How to Stop Wasting Money: 5 Ways to Use a Minimalist Approach

1. Cut any unnecessary expenses

You need to know what it is you're spending money on, and anything unnecessary, any subscriptions you don't use, gym memberships you don't use, or services you don't need, cut them down.

See what you can reduce so that you have anything that's unnecessary taken out of your expenditure. This is a really easy way to grab hold of the main expenses and make sure you're only paying for what's important.

Think about your phone bill here as well. Are you paying for a lucrative contract? Could you reduce it? Think about this every time you look at your contract and see if you can get the best deal that you can.

Don't forget to call your provider if you're near the end of a contract, which is a great time to negotiate. Anything that you are not using or not utilizing, cut from your expenditure.

2. Be purposeful when you are shopping

This goes for food shopping and spending on anything. When going food shopping, make sure you always go with a list. This is going to help you keep track of what it is you're buying, and it will help you stop those little extra things on the middle aisle going into your cart.

If you know that you've got a list, you're more likely to stick to it, and you're more likely to get the most from your money because you're not wasting it on products that you don't really need for your food meal plan.

The same goes for when you're going out shopping for kind of other things for your home or for your wardrobe. Only go out and only shop purposefully with a list. Only go into town, clothes shopping, if you have a specific item to get, don't just go out to browse, you need to be purposeful with your spending.

3. Simplify your cleaning routines and your cleaning products

You can usually get versatile products now that are one size fits all. A basic surface cleaner is going to clean any surface, so you don't need to have multiple different things for different surfaces.

Just keep it simple and then simplify your routine so that you're doing a set room or a set thing on a particular day or a specific day of the week. It's really straightforward, so you're more likely to keep up with it.

4. Simplify your wardrobe

Go through your wardrobe and make sure it's simplified so that it's really easy to make decisions in the morning so that you are not going to waste any money on products for your wardrobe that are not going to serve a purpose.

Try and avoid any fast fashion and keep it really simple and stripped back. Think about items that are versatile, will be suitable for different occasions, and can mix and match, so think about simplifying your wardrobe and getting rid of anything that is going to overcomplicate the decision-making in the morning that doesn't fit or doesn't suit you.

If you go with a simplified wardrobe, the idea is that you're not going to be spending money to add to your wardrobe. You're going to keep it really basic, really simple, almost like a capsule wardrobe, so you don't end up buying additional items through a wardrobe that you don't need.

Try and cut the spending in your wardrobe so that you are just utilizing everything you've got and simplifying down what you've got.

5. Challenge yourself to find free or very cheap things to do

You're going to have a lot of time on your hands when you're not out spending money in shops etc. You're going to have a lot more freedom.

Think about all the cheap or fun things that you can do that are free so that you can maximize your time, so it won't cost you any money, and you're going to get kind of maximum enjoyment for a minimal spend. That is the goal, to maximize your living experience without the spending that comes with it.

So think of all the free places you can go to in your local area or just outside that don't cost much or anything at all if it's within walking distance. Think about utilizing all the things around you so that you can create fun day trips or afternoons that aren't going to cost you lots of money.

Simplifying your wardrobe, your lifestyle choices and your expenditure is going to help you have some spare money that you can utilize in different ways. This will help you to keep control of your budget so that you have more freedom to spend elsewhere.

How to stop wasting money

What are your top tips for how to stop wasting money? Let us know how you've implemented these things in your life and your budget. Share your ideas in the comments below.