If you find yourself spending more than you need to on most days and still don’t understand why, it’s likely you’re doing something financially unwise. Many of us unknowingly do things that badly affect our wallets.
Here are 8 bad habits that are costing you money you should break if you want to start saving more today.
1. Not keeping track of your expenses
If you’re not used to it, tracking your spending can seem really tedious. But that might be exactly what you need to stop spending in the first place. Tracking your expenses will help make you more aware of what you’re spending your money on and will curb any impulse buys. There are also now lots of free apps you can download on your phone that make the process a lot easier!
2. Eating out every day
Eating out is a mistake many of us feel are understandable. We assume that we have to do it because we don’t have time to cook. But that’s often not the case. It shouldn’t take more than a couple hours to cook a few simple dishes every weekend to meal prep for the rest of the week. Depending on what’s you’re making, it could end up taking even less time. This will help bring down your food expenses by a lot and will also end up being a lot better for your health.
3. Drinking in bars
Most bars generally set the prices of drinks to be largely above it’s actual cost. It could cost less than half the price to make your favorite bar cocktail right at home. But it’s understandable why we choose to spend a night out drinking rather than stay at home. There’s an easy way to solve this problem. Just order cheaper drinks when you’re out with your friends. Instead of getting a fancy cocktail or mix, get a cheaper beer or wine.
4. Buying fancy coffee
Similar to alcohol, coffee is much more expensive when served fancy. If you have a habit of getting your daily caffeine fix in the form of an expensive cappuccino, you might wanna rethink it. Though fancy cups of coffee are currently the trend, it sure doesn’t seem to be doing any favors for your wallet.
5. Buying a round of drinks for everyone
There’s nothing wrong with splurging money on your friends and family if you can afford it, but it’s not at all smart if doing so puts you into debt. It is not worth it to do something nice for someone else if it means severely hurting your own well being. If you’re tight on cash, spend only on yourself. You can treat those around you when you have more to offer.
6. Ignoring minor problems
This could be interpreted in many ways. Maybe you ignore the minor toothache you have. Or the weird sound your car’s making. Or maybe the annoying dripping noise in your toilet. Sometimes, being cheap does the opposite of what you want. These tiny problems you ignore now might grow into large ones that really do put you into debt.
7. Not comparing prices
At grocery stores, it’s easy to grab the first brand of something you see without first inspecting any of the others. It might be that you think that brand is best or that it’s simply what you’re used to. But if you’ve never checked the prices of other brands, how would you know you’re really getting your money’s worth? It’s good practice to compare prices for any item you’re buying so you know which brands are more overpriced.
8. Buying items from convenience stores
A convenience store’s convenience comes with a price. Costs of things you find there can be much higher than if you were to get them in a regular supermarket. Those tempting snacks you see at the counter of gas stations or 7-Elevens are there for a reason. These impulses will do you more harm than good. The next time you feel the urge to grab a chocolate bar while filling your car’s gas, remind yourself that the price you’re paying is not worth it.