Frugal formula: Here’s how you can spend less and save more

Today’s generation knows a thing or two about spending money.

Americans’ credit card debt has increased 1,500 percent over the last 30 years! And more than half of people currently live from paycheck to paycheck. So, how can you cut your spending?

A click here, a click there. 20 bucks for this, a hundred for that. Spending money is easier than ever! It just takes one simple click, or tap, and you’ve made a purchase! But are you overspending?

If you want to cut your spending, first try going all cash. It might be a pain, but experts say paying in cash makes you more aware of your money’s value. Also, write down every purchase you make. Just seeing your spending can help you avoid frivolous charges. In one study, people who check their credit card balance after each purchase spent 10 percent less than those who didn’t see their balance.

Also remove online ads that could tempt you to buy things. To do this: you can install an ad blocker or turn off targeted ads in your browser settings. And if you shop online, stick to a list and set a timer. Don’t randomly scroll. And don’t fall for the minimum purchase for free shipping schemes. You’ll end up paying more. Lastly, wait two or three weeks before making larger purchases. Giving yourself extra time will help you determine if you really need the item. Small changes that could make a big difference in how much you spend.

Another easy way to save money? Pack your lunch! If buying lunch costs 10 dollars and bringing it from home costs three dollars, you can save 1,820 dollars a year.

Contributors to this news report include: Julie Marks, Producer; Bob Walko, Editor.

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