26 Things to Stop Spending Money On To Save

Last updated on September 21st, 2024 at 10:28 am

 

Identifying and avoiding certain things to stop spending money on is quite challenging even though you want to save more as planned. Sure, poor money practices like spending to impress others don’t help to improve your finances in any way.

No matter your monthly earnings, when you want to responsibly manage your finances, there are things you must cut from the budget to save. Let your list of discretionary items be the first call of the mind to your attention.

Sometimes you just have to use the third eye when it comes to expenses to cut out items that seem to eat up your paycheck earnings for nothing. Whether it is food, designer shoes, transport, TV, rent, clothes, and more there is a way to manage expenditure.

Stopping expenditure on certain things doesn’t mean denying yourself a life because spending on you is financially healthy hence you must wisely prioritize. If you are earning the same amount of money as others at your workplace and they can afford a better life, then you have to do the best you can in your situation to improve your finances.

If it means figuring out things to stop spending money on today and the day after in vain to change your money life, then do it now.

Advantages of Cutting out Expenditure on Some Items

Stopping or cutting out expenditure on certain items in the budget mainly comes in for two different reasons that is saving and diverting resources to priorities. Let’s find out why it would be important to consider completely stopping or cutting costs on some things.

• Save more

When you want to meet that money-saving goal in time, then you have to consider cutting or stopping some costs on non-basic items to have more money diverted to savings. Sure, there’s no way you can save more without minding about your current expenditure.

• Resource Allocation

Cutting spending on certain items helps in prioritizing resources to basic requirements and savings. There are many things we don’t pay attention to yet we spend a lot on them for no good reason like minor gym subscriptions, power bills, streaming, and more.

• Budgeting

When costs on some items are cut it helps to improve the budget due to prioritization of spending and also you can easily tell where your money has gone.

A List of Things to Stop Wasting Money on Throughout the Year

In this unpredictable economy, you don’t have to waste money on certain things. If you don’t know where to start when it comes to things to stop spending money on you can get sorted here.

1. Late Payment Fees

We all know that when you are late on bills and bank loans you are charged a fee, right? These charges take a lot from people’s incomes though they can be avoided when you make payments in time.

Defaulting on payment dates is very common with most people and it is among the things we spend money on in the dark.

2. Eating Out In Restaurants

Another thing to stop spending money on is eating in restaurants when you can make meals at home. If buying lunch or supper is taking a lot from your monthly earnings start making meals to save.

Sure, carry meals to work to stop ordering meals from restaurants when you are struggling to improve your money life.

3. Gym Memberships

Honestly, if you are serious about meeting that future money-saving goal in time, gym membership can be put on hold. Outdoor and indoor workouts like walking, jogging, yoga, skipping, and more are better alternatives to gym membership.

Paying gym memberships to interact with instructors is quite costly when you can use platforms like YouTube and workout apps for little to nothing at all to get workout tips. Putting gym costs out of the budget will help you save more.

4. Alcoholic Drinks

If you developed a habit of drinking alcohol irresponsibly you know it can affect your life. I don’t mean that drinking is bad but you should have control because it can affect you financially and health-wise.

Drinking should be among those items that shouldn’t at all suffocate your budget list at any one time. Stop wasting money on alcoholic drinks when there are things of great importance to spend on.

5. Bottled Water

The average price of bottled water in the United States is about $1.60 and this means that taking one bottle for 260 working days can cost you $460 or even more. This is a lot of money spent when you can carry your water in a bottle whenever you are going to work or moving out.

Yes, you might be addicted to convenience buying bottled water when you are at work or traveling but this money can be saved to cater to other things in the budget.

6. Fancy Phones

You might be the kind of person who spends money on the latest phones for luxury but also when you want to save, right? If you got the phone on credit you have to keep paying debt.

Different types of smartphones come out every year hence phone addicts are always looking out for the latest in the market. To improve your finances according to your situation, this is something you have to stop spending money on.

