First Bank of the Lake: 5 Tips To Reduce Your Everyday Spending

Where does your money go? If you're like most people, consistently large expenses aren't the culprit. Instead, countless "small" purchases continuously add up, resulting in a budget that becomes incredibly constricted. Since big expenses (new TVs, new cars, etc) are easy to recognize, they are relatively easy to avoid. Small purchases often seem harmless in the moment, however, and consequently can add up before we realize the extent of their impact. Our banking experts at the Lake of the Ozarks are here to help you cut back on these small expenses with these simple tips.

1. Dine At Home
When you cook your own meals at home, your primary costs are the ingredients you purchased at the store (plus the menial amount of energy you use to prepare it). When you dine at a restaurant, you are paying for the ingredients, the cooks to prepare the food, the waiter to bring it to you, the busser to clear the table, and the restaurant's profit on top of everything else. Even if a certain dish at a restaurant seems relatively cheap, you can always trust that dining out will cost you more than dining in.

2. Cut Out Soda
Many people in the United States (and around the rest of the country) suffer from what could almost be classified as a chronic addiction to soda, sweet tea, iced tea, or other beverages. However, consuming great quantities of these beverages is bad for both your budget and your health. While an individual soft drink may only cost you roughly $2.00, the cost of purchasing a soda every time you go out to a restaurant can add up quickly. The best thing to do is cut these types of beverages out of your diet altogether. At the very least, however, we recommend only purchasing these drinks at the grocery store (where the cost per ounce is significantly cheaper).

3. Build A Grocery List (And Stick To It)
Impulse purchases are often responsible for a vast majority of our spending, and many of us succumb to more impulse purchases at the grocery store than anywhere else. The best way to avoid impulse purchases at the grocery store is to put together a grocery list while still at home, when you can look through your kitchen and accurately identify which items you need to replenish. Once you are at the grocery store, stick to the list you compiled at home. Don't give in to the urge to add any "point of purchase" or other items to your cart!

4. Bring A Lunchbox To Work
Embrace your inner child - pack a lunchbox and bring your favorite goodies to work with you for lunch. Running out to the nearest restaurant or fast food establishment over your lunch break may seem incredibly convenient, but it can also become incredibly expensive. We already discussed the advantages of eating at home versus dining out - the same logic applies to your daily lunch during the workweek. Bringing lunch from home may help you save a great deal of money in the long run.

5. Only Sign Up For Memberships From Stores You Shop At Frequently
Do you get "daily deals" emails or other promotional emails in your inbox? If you are an avid shopper, these types of messages can make it incredibly tempting to treat yourself to a little shopping spree - after all, you're getting great deals! Even if the prices are discounted, however, you are still spending money that you probably wouldn't have spent otherwise. If it is hard for you to resist this type of temptation, your best bet may be to unsubscribe from these types of emails altogether. Only keep your subscriptions to the stores you shop at regularly, since these are the ones that may actually be able to help you save money.

Good Luck!
When it comes to reducing your everyday spending, these tips can help you get started - but don't stop your efforts there! There are several other strategies you can use as well. For example, you can...

Shop at thrift stores instead of department stores.
Walk or ride your bike instead of taking your car.
Turn off and unplug appliances when they are not in use.
Make your own coffee at home instead of splurging at coffee shops.
Cancel your gym membership and exercise at home or at the park instead.

Building a budget is also a great idea, so you can track where your money is going and identify the areas you can afford to cut back on.

Remember First Bank Of The Lake For All Your Banking Needs!

Part of protecting your finances is finding a safe, secure place to store and/or invest them. If you are thinking about establishing a new savings account at the Lake of the Ozarks, stop by our branch for information about our banking services in Osage Beach. We offer personal savings account as well as retirement savings accounts at the Lake of the Ozarks. We would be happy to assist you in any way we can.

First Bank of the Lake - Striving For Excellence

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