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Avoid Debt with Sensible Everyday Spending Habits

In the current economic climate, everybody is feeling the pinch and this has led to record numbers of householders being in debt.  If you want to avoid getting into debt then why not take a look at your spending habits and see if you can reduce the amount of money going out of your bank account.  We all need to spend on essentials like food, housing, utilities, travelling to and from work, etc, however most of us spend unnecessarily every day without even noticing it.  There are loads of day to day items that we buy that seem to cost very little but accumulate on a weekly or monthly basis to represent quite large sums.  If you buy coffee on your way to work most days, you’re probably paying at least £1.50 per cup for this (not forgetting the extra if you indulge in a muffin or cake to go with it!).  Perhaps you go out and buy sandwiches at lunch time – after all, it’s cheaper than going to a restaurant or cafe.  But you won’t get a sandwich for less than £2 nowadays and that’s quite a lot to pay for two slices of bread with some filling.  By forgoing your morning take out coffee and waiting to have one in work (where it’s probably hardly costing you anything, if at all) and taking a packed lunch, you’ll be surprised at how much this can save you.  On a weekly basis, it could save about £30 which would add up to quite a tidy sum on an annual basis.  You don’t have to be so parsimonious that life becomes bleak – you could maybe treat yourself once a week as a reward for making the effort on all the other days.

Listed below are five ways that you can reduce your daily spending:

  1. Ride a bike to work if possible instead of taking the car or using public transport.
  2. Take a packed lunch and some snacks for during tea breaks.
  3. In your lunch break, avoid going “window shopping” – try visiting an art gallery or museum or going for a walk instead.
  4. Instead of buying a daily newspaper, read the news online – this will not only save money, but you’ll be doing your bit for the environment by reducing the amount of paper you use.
  5. Avoid buying canned drinks – use the water cooler, or if your place of employment doesn’t have one, take a small bottle of tap water to work (freeze overnight to keep it cool if there’s no fridge in work).

It’s surprising just how much money can be saved by making a little bit of effort.  Yes, it might be small amounts of money on a daily basis, but those small amounts add up to quite large amounts over a month and that will be quite a large chunk of your salary that you’ve saved.  Once you’ve made a start on this, you’ll be surprised at the effect it has on your bank account.  There might even be some money left over at the end of the month.  You could open a savings account and pay your surplus into it on a monthly basis and then use this for treats, holidays, luxuries, etc. 

Once you get into the habit of sensible spending, it will be much easier to keep control of your finances.  Sensible spending habits lead to sensible saving habits.  Making sure that you always have a little bit of money stashed away in a savings account means that it’s much easier to deal with crises when they occur.  If you need to get the car fixed, replace a household item that has broken down or buy new clothes for a special event, it’s much less stressful when you have the funds available.  If your savings have been building up without you having to dip into them for any reason, then you can decide to treat yourself to something that you would maybe have found hard to afford otherwise.