I have an Android phone that I have used for almost four years without buying another one and it is still working pretty well.

7. Luxurious Holidays

I don’t need to spend a lot of money to know that I went on holiday or vacation. This is just having time out with your family or alone for fun rather than spending a lot on yourself for nothing.

Some people when they go for vacations come back after spending money irresponsibly in expensive hotels. However, when you decide to look around there where you plan to take a vacation there are nice cheap places where you can spend less without strain on your budget.

Still, figuring out things to cut spending money on? Luxurious vacations or holidays should be considered to be put on the list.

8. Posh Cars

Another item to cut spending is luxurious vehicles, they cost a lot in purchasing and maintenance. You don’t need an expensive car to take you to places you want.

When you stop wasting money on posh cars your finances will drastically improve because the money is going to be spent on productive things in your budget.

Most wealthy people rarely drive luxurious cars because they are so mindful about their finances. I don’t know about you but try to cut spending on posh cars or completely avoid them to save money.

9. Party

Planning and budgeting for parties is something most people don’t do at all. On a no-spend weekend, I rarely attend parties though I receive invitations throughout the year from friends and family members.

Most times I make contributions only when it is necessary and that is way less than I would spend when I attend in person. Look through your budget to compare your expenditure on parties throughout the year whether it is worth it.

10. Expensive Furniture

Besides buying from designer stores expensively, there are places where you can get nice-looking furniture for less. Online marketplaces and stores with secondhand items are great places to start to buy cheap quality items.

Have seen many rich people buying quality secondhand items cheaply and saving the money that would have been spent buying new ones from expensive stores. Take time to shop around you will find local stores selling quality furniture within your budget.

11. Simple Car Repairs

If you own a car you take it for repair to keep it in good condition. No matter how busy you are, not everything should be done by the mechanic.

Some of the things you can do yourself without spending money include replacing car tires, oil changing, fixing wipers, fixing headlamps, and several other items. If you don’t get time to work on some things on the car by yourself, you are spending a lot on minor repairs when the money can be saved.

12. Designer Clothes and Shoes

Are you a fan of fashion clothes and shoes? If yes, you know what I mean when it comes to spending on them.

Designer clothes and shoes are very expensive no matter where you buy them. But you can decide to cut spending on them or find a local thrift store where you can buy cheap compared to buying new.

Stop spending money on the latest shoes and clothes at the stores to save money for future development plans.

13. Gifts

I don’t know how many times you spend on gifts every year but it is another indirect way to waste money for nothing. If gifting looks to be among the things delaying your money-saving goal, cut it out from your budget.

Have seen people spending thousands of dollars per gift to their loved ones which is not bad, but you need to look into your financial situation before doing it.

You want to improve your finances, right? Then mind about your expenditure on gifts to loved ones to save more on productive things to improve your money life.

14. Salon Manicures

Learn to make your nails to stop spending money in salons every month. You don’t have to go for training to learn to make nails when there are online platforms like YouTube and TikTok offering free training.

Starting to take care of your nails without spending money in salons will save you thousands of dollars every year. Sure, for women who like working on their nails to look nice, this is another great way to improve on your finances by cutting expenditures.

15. Phone Data

Have you ever taken the time to know how much money you spend on data every month? But if you are using it on productive things no worries.

Most people spend time on the internet doing things that don’t add up in their lives hence struggling with the bill at the end of the month. Besides, stop using expensive data plans and opt for cheaper plans to save.

Talk to the internet service provider about your concern to save money on data or look out for a cheap service provider within your preferred budget.

16. Baked Goods

You can start making bread, cookies, cakes, and other baked goods at home to stop buying out. There is a lot of money you don’t see that goes into buying snacks and other baked items.

Making baked goods at home will save you a lot in the budget and at the same time eat fresh. Despite the busy schedule, spare time to prepare what will last for quite some time to save money.

