Going on a “Spending Diet”
March 4, 2014
When it comes to finances, many of us have the same problem: we can’t stop spending! Whether it’s a latte from the coffee shop every morning to occasional pricey shopping sprees at the mall, we all have our own indulgences. Even though spending can spark instant gratification, these habits can have negative effects in the future. If we spend more now, we have less in the future. Starting a spending diet can save a lot of money for later by cutting unnecessary expenses. Here are some ways you can trim the fat!
1) Set an allowance for yourself. Give yourself a reasonable amount of money to spend each week, accounting for snacks, meals, household items, etc. At the end of the week, take all of the leftover money and put it into savings.
2) Cook instead of dining out. Easting out multiple times a week can add up quickly. Cut the costs by preparing your own meals. Also, plan the meals for the week in advance so you can do your grocery shopping in one trip.
3) Create your own reward system. Don’t let your diet take the fun out of life! For example, if you can save a certain amount of money in two weeks, treat yourself to a rewarding (yet frugal) night out with your friends. This will keep you motivated and positive!
4) Make coffee at home. As college students, we rely on caffeine to offset our bad sleeping habits. Instead grabbing a $4 cup of coffee every morning, brew your own. You can also save by buying breakfast foods from the grocery store rather than buying overpriced bagels and pastries daily. According to the Budget Diet, you can save around $1000 a year by doing this.
If you end up cheating on your diet, don’t get too hung up on it. Just make sure you stick to your plan as often as possible. The saving habits you gain in your spending diet can change your life financially and earn you more money in the future!
–Muna Malin, Student BloggerShare on Facebook