One of the first things we recommend you do when you embark on your money mastering journey is to track your expenses for a month and see where you can cut back.
We also explain how it’s important to know what triggers your buying behaviour and if there are moments when you can learn to control your impulses better.
Some things you can do to cut spending, especially when a recession hits, include:
4 Things to Do to Cut Spending
Wait 24-48 hours before you make a purchase
Waiting a bit before you buy gives you the opportunity to think through whether you really need the item. Often, you will either forget about it or deprioritise it.
Shop with a list created in aadvance
Shopping with a predefined list allows you to concentrate on what you really need rather than randomly decide on the spot, ending up buying things that are not right and buying more than actually needed.
List your subscriptions and cancel unused ones
As you track your monthly expenses, pay close attention to your regular subscriptions and whether you’re really using them. It might be that you barely go the gym or don’t listen to Spotify often enough that you need premium. You can also use our free subscriptions tracker to do this exercise.
Unsubscribe from email newsletters
Unsubscribing from various company emails is one of the key things you can do to reduce temptations. When you buy online, you’re always prompted to subscribe to a newsletter so we always untick the box which prevents future emails to come in. Cleaning up your inbox is not just better for your pocket but also for the environment because emails are stored in data centres that require lots of resources to function.
How do you cut spending?
Money Mastering 