Easy ways to cut spending without feeling like you are missing out

Saving money is always in style and never goes out of season.  But no one wants to feel like they are missing out.  Simply put there are ways to trim your budget, but not machete it.

Budgeting 101
Fill out a monthly budget worksheet.  Subtract your fixed and semi-fixed monthly expenses (phone bills, insurance, utilities, etc.) from your monthly net income.  This will determine the amount you can spend every month without going into more debt.  Divide that number by 30 to arrive at a daily spending allowance.  This dollar amount is how much you can spend per day.  Some days you might spend more, which is fine as long as you make up for it the next day(s).

Scrutinize Your Spending
So what do you do once you have a budget?  Start writing down everything you spend money on.  It may seem tedious, but writing everything down will give the best assessment of where your money is going.  Plus it also causes you to think before you buy.  Do you really want to spend $4.32 on that latte?  The accountability helps you assess what items are wants vs. needs.  Your weak point may be clothes shopping or it may be cupcakes.  With every purchase think “Do I need this or want this?”  And write everything down.

Supermarket Strategies
Always have a list and do not buy anything that is not on the list.  It sounds simple, and it is, but it requires discipline.  Also, shopping on a certain day of the week, say Sunday.  By having structure in your weekly supermarket trips it will also help you track and scrutinize your spending.

Save even more

  • Do a wardrobe inventory before you go shopping for clothing
  • Know how much your vacation will cost, and set aside the entire amount before you go
  • Being thoughtful does not have to be expensive.  The best gifts come from the heart
  • Check your community-events calendar for free or inexpensive entertainment in your area

Standard Bank has ways to help you save such as Prewards.  If you aren’t familiar with all we do for the neighborhoods we serve, check us out on Facebook.

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