Zenith Wealth Partners

What Practical Spending Cuts Can You Make To Save Major Money?

The real struggle stems from the ongoing tug-of-war people have in their minds regarding needs and wants. 

We often justify using bizarre explanations to convert a spending need into a want. The truth is, when an item is  nice to have vs a need, it will likely not be used to its full potential. It will be just another additional item in our household, collecting dust or taking up unnecessary space. 

Social Media Shopping

Being influenced by social media tends to be a big driver behind buying items one does not have a need for. Many times people will purchase something and caption it, “Tik Tok made me buy it,” or purchase items using links from “Amazon must-haves.” Almost one hundred percent of the time, the person knows they do not have a need for this item. Influencers consistently share links and videos to stay relevant. This is their job, to influence others! It is crucial for a person to understand the influencers they are following make money from them spending money. 

Eating Out

Eating out is a massive culprit in almost everyone’s cash flow. The truth is we are busier than ever before and are constantly on the go. Time is a commodity many of us don’t have nowadays. The key is to be mindful and intentional about the restaurants and their menus. 

  • Find a restaurant or a take-out place that is reasonably priced
  • Pay attention to certain offerings, such as lunch specials 
  • Instead of having food delivered, build in picking up food as part of your schedule
  • Skip the drinks – you have water at home. If you must have soda, buy a liter from your local grocery store and keep it in the fridge 

Hidden Charges

Pay attention to unnecessary expenses that hide between the lines on credit card statements. Entertainment subscriptions such as HBO Max, Paramount +, or even Hulu. Cancel the subscriptions if they’re no longer serving a purpose. Share logins with friends and family when possible. Even though these subscriptions aren’t large amounts individually, when there are a few being paid for each month, the numbers can add up really fast! 

The Bottom Line

At the end of the day, it comes down to being mindful and not wasteful. Small changes like turning off the lights when not in use, not leaving the water running, unplugging appliances, etc. All of these small things do add up, and if everyone made the small changes, it would make a large impact on overall utility bills and the environment. 

It’s never too late to get started. Here are some budgeting apps to help get started – YNAB, Mint, Pocket Guard, and Honeydue. Finding a few individuals to start together can be fun and also play a role in holding each other accountable. 

If the apps aren’t enough to hold yourself accountable, speak to a professional. A Certified Financial Planner can assist in creating a flexible budget and provide guidance on achieving those financial goals. FOMO today isn’t worth missing out on a financially solvent tomorrow!

All written content is for information purposes only. Opinions expressed herein are solely those of Zenith, unless otherwise specifically cited. Material presented is believed to be from reliable sources and no representations are made by our firm as to another parties’ informational accuracy or completeness. All information or ideas provided should be discussed in detail with an advisor, accountant or legal counsel prior to implementation.

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