17. Going to Bars

Drinking a beer at the bar is cool but you end up spending more than planned that is why I decided to start drinking from home most of the time.

Tipping and buying for others at the bar stretches your budget. Normally at the bar drinks are marked up and hence quite expensive compared to chilling with your drink from home.

18. Buying Books

If you like reading take advantage of that local library to save money buying books from stores all the time. Books are quite expensive and reading addicts spend a lot on them throughout the year when they can use local libraries with plenty for less.

Libraries store thousands of books from writers on different topics of interest. Visit local libraries to spot your matches to reduce spending money buying books that congest your home office.

19. Impulse Buying

Making purchases not on a budget is a poor money practice that can mess up your wallet every month. Most people end up in credit debt before getting their paycheck earnings due to impulse spending.

These kinds of purchases you need to completely cut them out in your budget when you want to seriously improve your money life.

20. Online Orders

Buying things online is very convenient but quite costly because there are hidden charges like delivery fees, packaging, and more. If you have time to move to the stores you will find things cheaper than what you see online.

I like buying things online but sometimes we walk out to do comparison shopping to buy cheap. Sure, this has saved me a lot compared to making orders online.

21. Buying Movies

Renting a movie is cheaper compared to buying when you are going to watch it once and dump it. Sometimes I chill at the cinema hall when I want to have fun away from home.

Take time to look through your budget you will find that spend buying movies is a total waste of money when you can rent or chill at the cinema with your buddies.

22. Video Games

I know many of my friends who are gamers and they can’t do without it throughout the month. I don’t spend any money on games because am not interested despite hanging around with gamers.

If you are a gamer when the expense is within your budget that is nothing to worry about compared to struggling financially to keep up. No matter how good you want to acquire that latest game when it doesn’t match your budget you would rather skip the cost to save.

23. Energy Drinks

Many of us are addicted to energy drinks though they are not cheap to buy. Sure, when you take into account how much you spend on energy drinks throughout the year you will understand what I mean.

Instead of spending money on energy drinks, start making juice at home because it is healthier and cheaper to make.

24. Coupons

Using coupons is a great way to buy things cheap to save money but at the same toxic when you do it wrongly. Only acquire coupons at the right time that is when you need to purchase because you are running out of stock.

You don’t need to make a purchase just because things are discounted, it is a total waste of money. If the pantry is full there’s no reason to overstock no matter how discounted things are at the store.

25. Newspaper and Magazines

You want to stop spending money on newspapers and magazines, right? I read news online and magazines the local library saves me a lot.

Trust me whatever you want you will find at a cheaper cost or even for free depending on the service provider you are using. This is something you should avoid spending money on in today’s simplified digital era when it comes to accessing information of value no matter where you are around the world.

26. Junk Food

Eating fast food most of the time is more expensive than making a meal at home. Some people are complaining about their incomes but they don’t take time to look at money spent on junk every day.

Let’s say you are spending about $10 to $15 daily for 3 working days a week throughout the year that is $1560 to $2340 just on junk.

Besides, junk food is not healthy to be consumed every day and it puts your life in danger. Stop spending money on fast food after all it is even expensive, unhealthy, and straining your budget.

FAQs

• Is It Possible To Stop Spending Money On All The Items Mentioned In The Write-Up?

Sure, but you have to be committed enough to take action on every item mentioned here. However, if you have a busy schedule you can prioritize those that matter the most to save money on them.

• Do I Need To Take Action On All The Items Of Interest At Once?

Not really, you can decide to go by one or two items at a time and when you get confident about them then consider another.

• Can I Save Money Without Cutting Costs?

It is very hard to save money without cutting costs no matter how much money you make every month. Remember the more money you make, the more you are most likely to spend on certain things that you desire.

Conclusion

Many questions come around your head about things to stop spending money on, this list will be a game changer and you don’t need to become a finance professional to apply any of the tips to save money.