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How To Spend Less Money, Save Extra Money, And Get Ahead

Learning how to spend less money is more challenging than we think. It takes discipline, lifestyle changes, and the desire to truly save extra money. Luckily, no matter where you are in your finances, you can start making small changes today that will positively impact your financial future tomorrow.

This article will cover how to spend less, save more, and get ahead – even in times of economic uncertainty. With a little discipline and focus, your money can take you further than you ever thought possible.

How To Spend Less Money

To spend less money, you’ll need to set a budget, track your spending, and cut down on a few key things.

1. Set A Budget

We’ve all heard about budgeting but most of us shrug it off, ignorantly thinking we know just where our money is going. The truth is that you don’t realize exactly how you’re spending until you write it all down and verify it.

Sure, you may be spending 30% of your income on your housing, but how does that break down? Are utilities included? Is that Netflix subscription really a part of housing or should it be grouped under entertainment costs?

Write out your budget and categorize your expenses honestly.

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2. Track Your Spending

This is a tedious task that is worth its weight in gold. For one month – yes, an entire month – track every dollar that you spend. Use a mobile app to make it easy. Compare this to your budget and make adjustments as necessary to stay on track.

You’d be surprised how much you spend monthly on small, unnecessary expenses.

3. Cut Down On These Things

Americans are known for wanting to keep up with the Joneses. To avoid this, cut down on these expenses to lower your monthly spending:

  • Subscriptions: TV, magazines, Amazon, etc.
  • Phone plans: pre-paid phone plans could offer all of the minutes and data you need for less than $30 a month
  • Gifts: Try a DIY gift instead of shelling out $25+ every time a birthday rolls around
  • Eating out
  • Things you can do yourself like washing your car, laundry service, cleaning, etc.

How To Save Extra Money

If you find it hard to save money, try automating your savings, choosing high-interest savings accounts, and utilizing our top life hacks.

1. Automate Your Savings

Once you open up a savings account, set it up to automatically withdraw money from your checking account every month, week, or every two weeks. If you can, have the withdrawal occur on the day you get paid so you guarantee the money is available every time.

2. Choose Your Savings Account Wisely

Opening a savings account at a bank separate from your checking account may be a good way to store away funds without being tempted to spend them. By not seeing your savings account every time you log on to your primary account, the money is truly hidden away.

Additionally, choose a savings account that offers a high-interest rate. Big banks like Chase, TD Ameritrade and Bank of America offer lower interest rates than online banks, like Ally and Capital One. A higher interest rate means more savings, so be sure to do your research beforehand.

3. Consider These Life Hacks

These are our favorite life hacks to save money:

  • Cash-back apps for grocery and regular shopping
  • House-hacking: renting out a part of your home (garage, room, etc.) to help cover housing costs
  • Biking, walking or using public transportation to go to work
  • Choosing energy-efficient appliances
  • Buying generic brands
  • Meal planning
  • Buying second-hand
  • Leaving your credit cards at home

How To Get Ahead

Once you’ve taken back control of your finances, it’s time to get ahead by learning new skills, creating a financial plan, investing, and preparing for emergencies.

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1. Learn New Skills

Learning new skills will allow you to ask for a raise, change jobs, take on a second job, and network with people who can positively influence you. Take a course, read a few books, listen to podcasts, and never stop learning.

2. Create A Financial Plan

Set financial goals and lay out what you need to do to reach them. Make these goals specific, measurable, achievable, relevant, and time-limited.

3. Learn About Investing

True wealth comes from investing. Start small and learn the difference between investments like stocks and bonds, slowly working your way through investment strategies until you can choose one for you.

4. Be Prepared For Emergencies

Don’t let a financial emergency drain your bank account and push you back to where you started. If you’re still building up an emergency fund, consider using a title loan to cover urgent costs in the meantime.

Using A Title Loan For Emergencies

A title loan from an Auto Cash USA lender can put up to $15,000 into your account by tomorrow. You’ll only need your lien-free car title, vehicle, and I.D. to qualify. The lenders we work with do not require good credit, a bank account, or proof of income to apply. All credit is welcome.

It’s Time to Get Ahead!

If you’ve gotten this far, we applaud you for wanting to improve your financial health. By working on your spending habits, you’ll be able to save extra money and spend less money than ever before. By becoming financially literate, you’ll soon work your way to financial security.

If life throws you a financial curveball along the way, consider a title loan to assist in the meantime. Fill out our online form to get connected with a reputable lender today.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.

June Mckaig

June Mckaig writes articles on finance and budgeting, hoping to provide insight amidst the overwhelming crowds of information on the internet. She feels that with all this accessibility comes a lot of false data, and she would like to contribute astute, helpful input that she knows can help others. If you would like to learn more about June's research, read more here.