Ways to Spend Less Money
Learning how to spend less money can help you get by on less and bring you more financial freedom. Even once you start to make six figures you need to make sure you’re not spending it all. Many people spend all of the money they make and are always trapped.
Learning how to be a man means having control over your willpower. If you don’t have a lot of money, then this includes definitely your finances.
In this list I show 15 ways for you to spend less money so you can become more profitable while still maintaining a good lifestyle.
1. Pay off all debt
Paying off debt means you’re going to lose money at first. But it will keep your loans and interest from going up. In the long term it will help you to spend less money and achieve financial freedom.
If you have debt, you need to pay if off asap.
Debt will kill all of your dreams if you’re constantly just trying to keep up with paying it off.
2. Eat out less – cook your own meals
Eating out can cost you a shit ton of money.
Cook your own meals and you’ll spend less money and likely be a lot healthier. Better yet, have on of your girls cook for you so you spend less money and don’t have to cook.
Having paid services that deliver pre-cooked meals can be a blessing when you can afford it.
It can make you a shit ton more productive, especially if you’re laser focused on your purpose. I’m guessing if you’re reading this post then you’re not at that point quite yet.
So simply don’t eat out often.
With friends and family occasionally is fine, just don’t make a habit of spending $15 or $20 on a burger twice a week.
3. Make a grocery list before you shop
This goes hand in hand with cooking your own meals.
Make a list of groceries before you go shopping. Don’t buy anything else when you go to the store.
You’ll avoid making purchases on extra food that you might regret later simply because it was marketed well.
And… don’t go shopping on an empty stomach. One of the easiest ways to spend less money is to eat, make your list, then shop. You won’t be tempted to by extra food because you’ll already be full.
4. Credit card – pay in full each month
Credit cards are great for building up rewards and getting perks like free flights.
It’s also good to have credit in case you need money in an emergency situation.
But you need to pay it off every month.
That way you won’t get extra fees and you’ll spend less money than most people. Also, if you can’t handle the responsibility of having a credit card then don’t get one.
Too many people over spend and then get stuck in the debt cycle.
5. Live in a cheaper city or country
I believe one of the best ways to spend your money is on a nice apartment in a central or decent location.
That said, rent is going to be one of your biggest expenses.
If you live in an expensive city than considering moving somewhere cheaper. Another city or even another country all together are your two main options.
As a player it’s still preferable to live in or at least near a city. So moving to a cheaper city is your best option to spend less money.
If you have own business and work from your computer than you can do this whenever you want.
I know a lot of you are still stuck in the rat race, so packing up and moving may not an option right now. One of the benefits of being entrepreneur is that you don’t have a boss who controls where you live.
For those in the U.S., moving out of cities like NYC, SF, LA, and so on and going to Vegas, Chicago, cities in Florida, Phoenix, and so on are options.
I love the big cities, especially NYC. And if you’re in a location dependent business you might be making good money to offset the cost of living.
Admittedly, big, expensive cities can be super fun.
Consider going abroad
That’s why going abroad is another option if you want to live in a big city but still spend less money.
Going to other countries in South America, South East Asia, or Eastern Europe are great options if you’re location independent.
You can live a higher quality of life and spend less money in any of these three regions if you’re from a Western country. Nevertheless, moving abroad isn’t for everyone. But if you’re serious about spending less money and building wealth than you should definitely consider it.
6. Make your own coffee
Making your own coffee won’t get you rich, but it’s definitely a great way to spend less money. Instead of buying a $3 or $4 cup of coffee, you can make your own, probably for about 50 cents or less on average.
If you drink coffee everyday you can be saving $1000 a year or so.
I still like to go to coffee shops to do work for 4 or 5 hours at a time.
And in that case spending a few bucks on the coffee is worth the cost because I can get a lot of work done.
However, saving that extra coffee money adds up.
Even if you only save $500, that’s still $500. That’s enough to get a new client from Facebook Ads if you have an online business.
And if that client pays you at least $500 a month, that’s $6,000 over the course of the year.
7. Only buy 1 or 2 drinks when you go out
Ideally, drinking no alcohol is your best bet. Still, I like to enjoy a good beer, glass of wine, or mixed drink. In fact, one of the excuses I tell girls is we can make some drinks when we get back to my place.
And that’s what you should do.
Drink your own alcohol.
Limit the alcohol you buy when you go out, if any. My limit is one or two drinks.
If you’re on a date it’s fine to meet and have a drink or two. But after that you should spend less money by simply stopping drinks or having more at your place. Personally I don’t usually have more than two or three drinks, but if you’re going to than at least save that cash.
You can easily spend $50-150 on drinks if you’re going hard on a night out or if you’re buying drinks for your boys.
I don’t mind spending some money on my friends once in a while on overpriced drinks.
The key is it’s not a regular thing. Drink less or drink more of your own alcohol and you’ll for sure spend less money.
8. List of specific things you need and track sales
You’re going to have essential things you need to buy. Work clothes if you have a corporate job or even groceries.
