Thanks to Sarah Stringer for providing this post. Sarah gives us her tips on how she cuts back on spending to find extra shopping money!
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What woman doesn’t deserve to purchase herself a cute pair of shoes, a new purse, or a high fashion outfit to look and feel her best? After all, we’re expected to put on a lot of hats in our lives…I think it’s only fair that we’re able to reward ourselves from time to time. The only problem is – well aside from finding the time to shop for yourself, is finding the money to buy the latest fashions with. I mean, even the thriftiest of shoppers can have a hard time squeezing a few extra pennies out of their budget to splurge a little bit.
The good news is, I’ve found a few cool ways in which I could cut back on my spending in other areas of my life, which then allowed me to use the savings to purchase myself a new winter wardrobe (at a bargain of course). Anyway, here’s a breakdown of how I got started:
Make a List
First, I assessed my budget to determine how much money I was actually spending each month. I found that my biggest culprits were food, entertainment, and insurance coverage.
1. Food
– Traded in my daily Dunkin Donuts coffee for homemade coffee. I purchased an inexpensive coffee maker and began brewing my own at home. This saved me almost $3 per day.
– Instead of eating out every day, I decided that I would bring my lunch to work. When I was eating out, I was spending anywhere from $5 to $10 per day for a total of around $100 – $200 per month. By bringing my lunch to work, I was able to save between $50 and $100 per month.
– As for my large grocery bill I decided to start couponing. I won’t say that I was an extreme couponer, however, by simply clipping coupons from my weekend paper, I was able to save anywhere from 5% – 20% on my grocery bill each month. In addition to couponing, I also made sure I didn’t shop on an empty stomach and that I had a list and stuck to it. This kept me from purchasing impulsively.
2. Insurance
· While I thought I had the best car insurance rate possible, I decided to shop around and get a few quotes. Boy was I surprised to find that another insurance company was able to provide me with the same coverage at a fraction of the cost. I was able to save about $200 per year on insurance alone.
· For those uninterested in changing their car insurance providers, there are other options that can warrant a huge savings on your monthly payments. According to Acceptance Insurance, consumers can save money by simply raising their deductible costs.
· Bundling is another option for those looking to lower their insurance costs. I was able to also include my homeowner’s insurance with my auto policy which saved me an additional $30 per month.
3. Entertainment
· I began researching local and community events that are either free or very affordable. You’d be surprised to find out how much entertainment there is right in your own community. Fairs, Museums, sporting events, and even movies in the park can all be fun things to do without breaking your budget.
· I downgraded my cable subscription service by removing the premium channels and instead signed up for an online movie streaming service which saved me an upwards of $50 to $100 per month.
· I planned my trips out better, looked for all inclusive packages so this way I didn’t have to pay for the cost of food. Even places like NYC can be traveled to for a fraction of the costs.
By doing all the above in these three areas of my life, I was able to save hundreds of dollars each month. While I did put some of the savings up for a rainy day, I used a portion of it to treat myself each month to something nice. Whether it was a new outfit, a pair of shoes, or even an infinity scarf, being able to reward myself makes cutting back worthwhile. Hopefully these savings tips can be helpful to you as well.
