3 Tips For Limiting Your Daily Expenses
For anyone looking to reduce their spending and give themselves a chance to save more money than they presently are, you might be tempted to start looking for big changes you can make in your financial habits. But while this can be helpful, it’s often the small things you buy on a daily basis that can make the biggest difference in your financial life. While getting a coffee and donut every morning and hitting the drive-thru on your way home each evening might seem like just a few dollars to you at the time, adding that money up over the course of a year can mean the difference between spending and saving hundreds of dollars. So to help you fine-tune your daily habits and make them more savings-centered, here are three tips for limiting your daily expenses.
Drink Only Water
While you might think that restaurants make the most money off the food they make and sell, Jeff Yeager, a contributor to AARP shares that it’s actually their beverages that have the highest markups and make them the largest profits. Especially if you’re choosing to drink alcohol or you’re buying a drink from a place that’s known to be priced higher than normal, like the airport or an event venue, you could be paying hundreds of times the cost for soda or alcohol. So rather than choosing a drink like this, try to stick to just water when you’re out and see how that small change affects your overall spending.
Rethink Your Transportation Needs
Depending on where in the world you live, you might be able to make some changes regarding your transportation that could save you a lot of money. According to Bill Fay, a contributor to Debt.org, owning and driving your own car to work each day can cost you thousands of dollars over just one year, equalling hundreds of dollars each month. So if you have the ability to take alternative means of transportation, like public transport like buses, ridesharing, biking, or even just walking, this could be a great way to save you money each and every day.
Sign Up For Relevant Customer Reward Programs
If there are things that you do need to buy on a consistent basis, like groceries, there are likely ways to save yourself some money that you’re not presently taking advantage of. According to Trent Hamm of the Simple Dollar, think about the places that you already shop at and research their options for customer rewards programs. If you can find deals on things that you’re already buying, you could save yourself a lot of money over the lifetime of your spending with these businesses.
If you want to learn how you can spend less money on a daily basis, consider using the tips mentioned above to help you limit your daily expenses.