Here we share ways you can avoid wasting money, cut down on unnecessary spending and some top tips for saving money.
How to stop spending on unnecessary things
As you’re reading this, you’re most likely wondering how to stop unnecessary spending. Buying things that are a waste of money or not living within your means could lead to debts. You may think your only option is to seek a loan to cover these debts. However, you may then find yourself in a position of needing to repay your loan, and if you’re unable to, you could ultimately affect your credit rating.
However, there are several ways you can stop or cut down on any unnecessary spending.
Use budgeting tools
The number one way you can avoid wasting your money is by never spending more than your monthly income, therefore living within your means.
You can use budgeting tools to help you stay within your allowance, as well as accounting for any unexpected payments. With a Vox Money e-account, manage incomings and outgoings, never go withdrawn, create account wallets to separate your essential spending from your savings and set payment alerts for when direct debits are due to come out of your account.
Find out more about using our budgeting tools here.
Only buy essentials
From grocery shopping to your utility bills, if you only pay out on essentials each month, you can ensure you don’t waste money.
Set priorities for your luxury spending
We all need a treat every now and then. Rather than solely sticking to only buying essentials each month, why not set priorities on your luxury spending so you can still enjoy a treat here or there. Whether it’s a takeaway or a holiday, pick your favourite luxury purchase and budget it into your overall spending. This way you can ensure you aren’t wasting too much money on multiple luxuries.
You could even create a separate account wallet for saving up for your special treat. That way you can be reminded every time you get the urge to splurge on an unnecessary purchase.
Follow a shopping list
Don’t be tempted to impulse buy when you’re in a shop as this could see your final shopping bill much higher than expected. Make a shopping list and stick to it. You could also do your research ahead of visiting the shop to make an estimated price for the total cost of your shop.
Alternatively, why not swap your physical visit to an online shop to reduce any temptations for an unnecessary purchase or tempting deal by the tills!
Make lifestyle swaps
We get it, a coffee from your favourite barista is never quite the same as instant coffee from a jar and buying lunch is so much easier than meal prepping and making a packed lunch to take into the office. However, by reducing the number of coffees or lunches you buy each week, you could save yourself quite a lot.
Similarly, you could make some cost-savings by changing when you travel. For example, if you’re able, avoid travelling at peak times. Instead, opt for off-peak times to avoid wasting money on more expensive tickets or wasting fuel whilst stuck in traffic.
Get rid of unnecessary subscriptions
It can be all too easy to have signed up for a rolling subscription that you have since forgotten about. Check your bank statements for any sneaky subscriptions you’re still paying for. Your options could be canceling, or alternatively, negotiating for a better deal. Typically, when you try to cancel a subscription, you’ll be offered a reduced rate to encourage you to stay.
Haggle on your bills
Did you know not shopping around is costing Brits billions? When it comes to your utility bills, home and car insurance and mobile phone contracts, it can be easy to stick with the same company year after year. However, being a loyal customer doesn’t always mean you’ll be rewarded. The best deals are often reserved for attracting new customers. You should shop around to see the offers available.
Calculate how many hours you need to work to pay for an item
To help avoid splurging your cash on a whim, you should work out how many hours you would need to work to pay for the item. This can make an item less appealing, and help you make a more considered purchasing decision.
Follow a money saving challenge
One way you can stop wasting money is by instead saving it. Why not set yourself a fun money saving challenge? From a 365 day challenge, which gradually increases throughout the year, to collecting and storing your spare change, there are plenty of ways you can save money.
Why not read about our money saving challenges here?
Did you know you could get up to 13% cashback at leading retailers when you use your Vox Money card? By shopping savvy and taking advantage of cashback reward schemes, you’ll get money back in your account! It might actually pay to shop!
With budgeting tools, account wallets and access to our generous cashback rewards programme, take advantage of a Vox Money account today. Sign up here!