before you check out and ask yourself if you really need it.

4. Go generic

You don’t need to betray all brand loyalty to cash in on generic options. Admittedly, some brands are better than others, but there are many items you could easily substitute for generic. The savings can be significant and the difference is usually minimal.

5. Find contentment

If what you have does what you need it to do, don’t fall into the trap of feeling like you need to have something newer. You already know almost all items lose value. What feels shiny and new today will likely be replaced by the latest model in six months. Hang on to what works and wear it out before you upgrade.

6. Consider DIY projects

Many purchases from home décor to household cleaners can be made right at home for a fraction of the cost.

7. Can’t miss deals can wait

Pressure tactics are designed to back you into a corner. The best thing you can do is back away completely. Do your research, know your options, and avoid the trap of strong-arm sales tactics.

Source: Money Talks News


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