You’re stuck at work or in the house all week. It’s now the weekend and you’re ready to get out and enjoy yourself. Unfortunately, one of the main reasons so many people live from one paycheck to the next is because of how much they spend on the weekends. It can be tempting to go out and overspend when you’ve been cooped all for days on end, but these habits are incredibly detrimental to your future financial well-being. If you want to be able to save more money, there are ways to eliminate the excess family spending.
Find Low-Cost Activities and Events
Not everything that you have to do needs to cost a ton of money. Sure, it’s fun to go to the movie theater and to the local trampoline park, but these activities can really rack up in costs over a short period of time. Rather than spending a lot just to have fun with the family, look for low-cost or free activities that everyone can enjoy. This could involve having a backyard cookout on a Saturday afternoon or it might involve taking advantage of a free event in a local venue.
Be Frugal with Spending
It can be a bit addicting to start seeing your bank account grow. Once it grows to a substantial amount, you may wonder how you ever overspent without thinking about the consequences. For this reason, it’s a good idea to become frugal with any and all spending that you do. This means taking advantage of coupons whenever you can or buying more affordable brands when shopping. To free up extra money, you can look into a student loan consolidation for a lower interest rate, or a personal loan to pay off credit card debt, that you can roll into a single monthly payment.
Put Money Away After Getting Paid
Once you get paid, it’s a smart idea to put some of this money away into a savings account. It’s always better to save first rather than after the money’s been spent. For example, if you get paid on Fridays, you’ll want to automate your savings to where a certain amount of cash is taken from your checking account and put into the savings. This way, you’ll still be working on building an emergency fund without worrying that the money’s already gone.
Don’t Take Your Debit Card with You
When you have a debit or credit card, it can be all too easy to start overspending while you’re out and about. You just swipe the card and go onto your next purchase. Prior to going out with the family, consider making a trip to your bank and withdrawing a certain amount of money. You can only spend this specific amount, so you’ll be less likely to overspend while you’re away from home.
Plan the Days Ahead
If you don’t have any significant plans for the weekend, you might find that you spend too much simply because you’re all over the place. In order to prevent this problem from occurring, try to plan out the entire weekend so that you know where you’re going and how much the activities are going to cost. This can help you to know how much money you’ll need ahead of time.