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10 Things You Should Stop Doing In 2015 To Save More

10 Things You Should Stop Doing In 2015 To Save More

Was one of your New Year resolutions to save more money in 2015?  After the holidays most people’s bank balances are suffering, but the New Year can be a great time to get hold of your finances and put some money aside.

Check out 10 things you can stop doing to save more money.

1. Stop spending without saving

If you spend a lot of money on one thing, from taxis to coffee to shoes, try using it as a spend and save item. Every time you splurge on your treat, put the exact amount in a savings account too. The best part is you don’t have to give up your vice, but you make savings every time you treat yourself.

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2. Stop shopping without grocery apps

There are various apps available that will help you save money while you do your weekly shop. Try Checkout 51 and Shopmium, apps with special deals and offers. Once you’ve bought your items, take a picture of the receipt and both apps will refund you on any deals you bought.

The savings may only be a couple of dollars, but with every grocery shop you do the money will add up.

3. Stop buying lunch for work

Most people buy their lunch for work to save time, but making your own will give your bank account some serious relief. Store-bought lunches are often much more expensive than the home-made alternative, and over a year the prices can really add up. Save yourself money every week by making your own to bring in with you.

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4. Stop buying coffee daily

While many people feel faint at the idea of tackling a working day without caffeine, switching to the coffee in your kitchen can save you some serious money. Buying one coffee a day may not seem like much, but it adds up over the year.

Try getting your caffeine fix before you leave the house, and taking a Thermos or bottle of tap water with you for the day to cut down costs.

5. Stop spending your wage impulsively

Even though it may seem difficult, most people can afford to put a little money aside each week. From $3 to $30, the amount will add up over 2015 and could put a serious dent in any debt and bills you have at the end of the year.

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Keep your savings in a jar or envelope in a visible place in your house, so you remember to keep adding money to it every week.

6. Stop using your bank card

If you take out money at ATMs throughout the week, you could be spending more than you actually need to. Try working out exactly how much money you need at the beginning of the week, then take it all out and don’t use your card again. This can stop overspending on unnecessary luxuries such as taxis and snacks.

7. Stop spending so much on going out

Going out is a great chance to socialize and let your hair down. However – food, alcohol, taxis, tipping – the truth is that going out is often pricey. Take one week a month where you stay at home and save some money. Invite your friends around for a movie marathon and you will barely even notice your bank account is taking a rest.

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8. Stop letting money flow away without records

Take a week where you write down how much you spend each day, and what on. This is a great way to know exactly how much you spend a week, and if you are spending any money you don’t need to. If you get buses regularly, work out if it would be cheaper for you to get a bus pass. Ask yourself: did I buy anything this week that was a waste of my money?

9. Stop choosing your dinner before you make it

Food can be cheap when you eat at home, but take-out and restaurant costs can more than triple your food budget. Try planning your meals and shopping for the ingredients at the beginning of every week to deter yourself from ordering in.

10. Stop guessing and start calculating

People often struggle to save when they don’t know exactly what they are saving for. Do you want to buy a house, a car, or pay off student debts? Focus on your goals and what you personally want to achieve. When you know what you’re saving for, work out exactly how much you need to save, and how long it will take you to do. Good luck!

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Amy Johnson

Freelance writer, editor and social media manager.

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Published on November 20, 2018

The Best Ways to Save Money Even Impulsive Spenders Can Get Behind

The Best Ways to Save Money Even Impulsive Spenders Can Get Behind

The truth is, there are many “money saving guides” online, but most don’t cover the root issue for not saving.

Once I’d discovered a few key factors that allowed me to save 10k in one year, I realized why most articles couldn’t help me. The problem is that even with the right strategies you can still fail to save money. You need to have the right systems in place and the right mindset.

In this guide, I’ll cover the best ways to save money — practical yet powerful steps you can take to start saving more. It won’t be easy but with hard work, I’m confident you’ll be able to save more money–even if you’re an impulsive spender.

Why Your Past Prevents You from Saving Money

Are you constantly thinking about your financial mistakes?

If so, these thoughts are holding you back from saving.

I get it, you wish you could go back in time to avoid your financial downfalls. But dwelling over your past will only rob you from your future. Instead, reflect on your mistakes and ask yourself what lessons you can learn from them.

It wasn’t easy for me to accept that I had accumulated thousands of dollars in credit card debt. Once I did, I started heading in the right direction. Embrace your past failures and use them as an opportunity to set new financial goals.

For example, after accepting that you’re thousands of dollars in debt create a plan to be debt free in a year or two. This way when you’ll be at peace even when you get negative thoughts about your finances. Now you can focus more time on saving and less on your past financial mistakes.

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How to Effortlessly Track Your Spending

Stop manually tracking your spending.

