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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

Amy is a writer who blogs about relationships and lifestyle advice.

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Last Updated on January 21, 2020

How to Develop a Millionaire Mindset in 6 Simple Steps

How to Develop a Millionaire Mindset in 6 Simple Steps

We all like to dream about being financially wealthy. For most people though, it remains a dream and nothing more. Why is that?

It’s because most people don’t set their mind to achieving that goal. They might not be happy in their current situation but they’re comfortable – and comfort is one of the biggest enemies of growth.

How do you go about developing that millionaire mindset? By following these simple steps:

1. Focus On What You Want – And Take It!

So many people are too timid to admit they want something and go for it. When there is something that you want to accomplish don’t think “I could never actually do that”, think “I could do that and I WILL do that”.

Millionaires play to win, not to avoid defeat.

This doesn’t mean to have to become a selfish jerk. What it means is becoming more assertive and honest with yourself. You don’t have to grab off other people. There is a big pot of unclaimed gold in the middle of the table — why shouldn’t you be the one to claim it? You deserve it!

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2. Become Goal-Orientated

It’s almost impossible to achieve anything if you don’t set firm goals. Only lottery winners become millionaires overnight. By setting yourself attainable goals, you will get there eventually. Don’t try to get rich quickly — get rich slowly.

Let’s take the idea of making your first million dollars and expand on what kind of goals you might set to get there. Let’s also say you’re starting at a break-even position – you’re making enough to get by with a few luxuries, but nothing more.

Your goal for the first year can be having $10,000 in the bank within a year. It won’t be easy but it is doable. Next, you need to figure out the steps you need to take to achieve that goal.

Always look at ways to make growth before cutbacks. With that in mind, you might want to see if you can negotiate a pay rise with your boss, or if there’s another job out there that will pay better. You might be comfortable in your old job but remember, comfort stunts growth.

You may also have other skills outside of your workplace that you can monetize to boost your bank balance. Maybe you can design websites for people, at a fee of course, or make alterations to clothes.

If this is still not enough to make the money you need to save $10,000 in a year, then it’s time to look at cutbacks. Do you have a bunch of old junk that someone else might love? Sell it! Do you really need to spend $10 on your lunch everyday when you could make your own for a fraction of the cost?

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If you are to become a millionaire, you need to start accumulating money.

Here’re some tips to help you: How to Become Goal Oriented and Achieve More in Life

3. Don’t Spend Your Money – Invest It

The reason you need to accumulate money is for step three. Millionaires tend to be frugal people, and that’s because they know the true value of money is in investing. Being your own boss goes hand-in-hand with becoming a millionaire. You’ll want to quit your regular job at some point.

Stop working for your money and make your money work for you.

Rather than buying yourself a new iPad, that $500 could be used to invest in the stock market. Find the right shares (more on that later), and that money could easily double within a year.

There’s not just the stock market — there’s also property, and your own education.

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4. Never Stop Learning

The best thing you can invest in is yourself.

Once most people leave the education system, they think their learning days are over. Well theirs might be, but yours shouldn’t be. Successful people continually learn and adapt.

Billionaire Warren Buffet estimates that he read at least 100 books on investing before he turned twenty. Most people never read another book after they’ve left school. Who would you rather be?

Learn everything you can about how economics works, how the stocks markets work, how they trend.

Learn new skills. If you have an interest in it, learn everything you can about it. You’d be surprised at how often, seemingly useless skills, can become extremely useful in the right situation.

Start developing the habit of learning continuously: How to Create a Habit of Continuous Learning for a Better You

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5. Think Big

While I advise to start off with small goals, you absolutely should have a big goal in mind. If you have a business idea, then that is your ultimate goal – to start that business and make a success of it. If you want to invest your way to millions of dollars and do little work other than research, then that is your big goal.

There is no shame in not achieving a big goal. If you run a business and aim to make $1 million profit in a year and “only” make $200,000, then you’re still significantly ahead of most people.

Aim for the stars, if you fail you’ll still be over the moon.

6. Enjoy the Attention

To be successful, you have to be willing to promote yourself and enjoy the attention to a certain extent. Now the attention doesn’t need to be on yourself, it could be on your brand, but attention definitely attracts money.

Never be embarrassed to get your name out there. That means finding a spotlight and being brave enough to step right up underneath it.

If you run a business, try contacting the local papers. You’d be surprised at how amenable they often are to running a story about you and your business, and it’s all free publicity.

Above all, remember: You control your own destiny. Push hard enough for anything and you’ll get it.

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Featured photo credit: Austin Distel via unsplash.com

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