We all want to spend our money wisely, but we might not know the best ways to do that. So we’ve put together a list of our top 10 tips for spending money wisely. The more of them you implement into your daily spending routines the more money you will have.

1. Buy Quality over Quantity

When buying shoes and clothes buy something that is going to stand the test of time. Spending $80 on a pair of jeans that will last you a couple of years rather than $40 on a pair of jeans that will last you 6 months is a smarter investment and will save you money in the long run.

2. Shop Sales

When you see something you love, be patient and wait for it to go on sale. Ask the store’s associate about upcoming sales promotions and your patience will be greatly rewarded. Patience is a virtue

3. Sleep on it

Impulse shopping can be dangerous, and we have all been there before and had major buyers remorse the next day or a month later. So sleep on it for a week or a month and see if you get the urge out of your system before you make the commitment. If you still really need those shoes in 30 days- maybe you’ll luck out and they’ll even be on sale!

4. Use Coupons

There’s a lot to be said for using coupons and almost all types of stores accept coupons. Most grocery stores allow you to stack coupons with their circular and manufacturer coupons. And with a quick google search you can easily find a coupon code for most retailers while online shopping.

5. Buy Generic Labels

Buy generic labels rather than the name brand groceries, you will save money and there isn’t a difference. For example, the grocery store brand bottled water is a couple of dollars cheaper than the name brand bottled water and the only difference is the label.

6. Weekend Adventures

Instead of having expensive dinners at restaurants plan some fun and exciting game nights with your friends and do a potluck. Or pack a picnic dinner and go to a park and eat under the stars! Check out your local newspaper for weekend activities for what’s happening in your area.

7. Use Cash

Hide your credit cards when you go shopping and pay with cash. Sometimes when we mindlessly swipe we are detached from how much money we are actually spending but when we physically see how much cash we are parting with we are more mindful of how much we are spending.

8. Manage Subscriptions

Get a grip on all of your subscriptions and see which ones your paying for that you aren’t even aware of and which ones you can negotiate better pricing for. There are apps like Trim that are dedicated to trimming your subscription costs. Are you paying for Spotify and Apple Music when they essentially offer the same thing?

9. Create a Budget

The most conventional on the list is to create a budget. This may be tough to look at but it is quite effective and will be worth it. List out all of your expenses and income for a given period of time. Be sure to include food, clothing, shelter, utilities, subscriptions, medical, childcare, holidays, etc. You can use budget forms or apps like YouNeedABudget.

10. Write Down All of Your Purchases

A very effective and blunt method of spending money wisely is writing out all of your purchases for a specific period of time. Similar to the science behind writing down everything you eat when you are taking a look at your diet for weight loss, this gets you to take a brutal and hard look at your spending and there is no hiding from it. It centralizes all of your purchases to one locations and you have to confront them. You assess your spending behavior and can make the necessary changes.

All of these tips combined are the formula for spending money wisely and for great financial success. We hope you will use them wisely and make smart changes into your daily spending habits.