Clever Budget Tricks to Help Big Spenders Save Money

Budget tricks to save money
Clever budget tricks to save money

Many people falsely assume that big spenders have a lot of money. Unfortunately, that’s not always the case. We often find ourselves spending more than we should, or we earn. Why? Because it’s so easy that sometimes, we don’t even realize that we’re doing it. Your phone is like a giant store where you can find everything you need or desire. Not to mention that it has also replaced your wallet. Thus, the temptation to spend money is constantly there. But if you’re not careful, you can drain your accounts in no time. Therefore, if you’ve noticed that at the end of the month, there’s nothing left of your salary to put aside, it’s time to get back on financial track. Here are some clever budget tricks to help big spenders save money.

One of the first clever budget tricks to help big spenders save money is analyzing your expenses

You cannot start budgeting without knowing what you are spending your money on. Not tracking your spending is a big mistake because it leads to overspending. Analyze last month’s bank statement to see where your money went. If you also pay in cash frequently, start an expense journal and write down everything you pay for. All of this will help you identify your spending habits. Once you know the problem areas, it will be easier to fix them.

Determine why you overspend

It’s very easy to become a big spender, but it can be hard to determine why. Identifying your spending triggers is one of the best clever budget tricks to help big spenders save money. That can help you eliminate or avoid those triggers. Here are some common examples that might apply to you:

  • Your mood can have a significant impact on your spending habits. When you feel down, you often think shopping for new clothes or indulging in expensive food will improve your mood. However, that’s usually not the case. Moreover, you might feel worse once you realize how much you spent.
  • The lifestyle you’re accustomed to is often the problem. Once you get used to getting everything you want whenever you want, it can be hard to change. That usually happens if wealthy parents bring you up and you have to fend for yourself.
  • The environment can also impact your spending. For example, you might need to buy something whenever you go to the mall or on holiday. Or you might be tempted to overspend when you go out with friends. Even the social media environment with all those ads is often a spending trigger.

Setup a monthly budget, a great budget trick to save money

Once you understand why you overspend and what you spend your money on, it’s time to start budgeting. The first thing you have to do is to set a monthly budget. Calculate how much you need for necessities. These usually include your rent or mortgage, utility bills, food, and transportation. Now, try to identify and eliminate unnecessary expenses. Take a look at all those subscriptions and cancel those you never use. Finally, set up a fixed monthly amount for your savings account. Whatever is left, you can spend as you please. To make things easier, you can use the 50/30/20 rule. According to this budgeting method, you should spend 50% of your income on needs, 30% on wants, and 20% on savings.

Make shopping lists

You go to the grocery store to buy milk and end up with a bag full of other things. Let’s face it. That happens to all of us. That’s why making shopping lists is n excellent trick to save money. It doesn’t matter if you have two or ten items on your list. That will keep you focused on what you need. Moreover, you should try shopping as fast as possible to avoid wandering off on other aisles.

Use more cash and less plastic to save money

Use cash instead of plastic to save moneyIt’s much easier to overspend when you pay by card. That’s why you should revert to cash payments. If you’re a big spender, you should revert to cash payments. The next time you go shopping, take only the cash you want to spend and leave your cards at home. That will help you stick to the budget. Of course, nowadays, you can also pay using your phone, but try to resist the temptation. Another trick you can use is to set a weekly budget and take out only that amount of cash at the beginning of the week.

Be careful with online shopping

By using more cash, you’ll also force yourself to do less online shopping. But sometimes, online shopping is unavoidable. After all, you can’t find everything you need nearby or have time to go shopping. So, how can you avoid overspending online? Create a shopping list just like you would if you went to the grocery store. Don’t wander off to other sections of the website you’re using. Furthermore, you should cancel all those email subscriptions that notify you of various sales. It might sound like a bargain, but once you access that sales section, you’ll be tempted by many other items.

Involve your friends in the process

Friends can represent both a spending trigger and a solution. You want to go out with them, carry out various activities, vacation with them, etc. But all of these things cost money. So, you should try to limit your outings. Instead, invite them to your place for dinner, movie night, or a party. You can even explain to them that you’re trying to save up. They will certainly understand. Not to mention that it’ll be good for their finances as well.

Moreover, you can seek their help in other matters as well. For example, if you want to save money when moving, ask your friends to help you pack and transport some of your belongings. That will help you stick to your budget.

Conclusion of ways to save money 

It’s easy to become a big spender when surrounded by temptation. But living paycheck-to-paycheck is not the way to go. It’s good to save money for emergencies, holidays, or your future home. Use these clever budget tricks to help big spenders save money to get started. Then, try to find additional ways to stop overspending. Once you get used to it, you’ll see it’s not that hard. And you’ll feel happy and proud of yourself when you look at your savings account.