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Limit emotional spending and save

Cutting down on certain spending habits can bring you closer to achieving your long-term financial goal.

See how cutting down on certain spending habits each month can bring you closer to achieving your long-term financial goal. Indulgences can add up. If you learn to cut certain spending habits either in half, or entirely, your long-term financial goal can turn into a short-term reality. If you need a few tips to get you started, check out learn how to budget. Or, learn from Misty, as she walks through her spending with State Farm® Agent Lakitsia Gaines, as they discuss her spending and discover multiple ways to save.

03-04-2019

Video Transcript

Cut It Out

How many times do you reach for your wallet without thinking twice? If there are too many instances to count, it might be a good time to start a monthly budget. Nowadays, it’s easier than ever to spend money because there are countless ways to do it: subscriptions, online shopping, streaming services, the list goes on. With these modern ways of spending added to your monthly expenses, all of a sudden it can feel impossible to keep track of it all. Start saving today for your long-term financial goal by bringing your monthly spending habits under the magnifying glass. For one Texas native — we did just that. To help Misty examine her month in money, we transformed her expenses into physical installations. With State Farm Agent, Lakitsia. Misty walked through her spending and looked at her habits a little differently. For example, Misty enjoys treating herself to weekly manicures. Reaching for her wallet during her trips to the salon became second nature. After seeing the extent to which she was spending, Misty realized that her indulgent habit had potential for change. Weekly manicures add up and are an example of a routine expense that can be adjusted. Without giving up manicures entirely, Misty opted out of going to a professional salon and decided to do them herself at home.

Cutting out spending habits can be an extremely effective saving practice, but it doesn’t seem like the most fun. Don’t worry. Giving up certain treats and indulgences doesn’t have to feel like a chore. You can still save money and treat yourself if you simply rethink how you do it. For example, instead of going out to dinner with friends, try organizing a potluck where everyone splits the cost and effort in creating the meal. If home cooking doesn’t sound like you, there are ways to save while dining out. If you are insistent on it, next time consider going when there’s a special or be in charge of the bill. Learn more tips on how to be mindful while dining out in the article, Fun with Friends Cheaply.

When it comes to saving, knowledge is power. By knowing where your money is going, you can be in better control of how much you’re keeping. Try cutting out some of the extra spending habits. Be brave, you can do it! Plus, there are so many ways to still have fun while doing so.


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