6 Practical Ways to Spend Less and Create Financial Margin


Feeling like you're living paycheck to paycheck? The secret to building wealth and reducing financial stress isn't always about earning more; it’s about creating financial margin—the space between what you earn and what you spend. By taking control of where your money goes, you can align your spending with your values and start working toward your goals.

Sometimes it seems that God’s financial provision for us isn’t constantly growing larger and larger and we need to be wise about how we spend these resources.  If you are not regularly receiving raises at work and extra income for side jobs or business isn’t a possibility in this season of life, you may want to consider how to save money by spending less on your everyday expenses.  

In Genesis 41: 34-36, we read, “Let Pharaoh proceed to appoint overseers over the land and take one-fifth of the produce of the land of Egypt during the seven plentiful years. And let them gather all the food of these good years that are coming and store up grain under the authority of Pharaoh for food in the cities, and let them keep it.”  In this passage, God revealed to Joseph that Egypt was going to experience a significant famine.  Pharaoh was to tax the people of Egypt, storing up the grain that would be used to save lives including Joseph’s family.  Have you heard God’s call to save for the sake of your family?

Proverbs 10: 4-5, states “A slack hand causes poverty, but the hand of the diligent makes rich. He who gathers in summer is a prudent son, but he who sleeps in harvest is a son who brings shame.”     Are you working diligently toward riches?  God brings the seasons and we must use the time wisely and be prudent.  


Step 1: Get Real with Your Spending


You can’t change what you don’t measure. The first step to spending less is to know exactly where your money is going. For one month, track every single dollar you spend. This means every cup of coffee, every grocery run, every online subscription—everything. This simple exercise is often an eye-opening reality check that reveals unconscious spending habits.

You can do this with a simple notebook, a spreadsheet, or by using a budgeting app like YNAB (You Need a Budget), EveryDollar, or Mint. These tools can often connect directly to your bank accounts, making the process of tracking your spending effortless.

Step 2: Find Your Financial "Why"


Before you start making changes, get clear on your motivation. What is your goal? Are you saving for a down payment, paying off a credit card, or building an emergency fund? Knowing your "why" will help you stick to your plan when it gets tough. This is the difference between a temporary fix and a lasting habit. Write down your goals and keep them somewhere you can see them every day.

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Step 3: Trim the Biggest Budget Hogs


Some expenses have a bigger impact on your budget than others. Start by tackling these high-impact areas first.

  • Food: Food is one of the most flexible budget categories. You can save hundreds a month by:

  • Meal planning for the week to avoid impulse buys.

  • Buying generic brands and buying non-perishables in bulk.

  • Bringing your own snacks and lunch to work or school.

  • Phone Plan: Your cell phone bill can be a significant monthly expense.

  • Check how much data you actually use each month. Are you paying for an unlimited plan when you're always on Wi-Fi?

  • Consider switching to a prepaid or discounted plan from providers like Mint Mobile or Consumer Cellular.

  • This may take some time and planning as you pay off your phone and you renew your phone service contract.

  • Streaming Services: The cost of subscriptions can add up quickly.

  • Take inventory of all your subscriptions, including those you may have forgotten about.

  • Be realistic about what you can cancel. Consider rotating which services you subscribe to, canceling one for a few months while you catch up on another.

Step 4: Attack the Hidden Costs


Small, recurring charges and habits can bleed your finances dry over time.

  • Unnecessary Subscriptions: Go beyond streaming and look for other recurring charges. Cancel gym memberships you don't use, magazine subscriptions, or software you no longer need.

  • Impulse Buys: Avoid shopping just to pass the time. Create a list before you go to the store and stick to it. For online shopping, put items in your cart and wait 24 hours before you buy them.

  • Bank Fees: Check your statements for fees like overdraft charges or ATM fees. Switch to a bank that offers free checking and doesn’t charge for using out-of-network ATMs.

Step 5: Reduce Your Monthly Bills


Some of your biggest bills are also areas where you can find significant savings.

  • Conserve Energy: Cutting down on energy usage not only helps the environment but also reduces your utility bills.

  • Unplug electronics to avoid "phantom energy" energy use.

  • Switch to LED light bulbs.

  • Seal drafts around windows and doors with weather stripping.

  • Adjust your thermostat a few degrees in the winter and summer.

  • Check out the Energy Saving Tips from the US Department of Energy.

  • Lower Transportation Costs:

  • Drive less by combining errands or exploring carpooling and public transit.

  • Keep your vehicle maintained (e.g., proper tire inflation) to improve gas mileage.

Step 6: Re-evaluate Your Debt


High-interest debt, especially on credit cards, is a major obstacle to financial freedom. You can save a lot of money on interest by:

  • Calling your credit card company and asking for a lower interest rate.

  • Considering a balance transfer to a card with a 0% introductory APR.

  • Challenge yourself to pay off debt with the Debt Snowball Method.

Conclusion


By taking these steps, you'll free up money and put it toward the goals that truly matter. It might feel like a challenge at first, but every small change adds up. The ultimate reward isn’t a specific number in a bank account—it’s the deep sense of peace, security, and freedom that comes from being in control of your financial life.

Ready to begin? Let’s build a financial roadmap together so you can accomplish your financial goals and arrive at your financial freedom. 


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