Leverage powerful analytic tools such as Personal Capital and these money management apps to do the work for you. This tool has worked for me and has kept me motivated to why I’m saving in the first place. Once you login to your Personal Capital dashboard, you’re able to view your net worth.

When I’d first signed up with Personal Capital, I had a negative net worth, but this motivated me to save more. With this tool, you can also view your spending patterns, expenses, and how much money you’re saving.

Use your net worth as your north star to saving more. Whenever you experience financial setbacks, view how far you’ve come along. Saving money is only half the battle, being consistent is the other half.

The Truth on Why You Keep Failing

Saving money isn’t sexy. If it was, wouldn’t everyone be doing it?

Some people are natural savers, but most are impulsive spenders. Instead of denying that you’re an impulsive spender, embrace it.

Don’t try to save 60 to 70% of your income if this means you’ll live a miserable life. Saving money isn’t a race but a marathon. You’re saving for retirement and for large purchases.

If you’re currently having a hard time saving, start spending more money on nice things. This may sound counterintuitive but hear me out. Wouldn’t it be better to save $200 each month for 12 months instead of $500 for 3 months?

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Most people run into trouble because they create budgets that set them up for failure. This system won’t work for those who are frugal, but chances are they don’t need help saving. This system is for those who can’t save money and need to be rewarded for their hard work.

Only because you’re buying nice things doesn’t mean that you’ll save less. Here are some rules you should have in place:

  1. Save more than 50% of your available money (after expenses)
  2. Only buy nice things after saving
  3. Automate your savings with automatic bank transfers

These are the same rules that helped me save thousands each year while buying the latest iPhone. Focus only on items that are important to you. Remember, you can afford anything but not everything.

How to Foolproof Yourself out of Debt

Personal finance is a game. On one end, you’re earning money; and on the to other, you’re saving. But what ends up counting in the end isn’t how much you earn but how much you save. Research shows that about 60% of Americans spend more than they save.[1]

So how can you separate yourself from the 60%?

By not accumulating more debt. This way you’ll have more money to save and avoid having more financial obligations. A great way to stop accumulating debt is using cash to pay for all your transactions.

This will be challenging, depending on how reliant you are with your credit card, but it’s worth the effort. Not only will you stop accruing debt, but you’ll also be more conscious with what you buy.

For example, you’ll think twice about purchasing a new $200 headphone despite having the cash to buy them. According to a poll conducted by The CreditCards.com, 5 out of 6 Americans are impulsive spenders.[2]

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Telling yourself that you’ll have the discipline to not buy things won’t cut it. This is equal to having junk food in your fridge while trying to eat healthy–it’s only a matter of time before you slip. By using cash to make your purchases, you’ll spend less and save more.

A Proven Formula to Skyrocket Your Savings

Having proven systems in place to help you save more is important, but they’re not the best way to save money.

You can search for dozens of ways to save money, but there’ll always be a limit. Instead of spending the majority of your effort saving, look for ways to increase your income. The truth is that once you have the right systems in place, saving is easy.

What’s challenging is earning more money. There are many routes you can take to achieve this. For example, you can work long and hard at your current job to earn a raise. But there’s one problem–you’re depending on someone else to give you a raise.

Your company will have to have the budget, and you’ll have to know how to toot your own horn to get this raise. This isn’t to say that earning a raise is impossible, but things are better when you’re in control right? That’s why building a side-hustle is the best way to increase your income.

Think of your side-hustle as a part-time job doing something you enjoy. You can sell items on eBay for a profit, or design websites for small businesses. Building a side-hustle will be on the hardest things you’ll do, be too stubborn to quit.

During the early stages, you won’t be making money and that’s okay. Since you already have a source of income, you won’t be dependent on your side-hustle to pay for your expenses. Depending on how much time you invest in your side-hustle, it can one day replace your current income.

Whatever route you take, focus more on earning and save as much as possible. You have more control than you give yourself credit for.

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Transform Yourself into a Saving Money Machine

Saving money isn’t complicated but it’s one of the hardest things you’ll do.

By learning from your mistakes and rewarding yourself after saving you’ll save more. What would you do with an extra $200 or $500 each month? To some, this is life-changing money that can improve the quality of their lives.

The truth is saving money is an art. Save too much and you’ll quit, but save too little and you’ll pay for the consequences in the future. Saving money takes effort and having the right systems in place.

Imagine if you’d started saving an extra $100 this next month? Or, saved $20K in one year? Although it’s hard to imagine, this can be your reality if you follow the principles covered in this guide.

Take a moment to brainstorm which goals you’d be able to reach if you had extra money each month. Use these goals as motivation to help you stay on track on your journey to saving more. If I was able to save thousands of dollars with little guidance, imagine what you’ll be able to do.

What are you waiting for? Go and start saving money, the sky is your limit.

Featured photo credit: rawpixel via unsplash.com

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