Am I cheap? I think I can be at times (The Dollar Store hates to see me coming). I’m constantly discovering different ways of spending less money.
As I get older, I’m realizing that experiences are becoming more important than certain material things.
No shade to the girlies who love things. I just love things a little less now.
If you’re looking for some fun yet effective ways to save, keep reading!
“One In, Two Out”
Before you decide to buy something new (clothing, techie stuff, books, etc.), you have to commit to getting rid of two similar things you own first.
Makes you question how badly you want it, huh? Doing this forces you to consider the true “cost” of clutter.
Create a “Fun Tax”
For every dollar you spend on a “want”, you have to match it by putting an equal amount into your savings or towards a debt.
This is a total win-win. You get to buy those hella cute shoes and save at the same time!
Do the “Micro-Saving Challenge”
Create tiny, almost insignificant daily savings goals (like $1.00 or $5.00), and put it in a shoebox or a mason jar.
This simple practice of saving, even in small amounts, can build momentum and cause you to be more mindful of how much you spend.
Emotionally Rename Your Bank Accounts
Instead of keeping the standard account name like “Savings,” use names like “Vacation Fund”, “New Car Fund” “Freedom Fund” or “Quit My Job Fund”.
Doing this creates an emotional connection.
Taking money out of those accounts will make you feel like crap feel like you’re giving up your dreams and goals.
Use Cash Instead of Cards
I can keep cash on me for quite a while. I’ve had $20 in my wallet for just over 2 weeks!
When you physically hand over cash, it makes spending feel more tangible, which helps you make more mindful purchasing decisions.
Round Up Your Purchases
There are really cool apps like Acorns that will round up every purchase you make to the next whole dollar and save/invest the difference.
Since you’re making regular purchases, you’ll see how quickly it adds up over time.
Wait 48 Hours Before Making Purchases
No ma’am, not 24 hours – you know that’s way too easy!
Delay gratification by waiting a full 48 hours before buying something non-essential to curb your impulse buys.
Most impulse purchases will die in this window.
Create Some Mental “Buy-Only” Rules
Establish specific criteria for certain purchases you want to make.
Here are some examples:
Only buy items that are on sale for 50% off or more.
Only buy items if you’re attending a special celebration, birthday, or milestone (no babe, getting to work on time is not considered a milestone – wink!).
Only buy items if you meet your savings goal for the month.
Try a “No-Repeat Month”
Up for a real challenge? Don’t buy anything you’ve bought before.
This challenge forces you to get creative, but it also helps you realize how many purchase “repeats” you are making.
Create a “Want vs. Need” List
Want to keep it super simple?
Just sit down and separate your desired purchases into “Wants” and “Needs.” Then, only allow yourself to buy items ONLY from the “Needs” list.
Be honest, girl! You don’t need another pair of winter boots in the color taupe.
Use a 30-Day Shopping Ban
Challenge yourself to an entire month without shopping.
Are you cringing yet?
Going the whole month without spending not only shows you how much you were spending but also how much money you could be saving.
It’s a great way to shine a light on your spending habits.
Create a Fun, Low-Spend Challenge
Get your friends in on spending less too!
Start challenges with friends like “No spending weekends” or “No eating out for 2 weeks” to help keep your spending down.
Limit Your Online Shopping Access
Remove all saved credit card info as well as your login details from your favorite shopping sites.
Yes girl, Amazon too!
You know that late-night online shopping habit of yours? Not anymore!
This will make those spontaneous purchases a little bit harder to do.
Use a Separate Bank Account for “Spending Money”
Add a separate checking or savings account where you only deposit a fixed amount each month for non-essential purchases.
Once you have spent every dollar in that account, no more spending until the next month.
Use Your Vision Board as Your Phone’s Wallpaper
Keep a digital vision board on your phone as a reminder of your savings goals and future desires.
When you want to spend that hard-earned cash, it will be right there to help you reconsider.
Replace “Retail Therapy” with a Different Reward
Instead of spending money, try some different activities.
Consider taking a walk, sitting at a park, joining a Meetup group, or doing a hobby that makes you feel good.
Follow #NoBuy and Frugal Living Influencers
We all get influenced, right?! So why not follow some frugal influencers that inspire us to spend more wisely?
Your social media feed shapes your spending mindset a lot more than you think.
Assign a Spending Theme for Each Day
Monday = No Spend
Wednesday = Groceries Only
Friday = Books Only
Sunday = Experiences Only
Set up your days in whatever way makes sense to your lifestyle.
This method brings structure to your week and limits what you are able to buy.
As you can see, these spending hacks are a mixture of habits and a little psychology.
There are tons of ways to trick your brain into spending less when willpower simply isn’t enough.
Let me know what hacks you’ve used to spend less money!
