Want To Spend Less? Then Do This!

The cost of living is increasing daily, so saving money is becoming a necessity! Interested in learning financial planning hacks? Become a member of the AuditHer Wealth Circle.

Thanks to effective marketing strategies, many of us have become impulse buyers. While businesses thrive on impulse buying, our bank accounts suffer tremendously. As this blog focuses on improving the financial well-being of our readers, we wanted to share a few financial planning hacks, which have helped us spend less.

1 —

Carry Cash

In 2023, many businesses participate in cashless transactions, leaving consumers with limited options for paying for their purchases, so carrying cash may not always be feasible. By keeping a minimum amount of money in your checking account, with the rest stored in a high-yield savings account (like this one with Capital One), you don't have to leave home with more money than you want to spend. Holding yourself accountable to your monthly budget can improve your financial health.

2 —

Take Advantage of Cash Back Rewards

We are a big advocate for cash back rewards! We are particularly fond of the Capital One Quicksilver Cash Rewards Card. Instead of swiping your debit card at checkout (unless you have special incentives to use your debit card), whip out your Capital One Rewards card to maximize your opportunity to earn money on your purchases. You can redeem your cash rewards to cover a recent purchase or buy that cute blouse you've been eyeing for a while.

3 —

Ask for Discounts (Stop Paying Full Price)

Asking for a discount on your purchase is a must. Try to negotiate a reduced price when shopping online or in person. It may seem pointless to do this with established businesses that set firm prices (e.g., Target), but with a solid technique and attitude, you may achieve some success. Don't ever underestimate the power of negotiating!

In my personal experience, I have been able to score discounts on purchases. For example, there was an instance when I was shopping at Saks Off 5th and received a discount on a cute designer sweater. The original price was $129.99, but it was on sale for $32 (a 75% markdown)! While $32 bucks for a designer sweater may have been a steal for most, I wanted to take my chance to see if I could earn an additional discount (blame my frugal alter ego). Fortunately, there was a very tiny stain under one of the armpits of the sweater, which helped me talk my way into an extra $15 off!

“Ask and it will be given to you; seek and you will find; knock and the door will be opened to you" - Matthew 7:7 (NIV)

Outside of discounts, couponing is also a great money saver. Target, Kroger, and many other major retailers offer coupons. Check retail websites and your mailbox to snag the latest coupons for your favorite stores! 

Don't forget to add yourself to your favorite retailer's subscriber list to be first in line to receive special offers. 

Pro Tip: Set up an email account dedicated to coupons, discounts, and subscription notifications to keep your primary email inbox clean.

4 —

Get a Library Card

While many of us underutilize our public libraries, the best way to save money on entertainment is to check out books, movies, and more from your local public library. I have been supporting my local libraries since I was in high school and have found that I have been able to really level up my life through reading by taking advantage of the free resources offered by my library.

If you enjoy reading books electronically (e.g., Prime Reading), most public libraries allow you to check out books online and read them digitally.

 In addition, instead of buying a $20 movie ticket, hit up your local library and rent a DVD for free if you still have access to a DVD player. Otherwise, most libraries allow you to check out movies digitally to stream them right at home. 

Pro Tip: If you do not have access to a library, you can download free TV and movie streaming apps like Tubi. 

Spend Less To Reach Your Financial Goals

With the cost of living rising every day, finding ways to lower your living expenses so you can move closer to financial freedom and get better sleep at night is critical.

Anyway, I hope you found this quick read full of valuable information. Until next time, ciao!