Cutback On Your Spending With These 5 Budgeting Hacks

By Kanyi M

As our current economic climate shows, it is important to make the most out of every dollar. This means that sometimes we need to cut back on our spending with these 5 budgeting hacks. It can be particularly tough when you’re constantly having to spend money on gas or there’s a looming deadline for a project due in 3 days but if you know these 5 tricks, your budget will thank you and your wallet back will too!

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1. Use cash to make “challenging” purposes

If you tend to overspend on a given category, let’s say clothing, because you feel you deserve it, try to hold yourself back by keeping a limited amount of cash with you at all times. Doing this will force you to think twice before making an unnecessary purchase: Instead of using your credit card.

2. Have a budgeting app on your phone

Having a budgeting app on your phone with you will help you effortlessly track your spending and expenditure. It’s also a wonderful way to keep yourself accountable for what you spend, and prevents mindless spending when you know that someone else knows what you are buying.

3. Make regular meetings with yourself

Creating a meeting schedule can help keep you accountable to yourself and your goals. You might want to schedule time every night to review where you are financially or just set aside a day every month or two to do the same. Either way, whether it’s written down or in your head, make sure it’s regularly scheduled so that it doesn’t get overlooked until too late!

4. Utility bills are a bummer

When it comes to cutting costs, utilities tend to be one of the best places to start. There are a multitude of ways that you can cut costs on energy, water and even internet access. The best thing that you can do is to look for companies that provide bundles for all three needs, as this not only saves you money but also allows you to get what you need from a single company and cuts down on your administrative overhead.

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5. Save on groceries

Food is another area in which people tend to overspend without thinking about the long term effects, especially if they are seeking comfort in their food when they are feeling stressed or depressed.