How Lifestyle Changes Can Help You Reduce Spending

If you think about it, your money is closely tied to your lifestyle. 

If you live a rather carefree and unstructured lifestyle, you may need a closer grasp on your spending and or savings. You may find that you buy impulsively. 

If you’re more structured, your personality type may include planned spending. You are probably more prone to saving and anticipating expenses.  

For those of you who take money out of the bank but don’t know where it went, let's review options to help you take control of your spending, change your perspective on money, and eliminate things that are not important in your life to prioritize the things that are. 

The goal is to find doable ways to cut expenses that don’t greatly affect your quality of life.

Healthier You, Healthier Wallet

Becoming as healthy as possible is a great way to reduce expenses. Eliminating foods with little to no nutrients, like over-processed snack foods, and replacing them with fruits and vegetables can help you save money. This can produce a healthier you and minimize future illnesses and healthcare costs.

Eating out less, especially when leftovers are available, can save money and time. Cooking rather than eating out is a good way to eat healthier and save money. When you go out to eat, skip the drinks and desserts. Drinks are a premium when purchased at a restaurant, even those happy hour drinks. 

Ditch a bad habit that may be hurting your wallet. If you’re a smoker, stop. You’ll save a lot of money. The cost of a pack of cigarettes is approximately $7. If you smoke one pack/day, that will translate to $2,555/year! Additionally, you may be able to decrease your life insurance premiums as a result, saving you even more money. The savings don’t stop there. You may be saving your health as well. 

Knowing what lifestyle changes to make if you want to save more money and get healthier is very important if you pinpoint a financial goal you want to achieve. 

For goals to become habits, they must be measurable, repeatable, and achievable. 

Take Care of Your Spending

Be mindful of errands that need to be done. Try incorporating them simultaneously rather than spending time and gas going back and forth.

Keep your car in good working order. Ignoring oil changes or maintenance schedules can lead to major costly repairs down the road.

Consider walking rather than taking the car or, better, use public transportation if it's available. 
I like specialty coffees, so I purchased a coffee maker that allows me to make them at home. It paid for itself in seven months. 

Don’t go grocery shopping when you’re hungry. You’ll probably end up impulse spending and not purchasing healthy foods. Shop from the perimeter of the store first. This is where the better foods are. Processed foods are on the interior shelves.  

Be Aware of Where Your Money Goes

Other common money hogs that you can tackle include:

1. Start tracking your spending habits. You won’t know what to change if you don't know where or how much you’re spending. Use an app or website to help you track. Rocket Money is a great option. 
2. Get on a budget. This will help you not overspend. You will become more mindful of where your money is going. Again, using an app to track your spending and set a budget can be very useful. Google good options for you when it comes to budget tracking. 
3. Cancel unnecessary subscriptions. Lots of money can be wasted on things we don’t even know we are paying for. 
4. Reduce your electric bill. Use LED bulbs throughout your home. Turn off lights in rooms that are not in use. Raise or lower your thermostat. In the summer, close your curtains or blinds against the sun. You will quickly acclimate to the changes. Better yet, check your thermostat and change it out if it’s old.
5. Prioritize sustainability. Turn off the water while brushing your teeth. Don’t let water run in the shower too long before climbing in. Reduce the time in the shower. Reduce the temperature of your hot water heater, especially in the summer. Don’t fill up the tub!!
6. Do you feel the need to water the yard daily? Consider replacing it with drought-resistant grasses or a bigger garden with drought-resistant flowers. You can attract more bees to pollinate. A win-win situation!
7. Consolidate debt and lower interest rates. Consider getting credit cards with 0% interest. 
8. Reduce your insurance premiums for your home and car. Rates change often. Review options and make sure you are not over-insured.
9. When grocery shopping, shop with a list. As mentioned earlier, shopping when hungry can lead to unnecessary purchases, and in today’s economy, that can add up! 
10. Check to see if you may be eligible for food assistance programs.
11. Freeze your credit card. Really! If you’re prone to putting things on your card that you really don’t need, put it in the freezer on ice. Then, don’t memorize the card number.
12. Try only using cash. If you don’t have your card, you can’t use it. 
13. Pay off outstanding debt.
14. Try cooking large portions and use them throughout the week. Meal planning can help you reach your fitness and financial goals. 

Event Recording 

You can learn more through the recording of our webinar on this topic here: 

Conclusion and Action Steps

You don’t have to start big; just adopt one or two lifestyle changes that will save you money. These can affect you positively, mentally and physically, and improve your financial health over the long term. 

If you would like to receive guidance on how to reduce spending, connect with Diahanna Vallentine, our Financial Program Manager. She can provide resources that help pay for treatment costs, transportation, etc., so that you have more disposable income for things that you and your family might need. Email her at diahanna@healthtree.org.