15 Tips for, “Cutting Back—Saving Money and Reducing Personal Spending”

I put together these 15 tips to help you save money and grow your personal savings.

  1. Create a budget and know your spending limits.
  2. Get a budget App for your smart phone. Your budget will be with you wherever you go.
  3. Research online for the best quality and the best price on all of your purchases.
  4. Check to see if there are rebates or promotional codes available and use them.
  5. Before you buy always ask, “Do I really need this purchase?”
  6. Know the difference between NEEDs and WANTs
    • Needs are essential for living such as:
      • Food
      • Paying Bills
      • Rent/Mortgage
      • Utilities
      • Car Payment
      • Student Loans/Tuition
      • Medical Care
    • Wants: I can live without it…but I want it
  7. Remember, material things do not make us happy.
  8. Shop within you closet, drawer and/or cabinet before you decide to buy something new.
  9. Make a shopping list before you shop, and stick to it:
    • Grocery Shopping
    • Drug Store Shopping
    • Costco
    • Home Depot
    • Online Shopping
  10. Take a 30-Day Retreat from shopping.
    • Only buy the essentials
    • Take time to evaluate your past shopping habits
    • Journal your experience—learn
  11. Do not throw away change! Get a change jar, and when it is full, take it to the grocery store or the bank; exchange it for cash.
  12. Make a list of 10 ways you can cut back or cut out non-essential wants like coffee on the go. Make your own.
  13. Condense all ½ and ¼ used bottles of cosmetics to create a full container
  14. Buy one and give one away. If your closet is bursting at the seams, when you purchase a new item of clothing give one away.
  15. Be grateful for everything you have and you will always have enough.