How To Reduce Wasteful Spending
So, I returned home from a wonderful, stress-relieving, and smart grocery shopping…or so I thought. I opened my bags expecting to see how smart I thought I had shopped. It was to my biggest surprise that I had repeated my mistakes all over again. Behold! I had bought a mason jar, a new cutlery set (oh… this one was different, they had flowers printed on them), I bought a spray bottle. Hmm, basically things I didn’t need, already had or may never use!.
Then it dawned on me that "I had just wasted my money", again. It dawned on me that this wasn’t even the 10th time; I had also bought a beautiful floral top I already had (but this one was different, it was a different type of flower). “Oh, this is different” was the lie I always told myself to justify the fact that 'I was wasting money' and this was slowing eating me up and my money too.
I identified this as wasteful spending, so knew I had to deal with it before it deals with me. Now, here are a few tips I have been able to use and have found effective over the years.
This is a simple plan of income distribution against expenses. Making a money plan can be very effective and rewarding if done and managed properly. I have heard people say 'budgeting is for the poor and low-income earners'. Well, I am most certain of the fact that budgeting, 'if done well and for a purpose can lead to financial freedom'. Now that’s not poverty!
Kindly click here to read the previous post on budgeting broadly explained.
The importance of a shopping list can never be overemphasized. A shopping list when trying to cut down on wasteful spending is as important as the cash or card you carry along for payment. Regardless of the kind of shopping; grocery, clothing, cosmetics, and so on, always take a shopping list along.
The importance of a shopping list is that it helps to streamline your buying. It makes you know exactly 'what you are going there for, what you need to buy, and what you should leave with'. Anything picked up that’s not on your list should be returned, the shops won’t shut down the next day. It is important to develop 'patience' when shopping. You can always go the next day or days after with the item penned down on a list.
KEEPING RECEIPT: "WOULD YOU LIKE TO HAVE YOUR RECEIPT PLEASE? …OH YES PLEASE!"
I am that lady who replies that way at the counter...with respect though. It is important to keep the 'receipt' if possible for all purchase…even for the 1 euro item bought. Keeping receipts and making a study or referral at the end of the month helps you realize what you have spent too much money on, where you should cut down spending, shops you shouldn’t waltz into, items you wouldn’t be buying any more and most especially TAX REFUND!!!!
A tax refund is the return of a certain percentage of the total amount of money spent at the end of each year. This is the money refunded to you by the government with proof of spending which is commonly the receipts which can gain you access to these funds. And just like that, you killed 2 birds with one stone!
GROCERY SHOPPING ONLINE
Even though there are more cons to pros of grocery shopping online, the benefit of specific and intentional buying can’t be ignored. Shopping online helps you 'shop intentionally'. There is no deception of sight when shopping online. Your eyes do not have the chance to crave things because they cannot be seen anyway and this, in turn, helps you save! There is no chance for binge buying or impulse buying. Access to see the total while shopping helps you to reduce the items or opt for a more affordable brand before checking out. This has, in turn, saved money and stopped wasteful spending.
Daily Allowance has been so far to be the most effective way of tackling wasteful spending. What is a daily allowance? It is spending money you give yourself each day. Unlike the monthly or weekly allowances, you don’t lose track of your spending. For instance, you have divided your allowances down to daily, when your money is out for the day, then it is out. Simple. This helps you spend less, spend wisely, and spend consciously.
Daily allowance for me is the best way to go. It’s the very method I use. If you want more explanation on this method, kindly leave a comment in the comment section and we will share more on it or send an email to Davilanda and we will be sure to get right back to you!
SAVING TIPS & LEFTOVER
Saving tips was a foreign language to me or more like a death sentence. 'I just didn’t understand why I should save my tips', Why?? It’s a gift. Did I have to sacrifice that too? Oh, it was so hard to convince me. But when I did, it was worth it. Tips are money not expected nor planned for. It is one of the easiest ways to save. I would spend my tips on many things only to find out later that I really didn’t need any of them. Best way to use tips…is to keep them. Let them sit for a while, unless of course there are pressing matters they should be useful for but if not, let them sit while you ponder on what to use them for. If there is nothing, just save them. "A drop of water makes a mighty ocean". The same goes for leftover allowances.
MAKE YOUR MEALS
Oh I know that feeling of winning and dinning in that beautiful and elegant restaurant or maybe checking quickly into a fast food joint. Regardless of the options, eating out too often doesn’t speak too well on the purse. Meals are more expensive buying than making one at home. Including the fact that it is also fun cooking and being creative in the kitchen. Try adopting this for a few weeks and compare the difference. It's definitely worth trying!
So these are the few tips among many that I have for you on ways to reduce wasteful spending and I hope they would be very useful to you.
Kindly leave a comment below telling us which ones you tried and which ones were effective.
See you in the next segment, Until then have a blessed day!!