Being a penny-pincher isn’t easy. It takes quite a bit of sacrifice and a lot of dedication to resist the urge to spend, but if you’re paying off debt or saving up for something big, learning how to save money in as many ways as possible is key.

Luckily, you can do it without feeling completely deprived. Here are some easy penny-pinching tips you should know.

Give yourself a spending budget
An easy way to budget your money and save is to take out some cash and give yourself an allowance. For example, you can take out $100 in cash from every paycheck and use that as your spending budget until the next paycheck.

Keep larger bills in your wallet
A fascinating study published in the Journal of Consumer Research found that people are less likely to spend money when they keep bills of larger denominations in their wallet. It makes sense. Who wants to break a $100 bill on something unimportant? Keeping a $50 or $100 bill in your wallet will make you think twice before spending it.

Keep a photo of your financial goal in your wallet
If you have a snap flap wallet, such as the Kut from the Kloth Slim Striped Wallet, attach a photo of whatever it is you’re saving up for to the back of the flap. Whether it’s your dream home or a vacation, you’ll be reminded of that goal every time you open your wallet. That way, you’re less likely to spend on something you may not really need.

Opt for a cheaper smartphone
Since we live at a time where smartphones are pretty much a necessity, it’s hard to say you shouldn’t have one at all. But you don’t have to pay a month’s worth of rent to get a good phone with premium features. Do your research so you can save where you can.

Only subscribe to streaming services you really want
“If a provider has exclusive content you can’t live without then subscribe to it for a month or two and binge the content,” says Chane Steiner, CEO of Crediful. ”Unlike cable, streaming providers don’t require yearly contracts. You can take advantage of that and save money.”

Get more comfortable in the kitchen
“Abandon the idea that a meal has to be fancy or complicated, [and] go for what you can make and what you like,” says Ryan Inman, the founder of Financial Residency. Shopping for ingredients yourself and keeping it simple is always cheaper than a food delivery service or going out to eat.

xx, The FabFitFun Team

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