If you’re looking to cut your spending in the new year, we’ve got tips on some tried and true ways to keep more money in your account.

Check your subscriptions and cancel what you don’t need or use

 You’ve probably seen this advice a thousand times, but it’s one of the easiest ways to cut back your spending. Whether it’s a streaming service, a monthly box of goodies or swag, or a gym membership you’ve never used, write down everything you have a monthly automatic payment to, and ask yourself if you still value it.  Maybe you don’t need a subscription to EVERY streaming channel. Are you paying $15/mo for just one show? Is it worth it?  Can you cancel after you’ve finished watching it?

Looking to declutter in the new year? Ask if the stuff you’re getting with your subscription box is truly stuff you want or use – or is it just about the fun of getting it? When in doubt, go ahead and cancel – you’ll find out soon enough if you really miss it.

Gut check your social feed and dump the accounts that encourage you to spend

Whether it’s fashion influencers, stylists, brands or haul videos, these might be fun to watch, but they often encourage you to spend on things you may already have, or just don’t need. Unfollow them, and you may just find you’re less tempted by the latest thing.

Switch the spending influencers for mindful consumption influencers or charitable organizations that you’re passionate about supporting. Not only will you see less ‘stuff’ in your feed, but you’ll be energized by seeing positive content about things you believe in.

Unsubscribe from email lists! 

Getting daily, weekly, or monthly blasts about fun sales, new drops or clearance items encourages you to spend on stuff you don’t need or want – until it’s presented to you with an exciting subject line and an “ACT NOW’ message. Unsubscribe and get rid of the noise telling you that you need whatever they’re selling.

Ditch fast fashion

Sure, it might seem nice to just get a $10 shirt from an online shop, but those $10 shirts add up. Ask yourself how long you’re likely to use an item, whether you can buy something similar locally, and whether it’s worth the real cost.

Remember, every dollar you put on a credit card is a dollar you need to pay back

It’s easy for balances to quickly creep up when you pull out the card or click the ‘buy now’ button. Make sure you’ve got a plan to pay off everything you buy each month.

Getting an annual raise? Watch out for “lifestyle creep!”  

Instead of just spending more because you’re making more, try these tips to put that pay bump to good use:

• Add at least 1% to your 401k contribution – future you will thank current you!
• ‘Budget’ for 1% of your pay increase to automatically go to a savings account (check out our Save Up Certificate for an easy way to save!)
• Start an automatic monthly donation to a charity you care about. You’ll feel better knowing that you’re helping support something you believe in instead of ending up with another version of something you already have.

Try a ‘no buy’ challenge

Start it for a week and see how you do. Think that was easy? Try a month. Then another month. Keep it going and see how long you can make it before buying anything on your ‘wants’ list.

Pare it back

Yes, soap might be a need – but is the $20 soap a need? Take an honest look at how much you are spending on those ‘needed’ items and see if there’s a less expensive option that will work just as well.

Save not spend

If you haven’t set up a budget yet, now is the time! Visit our blog about budgeting. Determine how much you want to spend on fun stuff each month, including eating out and entertainment. Wondering how much you usually spend? Look at 3 months of your transaction history and add up everything that is not a need. Divide it by 3 and that should give you a good idea of how much you’re spending in an average month – you’ll find it adds up quicker than you think! Set yourself a challenge to reduce your monthly ‘want’ spend by 10% - then set up an automatic transfer of that amount into a savings account each month.

For more tips on saving, check out this blog!

If you’re feeling overwhelmed by debt, need to build a better budget, or want to talk about your financial options, remember – we’re here for you! We make your goals OUR goals.