Money Management Principle: 10 Tips to Help You Spend Less
Don’t get weighed down by debt—it adds pressure! The less you borrow, the less you will need to pay back, and the better your cash flow will be.
“The earnings of the godly enhance their lives, but evil people squander their money on sin.” (Proverbs 10:16)
10 Tips to Help You Spend Less…
- Record everything you spend and monitor your daily spending habits. If you write it down, the statistics show you will spend less.
- Set up a budget and stick to it. Be disciplined.
- Before you buy anything, you need to count the cost. Ask yourself…
- Can I afford it?
- Can it wait?
- Do I really need it now?
- Cut back on eating out and takeaways.
Instead of eating out or going to a movie, pack a picnic or make something. This will save you money. Go for a walk on the beach or a hike, or have a games evening. You can have fun without spending a lot of money. And remember, the best things in life are free.
- Can you reduce your non-essential costs?
Can you eat healthier? Cutting back on junk food, which costs an arm and a leg, will save you money and help you get into shape. How about walking instead of driving? It will help you stay fit, feel more energetic, and save on petrol.
- Cut back on your monthly expenses.
Can you be frugal with your water and electricity consumption? Can you scale back on your calls and data usage?
- Avoid places of temptation.
If you are tempted to spend money when you go to the shops, then limit your visits. Take a shopping list with you, and only buy what is on the list.
- Shop around.
If you need to buy a costly item, do your homework, look for bargains, and be patient. Avoiding impulse buying decisions can save you a lot of money.
- Buy less-expensive gifts.
Consider homemade gifts, which can be less costly for the giver and more meaningful to the receiver.
- Avoid store cards and credit cards.
They tempt you to buy impulsively, so resist the temptations.
“The wise man saves for the future. The foolish man spends whatever he gets.” (Proverbs 21:20)
