10 Small Ways to Change Your Spending Habits – Big Time

Posted by Golden Girl Finance on July 2, 2015

Saving up is hard to do, but we have a secret: It’s really not. Small change can add up to one big difference in your pocketbook - and it all starts with a few small changes in your day-to-day living. It's ten small steps for you – and one giant leap for your wallet.

Let’s take a look…

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    1. Save the extra change from everything

    Your bank may even have an option for your debit card that allows you to automatically round up your purchases to the nearest dollar and stash away the extra coin.
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    2. Shop alone

    In a recent survey by YouNeedABudget.com, an overwhelming 64 per cent of respondents said they tended to spend more when they shopped with a friend than when they shopped solo. If you must tag along with the shopping squad, leave your wallet at home.
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    3. Never pay full price again

    Chances are you can wait until that item goes on sale, or find a similar item that already is on sale.
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    4. Save room in your budget for, you know, saving

    Allocate a percentage of every paycheque to this goal – and make sure it’s one you can manage. For example, start with funnelling one per cent of every paycheque into your nest egg. Stay consistent with that proportion even as your income fluctuates along the way. Find a way to make this work for the rest of your living expenses.
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    5. Make sure you pay yourself first

    Experts have found Canadians are more concerned about paying down their debts than they are saving for retirement. While perhaps a noble strategy, it’s also been proven to cost more out-of-pocket in the long run.
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    6. Head to the dollar store

    Everything from pregnancy tests to gym socks to cutting boards can be found at the dollar store for a fraction of the cost of what you’d get them for elsewhere. And yes, many of these are just as good (if not the exact same thing) as what you’d find at bigger department stores.
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    7. Swap out brands to cut back without noticing

    Don’t worry, you can still stick with your $20 tube of shampoo. But you likely won’t notice the difference between that name brand label of paper towels and its generic counterpart.
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    8. Carry your cash in large bills

    Research shows we’re less likely to spend money when we carry large bills rather than small bills. Our brains don’t like to break up Benjamins, apparently (or Bordens, if you’re Canadian).
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    9. Invest in quality and value over quantity and price

    It’s not rocket science. The faster we consume, the more frequently we have to go out in search of more. And the more frequently we go out, the more likely we are to spend more than we anticipated more often. Invest in higher quality goods when it comes to clothes and long-term purchases.
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    10. Invest in a good financial planner

    You’ll reach your goals faster and more effectively with an expert on your side. They’ll keep you accountable, honest with yourself, and on the right track. It never hurts to have help in your corner.
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