Smarter Spending
Cut down costs so you can splurge when it counts.
Even if the phrase “in these economic times” makes your ears bleed, you still need to learn to make the most of your money. If you’re struggling to make ends meet, frugal habits can give you peace of mind and a little extra spending money. Don’t go overboard with money management. Just start easy and celebrate your spare change.
Write it Down
No one likes homework. But the best way to save money is to figure out how much you’re spending each month. Use a computer program or pen and paper to track your expenses. The bills are the easy part. Go the extra mile by really keeping track of your food and “other” expenses instead of estimating.
Start Cutting Costs
Now that you have your monthly budget, start looking at ways to shave it down. Do you really need a skinny latte from Starbucks every morning? Are you making the most of your Netflix account?
Here are some quick money-saving tips:
- Challenge yourself to eat out only once or twice a week.
- Shop in bulk for necessities like toilet paper and soap.
- Buy store brand instead of name brand groceries.
- Limit your clothing purchases to items on sale.
- Never grocery shop on an empty stomach.
- Don’t run your air conditioner while you’re out of the house.
- Keep an old-fashioned piggy bank. That shit adds up.
Shop With Coupons
Coupons aren’t just for old ladies. If you spend ten minutes a week clipping coupons from the Sunday paper, you’re basically giving yourself free money. Why waste the opportunity? To save extra, use the coupons on “buy one get one free” or “BOGO” items at your local grocery store. When you see a great deal, stock up.
Use Credit Wisely
When’s the last time you read all the fine print that comes in the mail with your credit card statement? If you’re not familiar with your credit rate, balance or monthly charges, now is the time to check. Avoid using cash advances, try to pay more than your monthly minimum, and stick to paying debit or cash whenever you can. If you’re already buried in credit card debt, consult a non-profit debt counselor. (Not someone you heard about on the radio.)
Reward Yourself
Saving money isn’t much fun. Make sure you leave room in your budget for the little things that make you happy. Whether that’s a movie, some sushi takeout or a night out dancing—you deserve the reward.
Originally published in Issue 9 of OMG!Magazine, a GLBT publication circulated in Orlando, Tampa and Key West.