2 Ways to Immediately Spend Less Money Durin gthe Holidays

If you’re reading this, you’re probably in the same rut that most folks find themselves in: despite believing in the “save money” mantra, your actions tend to waver from your beliefs.

Undisciplined spending, buying things you don’t need, and in some cases, flatout wasting money, all of these are the mortal sins that overspenders and bad budgeters are guilty of committing.

But it’s okay. You’re only human, and frankly, unless you’ve been taught, most folks don’t magically wake up one day and start saving money.

It sounds obvious, but in order to save more money, you have to spend less money. Easier said than done, right?

But building off of our previous point, it’s time to teach you two quick-and-dirty ways you can immediately spend less money.

Define a Hard Spending Cap

Professional sports teams, depending on the sport and contest, are limited to a certain amount of money they can spend in a given offseason. While the sports world created spending caps to preserve competitiveness, we’re worried about spending caps for a different reason.

The reason you’re going to have a spending cap is so you stave off debt and the potential for insolvency.

While similar to a budget, there are certain expenses that are going to always be there no matter what. Groceries, gasoline, taxes, and mortgage payments, all of these are a given.

But when it comes to things like entertainment or clothing, those are certainly items you can immediately examine when it comes to your spending habits.

Let’s say you like to play video games. Instead of recklessly spending hundreds of dollars a month, limit yourself to one or two games per month.

And just so we’re not picking on the video gamers out there, for the fashionistas, limit yourself to maybe two or three items per month, obviously, calculate your average spend.

Put a hard dollar amount on it, and stay disciplined. If you go over your cap, punish yourself. How, you ask? Subtract next month’s cap with the amount you overspent.

Treat Every Dollar Like It’s the Last One You Have

This may sound like an odd tip, but if you start to value money like it’s the last thing you have in the world, you’ll be more prone to saving it, or more importantly, only focusing on the things that really matter: food, water, shelter, and your loved ones.

Sure, having fun is a necessity but contrary to modern conventions, you can have fun without spending a lot of money.

To keep things in perspective, a 2018 assessment by the World Bank determined that half of the world’s population survives on the equivalent of $5.50 a day; that’s $165 a month!

Start re-examining your spending habits and start viewing your dollars like they’re pure gold.

You’ll have more money for emergency funds, and you’ll be able to comfortably cover the absolute necessities without feeling like you’re being squeezed.