Spending too much money? Use these tips to cut back right now.

5 Ways To Save Money Right NowSaving money doesn’t always have to be part of a long term plan or something that requires a whole lot of thought. There are many things you can do in the short-term to improve your financial situation and get your money mission on track. Here are a few ideas of things that you can do right now to improve your finances:

Make your lunch the night before: By making your lunch the night before, you will avoid the urge to buy lunch at an expensive canteen in your workplace. You can also maximise food that you have in the cupboard at home to make better use of your groceries. Also, take a flask of coffee to work rather than buying a hot drink in the workplace. Finance website Wonga says:

“If you’re spending R 30 – R 50 per day on lunch alone, that’s R 630 – R 1050 per month! So, take an extra 10 minutes in the morning to pack yourself lunch (left over dinner, salad, a sandwich, fruit), and your wallet will soon start to feel the saving.”

Create a spreadsheet: By creating a basic spreadsheet of your outgoings and your incomings, you can ensure that you keep track of all of your finances in an easy to manage way. There are many benefits to this, not least the fact that you can see where you are overpaying on any bills or expenses to rectify this problem. You can immediately cut out areas of your spending that are not necessary. Look at things like your gym membership, and any TV subscriptions that you have. You may also wish to compare energy providers. By doing this, you can reduce your monthly expenses in a very quick and easy way which takes very little time and effort. Comparison sites are free and are no obligation.

Quit excessive spending habits: Many people have a weakness, some people have a weakness for clothes shopping, other people may find that their morning Starbucks coffee is what they live for! You can instantly cut back on your financial outgoings if you remove these small purchases from your daily outgoings. Those items can really add up over time! This doesn’t mean forever, and you may well be able to start spending money on those little things that you love again soon. This is just for the interim, where you need to cut back and take instant control of your money. Time.com says:

“Remember that it’s okay to buy nothing. Shopping takes time, and it can feel like time wasted if a purchase isn’t made.”

Essentially, don’t feel tempted to make a purchase when you really don’t need to.

Analyse your transportation habits: If your household owns two cars, it may be worthwhile considering selling one in order to cut back on outgoings. If you always get the bus to work, consider riding your bike when it’s a sunny day. Not only will this cut back on how much you are spending on transportation, but it will keep you fit too!

Start using cash instead of your card: It can be easy to overspend when you are just using your card for transactions. However, by drawing out money from the ATM, you can see exactly how much you are spending on each item, and it may make you think twice before you make that purchase.