5 Ways To Spend Less Than You Earn

1. Separate banking accounts

Firstly, having two different accounts - a savings account and a spending account - is a really obvious way to start spending less than you earn.

By separating your money into an account you can touch everyday and one you can’t even look at is a way to stop yourself from thinking every cent is there for you to spend.

2. Invest in a coffee machine

Sometimes to stop that overspending, you’ve got to admit to bad habits. As you get busier and busier, the need to grab a coffee ‘on the way’, literally no matter where you are going, is such a strong temptation. But it drains the pockets.

By investing in a coffee machine you can save $5-$10 everyday. In one week you could be saving upwards of $70!

3. Start meal planning

Earning some real cold hard cash for the first time really unleashes lots of temptations. But these costs add up. Prepping meals helps you to keep the costs of groceries down. By prepping exactly what you are going to eat, you can minimise that food waste.

Don’t forget how it can also save you from the temptation of delivery apps.

New tv shows are too tempting, I say. The number of times I have given in and put that new show on my account is ridiculous.

And when it gets to that fifth, sixth or even seventh account that can be very expensive.

A good way to deal with this is to find which ones you use the most and least and cancel a few from there. If it helps, you can always come back to the subscription.

5. Set a budget

Trying to spend less than you earn is particularly tricky when you don’t even know what you’re spending on.

A budget helps you keep track of your spending, and only spending as much as you have given yourself for the week. A budget also always helps in finding those sneaky habits that when put together take up half a paycheck! Spending less doesn’t mean your life can only be lived vicariously through your friends. Saving can hurt a bit at first but putting money aside for the future will help you move out, or go travelling or any other number of exciting things.