Keep track of the things you need to buy and get them when they’re on sale.
A $400 pair of allen edmonds can be bought for $200 or less when they’re on sale. These will last you for years and are great if you have a corporate job or open up your own business and want a nice pair of shoes.
Everyone knows to buy things when they’re on sale, but a lot of people don’t do it. They just wait until they need something and hope it’s on sale.
If you need a winter coat, the cheapest time to get it is in the summer, not when it’s October and starting to get cold.
Writing down all of the major items you need and keeping track of sales will help you to spend less money.
Minor things like groceries can also be gotten on sales when you keep track of them. This all adds up to extra cash by getting deals when they pop up.
9. Watch less TV
Watching less TV will save you a little bit on your electricity bill. But the way it helps you to spend less money is really because of two things.
The first is that you’re not exposing yourself to so many advertisements. There’s so much of that on the internet, so it’s good to reduce it when you can.
The second is that it’s a waste of time. It will keep you from doing things that make you a producer like growing your business.
10. Buy things in bulk
Buying in bulk is generally less expensive and will help you spend less money in the long term.
Many goods are simply sold at a cheaper prices when you buy more of them. Now, don’t spend more money because it’s a better deal.
If you were going to buy a bag of chips for $1.50, and bought two for $2.00, you’re still spending more money. If you’re buying all of your chips for the year, then getting them at the discounted rate is the better idea.
Hopefully you eat healthy and aren’t trying to get the best possible deal on your chips, but you get the idea.
Buying in bulk helps you to be more organized and spend less money.
11. Cancel subscriptions you don’t use or need
In today’s world companies love to get people to pay on subscriptions. Monthly revenue for them, and generally easier for consumers to pay.
But you end up paying for more than you need.
There’s a good chance you’re paying subscriptions on shit you don’t need.
Having a netflix or spotify subscription may be worth it for the value you get. Even though I used a picture of netflix – it’s what everyone nows as the modern day subscription.
However I’m willing to bet you’re paying for some subscriptions that you”re not using.
Look at your credit or debit card spending and see if there are any on going payments you can cancel. I realized that when I switched cities I had still been paying my old boxing gym for the monthly dues. I started to spend less money right when I canceled that.
Maybe you’re more on top of your shit than me, but looking at your current subscriptions is definitely worth it.
12. Don’t smoke
Smoking cigarettes is terrible for your health, your breathe, and your wallet.
I’m not an expert on quitting them, was never a thing for me. They’re expensive as fuck and spending $7 a day on a pack of cancer sticks just doesn’t make sense.
Quit that shit, or at least smoke less to spend less money and give your lungs a break.
13. Negotiate your gym membership
Most gyms in the US will let you negotiate a gym membership. Especially if you’re going to a 24 Hour Fitness or something similar where there are sales reps.
Go to the rep, get the number, and ask for a discount near the end of the month. There’s a good chance you can get $10 or so off.
Now, his is more for big name gym brands where you’re negotiating a deal.
If you’re at a small gym and the owner is your friend, then don’t be cheap to someone in your inner circle.
However, a lot of gyms will give you discount if you ask. Or similar to the point above, buying in bulk can help you to spend less money as well. Buy in bulk (like you pay for 6 months, 12 months, etc.), can get you 10 or even 20% off.
14. Don’t buy new cars – Buy a used, reliable, fuel efficient car (if you need a car)
Buying a new car is one of the best ways to lose money. The vast majority of new cars lose value the second you take them off the lot.
Only buy a new car if you’re rich. If you can avoid buying a car all together than this an amazing way to spend less money.
If you live in a dense city – like NYC or San Francisco, then you don’t need a car.
However, I understand that some cities are more spread out and a car might be a necessity. In this case, get a used, reliable, fuel efficient car.
You can get the bmw or mercedes when you’re paying for it in cash and when you have 200k in the bank. Ideally you’d have even more in the bank before buying a new or less practical car. If you’re a young guy trying to build wealth then you need to avoid the car trap.
Too many young guys try to compete with older dudes or already made their money by buying cars they can’t afford.
If you’re older or you have the money then go for it.
But for the majority of the readers, you’re better off with no car or a cheap one. Spend less money on your transportation and use the money you do have on your business or in your bank of choice.
15. Make more money and keep your expenses the same
Keeping your expenses the same is technically not a way to spend less money. But if you spend the same while making more money, then you’ll be more profitable.
That’s more cash to put in the bank or to invest in your business. Spend the same amount of money, work more at your job or work more by having a side business.
If you’re looking to save more money and spend less than you have the right mindset.
Having control is necessary to achieve financial freedom. Most people barely get by because they spend everything they get. Have a nice apartment and some nice clothes, but then watch your expenses.
It’s really as simple as that.
Hope you found this list useful on your journey to stacking the cash and achieving financial freedom. If you have a purpose in life, you don’t need to spend a ton of money to life a great life.
And ironically you’ll probably end up making money if you do what you love.