September 6, 2021

How Do I Spend Less Than I Earn?

Saving money may seem daunting, but with these 5 tips, you'll be able to save more each month without worrying about earning more.

7 min read

Qoins Staff


Do you feel like you constantly struggle with the amounts your earning vs. the amount you are spending in real time? Don’t worry you’re not alone. Many people feel the same exact way, which is why we want to bring this topic to light & talk about the ways you can live under your means without breaking the bank and still being able to live a fulfilling life !

To prevent debt, obviously, you need to spend less than you earn! This sounds simple and to the point, but for many, it isn’t (shocker). Bills don’t really change and there are things you must cover every month. You should be able to find other ways to save money on your necessities and start looking at your luxuries. Here are five simples ways to spend less than you earn each month:

1. Get a Less Expensive Vehicle

If you need your vehicle right now, think about the amount that it costs to run. This isn’t just about gas, it’s about everything else too. You also need to think about the cost of tax and insurance. Look into other vehicle options and find one that is less expensive to run on a monthly basis. You may find it costs less to buy, so you have money left over from this one that you sell. After all, you don’t need to be boujee.

2. Refinance Those High-Interest Loans

When you took a loan out a few years back you may not have had the choice over the interest rate. However, after some time of regularly paying it back, your credit rating will improve and you could get a finance deal at a much lower interest rate! A few percents may not sound like a lot now, but over the course of the loan time, it will take your monthly repayments down. Look into refinancing your high-interest loan and see if you can save a little more each month.

Looking to refinance? Check out our partner, LendKey for some awesome rates!

3. Enjoy a “Staycation”

Getting away for a break is something many individuals and families dream of doing, but they can be so expensive and taxing. Change it this year by doing a “staycation.” You can stay at home but enjoy trips out during the day to affordable places. Try free museums or trips to the park with a picnic to enjoy time with the family or even take a hike somewhere!

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4. Change Your Energy Supplier

Energy companies charge different amounts and you may be with one that charges the most. Compare the energy suppliers working in your area and find the one that costs the least. You may even find that the costs decrease if you agree to a 12-month contract, and you could be guaranteed that deal for the term of that contract instead of dealing with hikes in costs now and then.

5. Are the Luxuries Your Spending On Necessary?

Think about the little things you spend your money on. Are they really a necessary part of your spending? This could be on smaller items at the grocery store or the takeouts instead of home cooking. Could it be a really expensive coffee you buy every week? You will be surprised where you spend the extra money without tracking it. The next time you find yourself spending for a luxury, ask yourself if it is necessary and start saving money.

You can also negotiate recurring bills using BillFixers, they take care of the hard part and negotiate for you.

You really can spend less than you earn. The trick is to shop around to find cheaper deals and consider your current spending situation. Your bills may not change, but your overall outgoings drastically can, and you can still enjoy your life without breaking the bank!

As always we hope you are enjoying our content, be sure to follow us on Instagram @qoinsapp like and share! xoxo Qoins

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