We all know how it is to live paycheck to paycheck. It is frustrating and we might even end up in debt. As a new minimalist, i am learning day after day to cut my spending habits that are helping me. As I focus on intentional living, I realise I have been accumulating mindless spending habits that I could easily avoid. If you find yourself in this trap, set yourself an intention that you want to do finance differently and that you are willing to work towards financial freedom. We may never know when an emergency could happen or even the couple of dollars that you save each day could potentially let you go on a dream trip in the months to come. Here I will be sharing tips on how I have been cutting my spending habits and how you can do so as well.
#1- Stop buying overpriced coffee daily
If you buy a coffee at Starbucks or Costa or wherever you get your coffee, you have to stop. Stats show that an average human spends a thousand dollar on coffee per year. Now, that my friend is a lot of money you could be saving. You can instead buy a cute or classy tumbler and make your coffee. It will be way healthier and sustainable.
#2- Look into a capsule wardrobe
A capsule wardrobe is a perfect way to start decluttering your closet. It is not uncommon that we may find outfits we didn’t think we own. You might even own five of the same basic black shirt. Or maybe it is just me. Well, that happens when we mindlessly shop and not take the time to declutter. Decluttering could also save you a lot of money in the long run and may help ease your mind as well. Click here to learn more about how you can create your very own capsule wardrobe.
#3- Downsize your phone plan & give your phone a break!
Downsizing you phone plans can slash your bills drastically. While there are benefits to phone contracts, the absurdly high fees can burn a hole in your wallet. Instead, try to find a plan that will best suit your life. If you are a student, you could opt for a plan that cost less than $50. On top of that be mindful of the way you use your data. Data charges can spike the bill. There is no need to be using data to check social media regularly to distract yourself. It is a waste of money. I challenged myself last year to travel in Europe without data, and I did just that. I managed only to use wifi. I will just give my phone a break and use it only to take pictures of the country and listen to music if I’m travelling on a bus or train. If a person in a foreign land can depend solely on wifi, you could easily let go of the need to use it in your local country. I also realised that the more I gave my phone a break, the more I became aware of my surroundings on a daily basis. It helped with my emotional state as well as I wasn’t always comparing my life to virtual reality. Try it, and you will be grateful you did!
#4- Limit dining out to special occasions & learn to cook!
You do not have to be a gourmet chef to learn how to cook! There are tonnes of benefits to cooking at home. The food you prepare at home will be fresher, healthier, and you will even have fewer temptations. You will be able to engage in more intimate time with your loved ones and save a heck lot of money. I live in Singapore, and the average price of a pasta dish is $15-$20 which is four to five times more than when I just make it at home. However, i do believe that you can dine out for special occasions where you just want to take a break and enjoy! When you do that, you will feel more grateful for the experience of dining out and be able to savour your meal than just taking it for granted. Click here for 34 healthy dinner recipes anyone can make.
What are some of your tips to cut spending habits? Share them below in the comments!