Save More Money By Stopping These 5 Spending Habits
Stop spending and you will save more money. This is easily said but often harder to do. Conventional wisdom does not always give us the tips we need to be financially healthy. In fact, without even realizing it, you could be regularly engaging in activities that are sabotaging your financial health – simply because society deems these activities as normal.
In this article, we shed light on some typical personal habits to stay away from so you can stop spending so much and start saving money.
Below are 5 personal finance tips to help you save more and spend less
Ditch Your Obsession with Sales and Coupons
Let’s be honest: couponing and bargain-hunting can be fun activities. Seeing all the money you’ve saved at the bottom of your receipt can feel like a major rush and victory, especially if you were strategic about your purchases. However, chasing sales may actually be sabotaging your financial health. When people are obsessed with getting a good deal, they sometimes tend to buy things they don’t necessarily need or wouldn’t normally buy, simply because the deal is too good to ignore. As a result, these people end up spending money they don’t need to spend. While we’re not suggesting to always pay full price, you should frequently ask yourself, “Do I really need this? Or am I just excited by the thrill of the sale?”
Don’t Ignore Money Lying Around Your House
Many people forget about the $20 bill stuffed in their coat pocket or all the change that has fallen under the couch cushions. The loose change may not seem like a big deal, but you can probably find a lot of money lying around your house. Put all the coins in a bucket and take it to your local coin exchange machine. Then, take all the bills and deposit them into your savings account. You may be surprised by how much money you wind up with.
Review and Assess Your Subscriptions
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We live in a world of many subscriptions, from our favorite streaming music service to our gym membership. Many people sign up for these subscriptions after seeing a good deal or incentive, but they soon forget they even have a subscription. Every month, their credit card gets charged, and the fee is usually small enough that no one notices or bothers to do anything about it. Once a month, review your credit card statements for recurring charges and take note of them. Do you really need your movie streaming service? How often are you using satellite radio? You may begin to realize that many of your subscriptions aren’t worth the cost.
You Pay For Convenience – A Key Personal Finance Tip To Consider
Swinging by your favorite fast food place or restaurant to grab food on the way home from work may not seem like you are making a big dent in your money stash, but you would be wrong. Paying for convenience on a regular basis is really draining your money more than you think. If you have a budget in place for “outside food” and you are staying in line with it, that is one thing. But in many cases, people are dropping $10 bucks here and there multiple times a week. If you were to add up all those receipts, you would be floored as to how much money is going out the window. Put some effort and start meal prepping on the weekend so you are not just grabbing the quickest thing as you go about your busy week. You will truly save more money than you can imagine.
You are not tracking how much you spend
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We live in a very fast paced society nowadays and it can be very easy to lose track of how you spend your heard earned dollars. Make it a point to stay on top of your account balance and you should always know what is coming out of your account and when. In today’s digital era, you have every tool at your disposal to help you stay on top of your spending habits and track your expenses. This is one of the most important personal finance tips to help you save more money. Also, if you don’t have a budget set up already, this is a must.