Reduce Your Spending and Save Money!

With the holiday season right around the corner and a recession paying a toll on bank accounts, it's no wonder people are scrounging around in the couch cushions for a few spare cents. The following are easy ways that you can reduce the amount of money you spend and as a result save more.

1.) Budget

Easy as pie, right? Budgeting isn't just something that type-A people have to do to stay sane. It's actually a really effective way to manage your money and see how much you spend in certain areas. In addition, budgets set limits on your spending which saves you money automatically.

A budge doesn't have to be anything fancy. You can make a daily, weekly, monthly or yearly budget. The key is to abide by it.

Just write down what you need to pay for, how much you allow yourself to spend in that category, and at the end of the month, how much you actually spent. Here is an example of a really simple budget from familyfundstracker.com.

2.) Stop frequenting Starbuck's

Okay, so maybe you don't go to Starbucks. But most people have that one place they frequent and buy on a daily basis. Those small purchases add up big time. If you buy a coffee every morning (say, $2), that's $56 a month.

So instead of frequenting that special place every day, make it more of a weekly, or bi-weekly treat. And if coffee means that much to you, purchase a re-usable container and make your own coffee at home! I promise it'll save you major moolah.

3.) Use Cash

This one sounds silly, but it's genius. Once you have your budget set up, take out however much money you need in a certain week. Try not to spend over that amount.

4.) Leave your money at home

Whenever I'm going out to a store that I love to spend money in (Target), I often leave my spare money at home/in the car (including debit cards!). That way I only buy what I need to and don't have the means to go through with an impulse purchase.

5.) Think about your potential purchase. Literally.

If there is an item that I really really want and feel I can't live without, I give myself a week or two before I actually purchase said item. Often times I will forget about the item I had originally wanted and in the meantime make smarter spending decisions.

6.) Save eating out for special occasions.

Going out to eat is an expensive endeavor, be it a fancy sit-down meal or a quick pick me up drive-thru window. Pack your lunch, make your own dinner and avoid fast-food at all costs. This will save you money and your body will thank you.

7.) Walk more, take public transportation and carpool

If you can walk to wherever you need to go, do so. If you can take public transportation, why not? And if someone works with you/near you and carpooling is an option then jump on board. Filling your gas tank is expensive these days!