Saving money may be on many people’s resolution lists, but it can be harder to achieve than it sounds. It’s often the small daily habits that unknowingly chip away at your bottom line. This article discusses the different daily habits that should be abandoned in order to save money. Whether it’s as small as checking more than one price tag, or large-scale like creating a budget to follow, these simple lifestyle changes can help trim the fat and put more money back into your pocket. To get to the saving money finish line, here are 7 daily habits you have to abandon to save money
1. Impulse Shopping
Impulse shopping is the number one budget buster and the biggest culprit in extra money going out. Impulse shopping occurs when you buy a product or service on a whim or as a knee jerk reaction; without a second thought to whether you really need or will even use it. If we’re all guilty of this type of shopping at some point, the best way to tackle it is by understanding what triggers cause us to make these impulse purchases. Take the time to make more informed decisions, instead of jumping in with both feet. For example, the next time you find yourself wanting the latest item on the shelves, consider if it’s a want or an actual need. Statistically, you’re more likely to make informed decisions when you have to wait 24 hours to buy.
2. Not Shopping Around
Assuming that one store has the best price for the product at hand is a bad habit to get into. While you may get lucky and get a great product at a great price, settling for one store’s prices could mean you’re missing out on great deals out there. Instead of rattling off to one store, make harmony a habit and shop around. With online shopping, this habit is becoming easier. You can shop for the product at different stores for the best prices, and access exclusive offers not available in-store. Before you make a purchase, always do some comparison shopping, instead of just settling for one store.
3. Using Your Credit Card for Everything
Believe it or not, using a credit card for everything can actually cost you in the long run. You should have a plan for what purchases you are willing to put on a credit card, and how much you can manage to pay off each month. Many times racking up purchases on your credit card can make it difficult to track expenses, and this can lead to more money being spent than planned. Credit cards can be very helpful in life and give you the ability to make purchases when you don’t have cash on hand, or online. But if used excessively and in an irresponsible manner, credit cards can quickly get you into debt. When saving money, it’s essential to practice caution when it comes to your credit cards.
4. Eating Out Too Much
Eating out may be a stressful way to end your day, but it’s important to become aware of the amount of money you’re spending when this daily habit happens. Not only will it cost you more money in the short-term, but in the long-term you’ll also be missing out on nutrition and quality ingredients. Instead of eating out, home cooked meals can be made cheaply, an easy way to save money. Meal prepping is a great way to control portions, which can be an easy way to whittle away calories, and save money in the process.
5. Skimping on Your Sleep
Most of us know that getting the recommended amount of sleep helps us be our best, but in the age of technology, it’s become increasingly difficult to stick to a healthy sleep schedule. If you cut back on your sleep, you’re likely to spend more money in a number of ways. You may be more likely to succumb to Impulse shopping and eating out. Additionally, without the proper amount of rest, you may have trouble focusing and making the best decisions for your finances. This can lead to poor or illogical spending choices which can really add up in the long run.
6. Splurging on Brands
Another bad daily habit to break when trying to save money is reaching for the fanciest, most luxurious product on the shelf. When selecting anything from makeup to food products, it’s important to consider the price and effectiveness of the product, not just the brand. It’s okay to splurge on yourself every once in a while, but it’s important to recognize the difference between want and need. Before making a purchase, take the time to do a little research and look for good quality products that you can get at a better price.
7. Not Keeping Track of Your Expenditures
It can be easy to get in a mind-set of ‘out of sight, out of mind’ when it comes to budgeting. You may keep your head in the clouds when it comes to where exactly your money is going, and when. Ignoring your budgeting sheets and bank statements is a surefire way to miss out on noticed expenses. Missing out on small expenses here and there can add up over time, creating an unsteady financial strain. To record your daily purchases, utilize a budgeting phone app to help you keep better track. As you’re recording, you’ll quickly be able to tell where and when you need to adjust your spending habits.
Saving money is a balancing act, a mix of discipline, organization and practice. It can be intimidating, but these daily habits can help make it an easier process. Remember to adopt wisdom in shopping, keep an eye out for great deals and avoid impulse purchases, as these will be a direct hit to your bottom line. Additionally, practice self control when it comes to splurging on brands or using your credit card for everything. Finally, learn to track your expenses and stick to a budget to maximize your savings. If these daily habits are adopted, you will be well on your way to achieving your saving goal.