What Are You Doing Differently To Spend Less Money? 5 Tips

Spending habits are a problem for many people. When you don’t know what to do with all your money, you might spend it on things you don’t need. What are you doing differently to spend less money? You can spend less than you make, but it isn’t practiced very often.

In this post, I will lay out some things I’m doing to spend less money than I need to. These tips can be helpful if you have problems with spending.

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  1. Cut Out Unnecessary Expenses- Such As Cable
  2. Not Buying Fast Food Or Coffee
  3. Budget At The End Of Every Month
  4. Put Aside $500 Each Month For Savings
  5. Do Not Use Credit Cards For Personal Consumption

The world has a spending problem 

There’s no doubt that consumerism is a real thing in the world. The idea that we need to spend to boost an economy (and make us satisfied) has been around for a long time.

In many parts of the world, there’s a problem with spending. A lot of people will either spend all of their income or spend more than what they earned.

That goes against the basic laws of economics– you cannot spend more than you make. If you are, you’re in deep financial trouble.

What am I doing to spend less money?

I’ve practiced good spending habits over the years. I don’t buy a lot of expensive things, especially if I don’t need them.

Basically, I’m a lean spender and get what I only need at times. When I buy something that I want, I’ll make sure to have savings set aside to pay for it.

Whatever money I have leftover- I’ll save it or invest it in things I understand. By not spending all of my money at once, I can live beneath my means when I need it most.

So what do I do? Here are some things I’m doing:

Cutting out unnecessary expenses, such as cable.

I don’t need cable if the only thing I use is the internet. I don’t watch TV, nor do I subscribe to Netflix. Those are nice to have, but it’s not necessary. I see cable as not only a waste of money but wasting time.

Not buying fast food or coffee

I know that may be something people value a lot, but those are considered wants. Fast food may be convenient, but it can add up if you eat it regularly.

The same goes for coffee. Do you relish Starbucks or Dunkin coffee? Well, that can add up if you buy a coffee a couple of times a week.

Some of these places offer rewards programs. Although you may get the occasional free beverage every now and then, that’s encouraging you to spend more. 

I’ve stopped buying coffee from these places, as it added up to my spending. When you can easily make coffee at home for less, you’re better off doing that on your own.

Budget at the end of every month

Something I do before the start of the month is budget and plan ahead. Whatever income I made the previous month, I’ll organize my money into different categories.

For example, I’ll set aside money for expenses, followed by setting money for an emergency fund. Anything else that comes after I can use to spend on things I want, or set aside money for bigger purchases later on.

I know it’s tempting to spend your money when you receive income. But I make it a good practice to save it for spending the following month.

Put aside $500 each month for savings

That may be a lot of money at stake, but reserving that amount can pay off down the road. Imagine saving $500 a month in a single year. That’s $6000 a year you’re putting aside for the future.

When you’re committed to saving that much, you know you cannot spend that money right away. You’re delaying instant gratification in exchange for something better later on.

Wherever you put that money is up to you. It’s best to put some of it in an emergency fund, in the event that something unexpected comes up.

Do not use credit cards for personal consumption

I’m not a fan of credit cards or debt. Sure, they’re useful for building up a credit history. 

But if you’re using it for personal consumption, that can encourage you to spend more than you intended. You can easily buy something on credit, and then pay it off later.

You can make that payment later, but what if you’re not able to do so? Then that can impact your credit score later on.

I can explain more in detail about the benefits of credit cards and debt. There is good and bad debt, and I think credit card debt falls under the bad debt category.

Final Words

Spending less money means leaving more money aside for the future. You’re putting off things that you don’t need today but would desire to have down the road.

How I do it has helped me stay in great financial shape. It’s amazing to see how much money I have leftover after my expenses are paid out. 

Imagine having at least $1000 left over in your bank account. What could you do with the remaining amount? 

It better not is spending it on unnecessary things. As I outlined earlier, it’s best to save it or invest in yourself. 

Whatever you end up achieving, it can help you spend less down the road.

Your Turn: What do you do to spend less money?

I would like to get your thoughts on this topic. Do you struggle with spending less money?

Are you someone who spends all of their money right away? Do you find yourself tempted to spend it on something you do not need?

Feel free to share your thoughts by leaving a comment below. I look forward to reading your responses, and I’ll gladly respond promptly.

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Eric is the owner and chief editor of notimekillers.com. 

He takes great pride in helping people manage their time and grow their businesses. 

Eric is a firm believer in financial and time freedom, as he believes in financial independence and taking ownership of your time. 

“Time is your most important asset. It can be your best friend or worst enemy. How you use your time can shape the future you desire to have.” 

In his leisure time, Eric loves to write and read whenever possible. He enjoys going for long walks outdoors while doing in-home workout videos every week. 

You can also connect with Eric via LinkedIn.

Self Photo 2019: Here's a picture at a building in downtown Chicago.

2 thoughts on “What Are You Doing Differently To Spend Less Money? 5 Tips”

  1. I’m still one of those who spend less in order to save for something that I really want, but I try not to hold for rainy days because if I keep for rainy days, then the rainy days will come eventually. 

    However, my goal in life is not to have to cut myself off from my mouth or deprive myself of anything I like as part of my daily life in order to save some money. 

    I would rather find a way to make more money for what I would like to buy.

    For example, instead of saving 300 euros from my standard income, isn’t it better to make an additional 300 euros and then save it?

    • Hi Alisa,

      You’re making the right decision to spend less than you earn. I believe that’s the first tip to achieving personal finance, followed by saving and investing the rest in things you understand.

      I understand what you’re saying about not having to cut yourself short. I don’t think that’s the purpose of living a fulfilled life. 

      I agree with you on the concept of making more money. I like the idea of investing that money back to make even more- as you mentioned, so you can buy more of the things you want.

      Your example of saving 300 euros makes sense. So it’s possible to look at it from that standpoint.

      I recommend reading Rich Dad Poor Dad (by Robert Kiyosaki), as I think it’s one of the best books on personal finance. Some of the concepts I went over are discussed more in detail in that book.

      Thank you very much for sharing your thoughts- I greatly appreciate what you have to say.


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