November happens to be Financial Literacy Month and one of the best financial favours you’ll ever do for yourself is becoming more aware of your spending. Especially those pesky purchases you don’t even think about—what we call SNEAKY SPENDING!
DISCLAIMER: We’re NOT here to be a buzzkill.
Becoming more conscious about your spending doesn’t mean NEVER treating yourself to a fancy coffee or splurging on a new outfit. You might be surprised how much MORE MONEY you’ll have for fun things if you don’t let so much go unconsciously!
Here are a few tips:
1. Use cash, not cards
You know the saying “out of sight, out of mind”? Well, how can we know what we’re spending if we never SEE any actual money leave our hands? At the start of the week, try taking out a set amount of cash for optional spending, ONLY pay with cash, and when it’s gone, it’s gone! You might even want to leave your credit and debit cards at home.
2. Sleep on it
We don’t mean put your money under your pillow (although if that helps, go for it)! Next time you’re excited to buy something, wait a day and see if you still want it.
3. Ask yourself, ‘Would I buy this if it weren’t on sale?’
Love a bargain? Who doesn’t! A great way to cool your jets when something’s discounted is to ask yourself if you’d pay full price for it. Remember, it’s 100% OFF if you don’t buy it!
4. Try curbside pickup or delivery
Ever go into a store and come out with waaaay more than you planned? Remove temptation and don’t go in at all! With so many retailers offering curbside pickup, order online and try it. Hey, if they offer free or low-cost delivery, why not save your gas money, too? If you’re more likely to overspend online, go old school and phone in your order!
5. Make a budget
Whether you want to use a spreadsheet, app, write everything out by hand, or stash money in jars or envelopes — whatever works best for you is awesome! Don’t know where to start? Try our free Budgeting Basics Booklet or, for a more personal touch, call your nearest Cashco to set up a free budgeting appointment! That’s exactly what we’re here for. YOU!
Oh! One more thing!
Don’t worry about doing all of this at once. Pick one tip and try it! Just like sneaky spending, SNEAKY SAVING can really add up, too!