• By Andrew Komarow
• Posted January 11, 2019

Ways to Change Your Spending Habits to Save Money

Saving money is a crucial part of financial success. A financial advisor can help you reevaluate your budget so you are able to cut costs. However, there are habits that anyone can learn that will save you small amounts of money that will add up to be a lot of money over the long-term.

1. Purchase items when they are out of season

Purchasing a kayak in the middle of July or a winter coat in December may not be the best financial decision. The prices will be much more than if you purchased the items in the offseason. There are always end of the season sales on clothing so make your purchases then.

2. Eliminate shipping costs

Many people like to purchase items online for convenience. However, shipping costs can add up. You may want to purchase items online only if there is free shipping. If you have to meet a minimum dollar amount, purchase additional items only if it is a basic household essential like laundry detergent or shampoo. If it is an online-only retailer, look on the internet for free shipping codes or see if the site offers one around holiday weekends.

3. Use coupons

We understand that not everyone likes to clip coupons from the Sunday circular but if you are willing to dedicate a few minutes a week, over time you will save yourself some money. Some stores may even give you a coupon if you ask for one.

4. Reduce the frequency of eating at restaurants

While there are many delicious restaurants, it can become costly to eat out frequently. Consider packing your lunch during the week and limiting your meals out to only the weekends. Eating at home can be less expensive, healthier, and gives you the opportunity to interact with your family.

5. Invest in reusable products

If you typically use single-use water bottles, coffee cups, or sandwich bags, instead purchase high-quality reusable items. You will save the recurring expense of these items and help save the environment as well!

These habits can be easy to initiate into your lifestyle to help you save money. It may not seem like these techniques are impacting your finances but over time you will see a difference and may have more of your paycheck put towards savings.