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You’re Burning Your Hard Earned Money If You Do These 8 Things Often

You’re Burning Your Hard Earned Money If You Do These 8 Things Often

Saving money in today’s economy can sometimes feel impossible. Do you often find you earn an okay amount but don’t seem to have enough at the end of the month? Taking a good look at our spending habits and recognising how we use our money can go towards re-evaluating and cultivating a life where we only spend what’s necessary.

8 Daily Habits That Drain Your Money Unknowingly

What can you do to help stay mindful of what you spend your money on? It’s all about adopting habits to help you be aware of how you spend your money but these are common habits we have that drain our money more easily.

You Justify Buying the Cheap Stuff

We think we’re saving money if we opt for the cheaper options but in truth, quality lasts longer. Looking at more expensive options as an investment rather than an unnecessary expense is a better mindset to have but we seldom think like this because in the moment more expensive equals more money.

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Spending money on items that last rather than cheap ones that need replacing more often will save you money in the long run.

You Justify Buying Sale Items

We’re led to believe that buying stuff on sale is saving money. If you’re in a supermarket and what you intend to buy is on sale, then great. But we can get caught up thinking we’re getting a bargain when really we’d never have bought that item in the first place were it not on sale! So curb unnecessary purchases – don’t get sucked in to the sale items and justify buying them because you believe you’re saving money – you’re not.

Your Savings Account is Too Easy to Access

It’s so easy these days to with internet banking, to have easy access to our savings. While your good intentions are slowly piling up in your savings account, if it’s easy to get to, you can sometimes delve into it if you feel you’re down on your money.

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So find savings accounts that aren’t so accessible and can’t be linked to your current account. This will help you think twice about transferring that money if it’s not so easy to do.

You Don’t Wait 30 Days Before Big Purchases

This is a good trick if you’re more of an impulse buyer. Impulse buying can drain our money extremely quickly and we can be very good at justifying why we need an item. If it’s a big purchase then do this 30 day rule before going ahead with it. You’ll be surprised at how much your mind can change in this period and often you’ll realise you probably don’t need to buy it or, even better, find a cheaper alternative in the meantime.

You Don’t Set Realistic Goals

When we set the intention of saving money, we can get lots of big ideas on how to do this but most of the time, although it feels good and productive to set these big goals, you can’t realistically stick to them in the long term. This then begins demotivation. So for example, instead of setting the goal of not eating out in the next month, set a more manageable goal of letting yourself eat out once a week instead of your normal 2 or 3 times.

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You Don’t Write Lists of What You Need Before Shopping (and Stick to It)

This is similar to the impulse buying but more so when we’re food shopping. When you’re hungry, you will buy around 20% more food than if you went on a full stomach. Being purposefully mindful before you leave the house by making strict lists of what you need, will cut down more spending than you realise. Research recipes in advance and stick to only what you’ve written down. If it’s not on the list, it doesn’t make the cut!

You Waste Time Finding Cheap Deals

The emphasis here is on time. We spend so much of our time researching in order to find the best deals and often in these moments the best deals actually pass us by or sell out. Think of time as money too – overthinking and overanalysing can waste you money despite thinking that you’re ultimately saving it.

You Don’t Carve Out Time to Declutter Your House

Decluttering your living space is one of the best things you can do to save money. Not only because you can sell many of your old items and actually make money, but also it transforms the space in your mind as well. Once you realise that you don’t need so many possessions to make you happy, it will shift your mindset and make you more aware of unnecessary spending in the future.

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Cultivating this mindset is what will save you the most money in the long-term and help you to re-evaluate what’s important to you. So adopt the mindfulness of spending your money to create a better way of saving it.

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Jenny Marchal

Freelance Writer

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Published on July 4, 2018

Top 10 Recommendations on Money Management Apps

Top 10 Recommendations on Money Management Apps

Don’t want to overspend your budget, swipe your credit card too many times, and feel like a financial mess? Instead of beating yourself up for the bad financial decisions you’ve ever made, create a new plan!

The solution is simple, save more and spend less. But, we all know it’s easier said than done.

One problem is finding quality apps that save you time and money, and aren’t just hype.

Luckily, there’re many great money management apps available at your fingertips. Here are 10 reliable money management apps that can help you save money, and crush debt.

1. Personal Capital

    When was the last time you’ve tracked your net worth? Probably months ago or maybe never. Personal Capital allows you to easily track your net worth and plan for retirement.

    Here are some of its main features:

    • Sync many investment accounts, and expenses (mortgage, credit cards, etc.) in one place
    • Discover hidden fees and how much they’re affecting your retirement plan
    • Wealth management for investors requiring a long-term strategy

    With Personal you’re free to track your expenses and net worth.

    Available for: iOS and Android

    2. Mint

      If your smartphone could only install a few apps, Mint would be one of them. Why? Because Mint tracks all your balances and bills in one place.

