Spending more than you like to? You might not be the only one. Total US household debt increased by $313 billion (2.1%) to $14.96 trillion in the second quarter of 2021. We now owe $812 billion more than we did at the end of 2019.

Identifying where you’re overspending and breaking long-held habits to reduce spending aren’t as simple as they sound, since you may not be aware of where your money is going. You can, however, cut down on your spending, so you can spend less on items that don’t add value to your life or your long-term finances.

Take advantage of these ways to reduce spending to keep more cash in your bank account at the end of the month.

How to Curb Unnecessary Spending

Eliminate temptation

During each week, set aside a certain amount of money for miscellaneous spending, and spend only that. If it’s gone, wait until next week before spending more.

When you go shopping, make a list before you go shopping, stick to it, and avoid trips to the mall or browsing online retailers. If something catches your eye that you really want, sleep on it and see if you still want it the next day.

When you are out, credit cards should be left at home. If you pay with cash or a debit card, you won’t have to spend money you don’t have. Worried about overspending? Obtain a lower credit limit for your credit card.

Seven easy ways to reduce your expenses

  1. Do it yourself. Consider washing your own car instead of taking it to a commercial car wash.
  2. Eat at home. Stock up on some simple, tasty recipes you like, and get creative.
  3. Shop smarter. You could look for specials, but you should also purchase quality items that will last.
  4. Eliminate unnecessary bills. If you don’t use your club memberships, consider getting rid of them.
  5. Use less energy. Turn off the lights. If you’re sleeping or not at home, turn down or off the heat or AC.
  6. Leave the car at home. Make more of an effort to walk, ride a bike, or use public transportation.
  7. Find cheaper ways to play. Stay close to home on your next vacation. Take advantage of the free admission times at museums.

Stretch Your Dollar

You can reduce your expenses by reducing unnecessary spending. Moreover, there are ways to maximize the value of the products and services that you do buy.

Get a better communications package, for example. Bundling services such as telephone, cell phone, internet, and cable can often save you money. Call your service provider to negotiate a better package.

Make sure to pay bills on time to avoid late fees, penalties, and interest. Keep an eye out for mistakes and overcharging on your bills.

Having a vehicle is a necessary part of daily life for many Americans. A car is often among the largest purchases an individual or family will make in their lifetime, next to a home. It is important to do your research before buying or leasing a car, create a budget and balance your needs with what you can reasonably afford long-term.

Public transportation or car-sharing may be more cost-effective. Find out just how much you have to pay for a car. If your car isn’t making you financially happy, consider getting rid of it.​

It can be stressful to experience financial hardship. With Briteside Solutions, we strive to empower consumers and make them personal financial experts. If you need guidance or advice on how to manage your spending and craft a budget, contact us today to get started.