When it comes to saving money every little bit counts. Being thoughtful about each purchase can add up to big savings. Here are some things you may be spending money on that you might reconsider.
Take Out
Takeout food and coffee can really add up. Depending on your spending habits you may be wasting hundreds or thousands of dollars a year. Calculate how much you are spending on these things and decide if it is worth the cost. Consider preparing your meals and coffee at home. The money you save could be put in a savings or investment account.
Extended Warranties
Most experts don’t recommend purchasing an extended warranty. Big ticket items come with a manufactures warranty and some credit card companies offer an extended warranty if you use their card to make the purchase. If you read the fine print on the extended warranty, the coverage often includes a lot of exclusions and exceptions.
Instead of purchasing an extended warranty, put the money into a savings account. Then add a bit here and there. If you need a repair or replacement after the manufacturer’s warranty has expired you will have the money to pay for it.
Home Decor
Knickknacks and household items can be a real waste of money. Before I became a minimalist, I often purchased home decor and other household items without giving it much thought. If I saw something I liked I bought it, but when I started tracking my spending, I realized I was wasting a lot of money on things I really did not need. Carefully consider each purchase you make, be thoughtful with your money. If you see something you are tempted to buy wait a few days, many times you will decide you don’t want or need it.
Paid TV and Streaming Services
Cut the cable and paid streaming services. These can add up to thousands of dollars a year. Instead, use an OTA antenna and free streaming options. See my article Cut the Cable and Paid Streaming Services and Watch TV for Free
Software
For almost every program you purchase there is a free alternative that is just as good or better. I use free programs almost exclusively. Using free software has saved me thousands of dollars over the years. And each new version and updates to these programs are also free, not true for most software you buy.
Gym Memberships
Gym memberships can be quite expensive, ask yourself if you use the gym enough to justify the cost. If not consider investing in exercise equipment for your home. Some free weights, a treadmill or elliptical cost money but overtime pay for themselves. And there are tons of free ways to workout at home as well. Walking in your neighborhood or city park, free yoga and exercise classes on YouTube, using common household items for weights. Also check your local community center or church, many offer free classes.
Bank Fees
Don’t pay bank fees. Use a bank or credit union that offer free checking and savings accounts.
Bottled Water
Bottled water can add up quickly. Instead purchase a stainless steel or glass water bottle and refill it. If you don’t like the taste of your tap water invest in a filter. You will also be doing your part environmentally, landfills, oceans and lakes are filled with plastic water bottles. You might also look for an artesian spring in your area. I have one 20 minutes from my house. Most are free to use.
These are just some examples of small changes you can make in your spending that will really add up over time. Go over your own budget and look for ways to spend less and save more.
The Tech Minimalist 