      Here are some of its main features:

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      • Effortlessly track all your bills and balances in one dashboard
      • Categorized expenses to understand where you spend your money
      • Uncover hidden fees, and determine your investment style with sophisticated retirement tools.

      Feel at ease with managing your money by a reputable company that isn’t going anywhere.

      Available for: iOS and Android

      3. YNAB

        Everyone needs a budget, there’s no way around it. YNAB (You Need A Budget) is an easy to use app that will change the way you think about money. Their motto is to “give every dollar a job”, and you’ll quickly discover why.

        Here are some of its main features:

        • Easily sync all bank accounts in one place
        • Visually see your debt paying progress with eye-catching charts and notifications
        • Customized categories setting saving goals

        The best part about YNAB is the community that comes along with it. You can hop on the YNAB forum to receive support, listen to the YNAB Podcast or stay tuned for their weekly videos.

        Available for: iOS and Android

        4. Wealthfront

          Albert Einstein once said “compound interest is the eight wonder in the world”, and for a very good reason. The problem is, most people are scared or unwilling to learn the basics of investing. This is why Wealthfront is the perfect solution for the hands-off investors.

          Here are some of its main features:

          • Variety of investment account options including IRA, Roth IRA, and more
          • Your portfolio composed of 7 different asset classes
          • Automatically rebalanced portfolio
          • Daily tax loss harvesting

          Wealthfront is perfect for people requiring investment guidance, or prefer a hands-off solution.

          Available for: iOS and Android

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          5. Clarity Money

            If you’re staying on top of your budget but want to take your finances to the next level, Clarity Money can help you. Clarity Money helps you stay under budget and build a personalized savings plan.

            Here are some of its main features:

            • Easily cancel subscriptions with one click
            • Synchronize bank accounts fast
            • Transfer money effortlessly between different accounts

            Clarity Money isn’t an app that does it all. But, it does make transferring money and canceling subscriptions fast and efficient.

            Available for: iOS and Android

            6. Acorns

              What if there was a way to quickly gain confidence in investing your money, without too much risk? There is, and Acorns is your solution. With Acorns’s technology, you’re able to make investments as small as $5.

              Here are some of its main features:

              • Automatic contribution option
              • Customized portfolio tailored to your needs
              • Low management fees ranging from $1-$2 per month

              Stop wasting dollars on expensive coffee. Instead, invest them towards a brighter financial future.

              Available for: iOS and Android

              7. Albert

                Do you budget by only subtracting your expenses from your income? If so, how would you discover any overpayments or extra money you could save? This is where Albert shines, and it does it all free.

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                Here are some of its main features:

                • Receive notifications for overpayments, hidden fees, and low balances
                • An Automatic budget that’s built around your spending and income
                • Easily track debt and set new financial goals

                While Albert does offer a paid option, most of its core features are FREE. So, what better option to save?

                Available for: iOS

                8. Prism

                  Have you recently forgot to pay a bill because life got in the way? Prism automatically tracks your bills and syncs your bank accounts in one place.

                  Here are some of its main features:

                  • View all your account balances in one glance
                  • Bill due dates are automatically pulled and tracked
                  • Receive early reminders for upcoming bills

                  If your budget is on “fleek” but can’t seem to stay on top of your bills, Prism is your go-to app.

                  Available for: iOS, Android, Windows, Amazon

                  9. Mvelopes

                    Remember hearing about people using envelopes to budget their money? Well, Mvelopes is the new envelope system for this generation. Easily create monthly budgets and track your saving goals.

                    Here are some of its main features:

                    • Connect unlimited bank accounts
                    • Real-time budgeting with auto transaction syncing
                    • Low monthly $4 fee or $40 annual

                    Mvelopes can help you crush debt, save more, and help you stop overspending. With its low monthly fee, it’s worth a try.

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                    Available for: iOS and Android

                    10. Wallaby

                      Most people don’t have time to track their credit card’s changing rewards and interest rates. Because of this, you need help reaping the most of your credit card’s rewards. Wallaby is the app that will help you do just that.

                      Here are some of its main features:

                      • Automatic recommendations for the best credit card to use for each transaction
                      • A friendly user interface, displaying credit cards with their corresponding images
                      • Free to use

                      If you’re using the same credit card to make your purchases, you may be leaving money on the table. Give Wallaby a try if you’re ready to maximize your credit card’s rewards.

                      Available for: iOS and Android

                      Take control of your finances and experience financial freedom

                      Picture yourself staying on budget and saving more money than you’d ever imagined.

                      It took hard work and dedication but you’d finally learned how to manage your money. You have to start taking control of your spending and saving habits.

                      You now have a list of reliable apps that can help you build better money habits, what are you waiting for?

                      Featured photo credit: Pexels via pexels.com

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