Advertising

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

Advertising
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.

Advertising

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.

Advertising

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.

Advertising

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.

Advertising

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.

More by this author

Jenny Marchal

A passionate writer who loves sharing about positive psychology.

How to Celebrate Small Wins to Achieve Big Goals Success In Reaching Goals Is Determined By Mindset How To Overcome Self Imposed Limitations For Goal Setting To Reach Your Goals, Start With Planning For The Worst Why Setting Intrinsic Goals Can Make You Happier

Trending in Money

1 33 Painless Ways to Save Money Now 2 How To Achieve Financial Freedom With the Right Mindset 3 Financial Freedom is Not a Fantasy: 9 Secrets to Get You There 4 40 Healthy And Really Delicious Meals You Can Make Under $5 5 Life Insurance: A Secure Way To Protect Your Future.

Read Next

Advertising
Advertising

Last Updated on January 5, 2022

33 Painless Ways to Save Money Now

Advertising
33 Painless Ways to Save Money Now

In a difficult economy, most of us are looking for ways to put more money in our pockets, but we don’t want to feel like misers. We don’t want to drastically alter our lifestyles either. We want it fast and we want it easy. Small savings can add up and big savings can feel like winning the lottery, just without all of the taxes.

Some easy ways to save money:

Advertising

  1. Online rebate sites. Many online sites offer cash back rebates and online coupons as well. MrRebates and Ebates are two I like, but there are many others.
  2. Sign up for customer rewards. Many of your favorite stores offer customer rewards on products you already buy. Take advantage.
  3. Switch to compact fluorescent bulbs. The extra cost up front is worth the energy savings later on.
  4. Turn off power strips and electronic devices when not in use.
  5. Buy a programmable thermostat. Set it to lower the heat or raise the AC when you’re not home.
  6. Make coffee at home. Those lattes and caramel macchiatos add up to quite a bit of dough over the year.
  7. Switch banks. Shop around for better interest rates, lower fees and better customer perks. Don’t forget to look for free online banking and ease of depositing and withdrawing money.
  8. Clip coupons: Saving a couple dollars here and there can start to add up. As long as you’re going to buy the products anyway, why not save money?
  9. Pack your lunch. Bring your lunch to work with you a few days a week, rather than buy it.
  10. Eat at home. We’re busier than ever, but cooking meals at home is healthier and much cheaper than take-out or going out. Plus, with all of the freezer and pre-made options, it’s almost as fast as drive-thru.
  11. Have leftovers night. Save your leftovers from a few meals and have a “leftover dinner.” It’s a free meal!
  12. Buy store brands: Many generic or store brands are actually just as good as name brands and considerably cheaper.
  13. Ditch bottled water. Drink tap water if it’s good quality, buy a filter if it’s not. Get 
      a reusable water bottle and refill it.
    • Avoid vending machines: The items are usually over-priced.
    • Take in a matinee. Afternoon movie showings are cheaper than evening times.
    • Re-examine your cable bill. Cancel extra cable or satellite channels you don’t watch. Watch the “on demand” movie purchases too.
    • Use online bill pay. Most banks offer free online bill paying. Save on stamps and checks, and avoid late fees by automating bill payment.
    • Buy frequently used items in bulk. You get a lower per item price and eliminate extra trips to the store later on.
    • Fully utilize the library. Borrowing books is much cheaper than buying them, but in addition to books, most local libraries now lend movies and games.
    • Cancel magazine/newspaper subscriptions: Re-evaluate your subscriptions. Cancel those you don’t read and consider reading some of the other publications online.
    • Get rid of your land-line. Do you really need a land-line anymore if everyone in the family has a cell phone? Alternatively, look into using VOIP or getting a cheaper plan.
    • Better fuel efficiency. Check the air pressure in your tires, keep up with proper auto maintenance, and slow down. Driving even 5MPH slower will result in better fuel mileage.
    • Increase your deductibles. Increasing the insurance deductibles on your homeowners and auto insurance policies lowers premiums significantly. Just make sure you choose a deductible that you can afford should an emergency happen.
    • Choose lunch over dinner. If you do want to dine out occasionally, go at lunchtime rather than dinnertime. Lunch prices are usually cheaper.
    • Buy used:  Whether it’s something small like a vintage dress or a video game or something big like a car or furniture, consider buying it used. You can often get “nearly new” for a fraction of the cost.
    • Stick to the list. Make a list before you go shopping and don’t buy anything that’s not on the list unless it’s a once in a lifetime, killer deal.
    • Tame the impulse. Use a self-enforced waiting period whenever you’re tempted to make an unplanned purchase. Wait for a week and see if you still want the item.
    • Don’t be afraid to ask. Ask to have fees waived, ask for a discount, ask for a lower interest rate on your credit card.
    • Repair rather than replace. You can find directions on how to fix almost anything on the internet. Do your homework, and then bring out your inner handyman.
    • Trade with your neighbors. Borrow tools or equipment that you use infrequently and swap things like babysitting with your neighbors.
    • Swap online. Use sites like PaperBack Swap to trade books, music, and movies with others online. Also, look for local community sites like Freecycle where people give away items they no longer need.
    • Cut back on the meat. Try eating a one or two meatless meals every week or cut back on the meat portions. Meat is usually the most expensive part of the meal.
    • Comparison shop: Get in the habit of checking prices before you buy. See if you can get a better price at another store or look online.

    Remember that saving money is not about being cheap or stingy; it’s about putting money into your bank account rather than giving it to someone else. There are many ways to save money, some you’ve never thought of, and some that won’t appeal or apply to you. Just pick a few of the ideas that sound doable and watch the savings add up. Save big, save small, but save wherever you can.

    Advertising

    Featured photo credit: Damir Spanic via unsplash.com

    Advertising

    Advertising

    Read Next