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10 Habits to change to Save Money

10 Habits to change to Save Money

10 Habits to Change to Save Money

 

We all have a couple of bad habits. People typically do three things in regards to their bad habits – they accept, ignore, or try to change the bad tendency. But what about when your bad habits are costing you money? Some bad habits are more than small hiccups – they may be costing us big time.

So what can you do?

The first step to correcting a bad habit is being aware of it in the first place and then working to correct it. Here are 10 common bad habits that may be costing you money, and what you can do to change them.

1) Eating Out Frequently

Eating out often seems innocent enough, but for many people, enjoying a night out has big financial implications. In fact, it costs many people thousands of dollars a month. Instead of eating out all the time, you can cook at home for far less money. As an additional benefit, cooking your own food means you know exactly what you’re putting into it, making it a healthier option as well.

2) Staying in Debt

 
To some people, debt might not seem like a big deal. You pay the minimum every month and put in a few extra dollars here and there. Your debt is under control and you’re making a little progress, so what’s so bad about staying in debt? The problem with staying in debt is that it costs you. Interest doesn’t stop accruing, and the longer you have your debt, the more interest you are likely to accrue. You can save money by paying off your debt as quickly as possible.

3) Frequenting Your Spending Pitfalls

Are there certain stores that you go to and, no matter what you try to do, you always spend more than you intended? Sometimes, the temptation to spend can just be too much. Maybe it’s your favourite restaurant, the supermarket, or a specific clothing store that causes you to overspend. If you’re going way over budget every time you step foot in this type of place, than it may be time to give it a break. You can avoid your shopping pitfalls by choosing a different, less convenient place to shop in or you can start shopping online and purchasing just the things you need and nothing more.

4) Using ATMs

 
ATMs are supposed to be convenient, but many times, that convenience comes with a high cost. ATM fees might just seem like a way of life, but why should we have to pay $400 or more to access our own money? Fortunately, you have many options to skip out on ATM fees. You can go to the ATM once every couple of weeks and withdraw the amount of cash you need. You can also research to see if your bank has any free ATM locations. Further, many stores and supermarkets etc will give the option of asking for cash back if you make a purchase, which is free.

 

5) Drinking Bottled Water

 
Who knew water could be so expensive? Bottled water definitely serves a purpose for those who don’t have access to clean water. But for most of us, tap water is completely safe to drink. If you’re still uncertain about drinking tap water, you can purchase a high quality water filter pitcher for around $5000. Instead of buying bottled water, you can use your water filter over and over again, ensuring you always have clean, purified water for way less than the cost of drinking bottled water.

6) Smoking

I won’t go into much detail here since smoking is an addiction and not something that is easy to quit. The price is high considering you could use that money to build an emergency fund or pay off debt.

7) Watching Cable

 Cable is not only expensive, but it is a huge time waster. Cable often costs more than $2000 a month depending on the provider. Now, with so many cheaper alternatives available such as internet or netflix, cable is even more unnecessary. If you’re not quite ready to give up your television habit entirely, you can switch to Netflix or Hulu for cheaper and other websites such as Amazon video for free. And instead of watching cable, you can use that time and energy to focus on starting a side hustle to make extra cash.

8) Eating Fast and Unhealthy Food

Fast unhealthy food are not only bad for your health, but they are terrible for your budget. Often, these types of unhealthy foods are significantly more expensive than some healthy foods. And overtime, eating unhealthy foods can affect your overall health, resulting in higher medical expenses as time goes on. You can prioritize eating natural, wholesome foods instead of fast food. Fruits and vegetables are readily available for very little money.

9) Disorganization

How does disorganization negatively affect your finances? Disorganization can result in misplaced bills, a lack of financial priorities, and a forgotten budget. In order to be successful financially, organization is key. Ideally, you should know exactly where every dollar is going in your budget. You can keep your budget easily organized by using Biztech’s Free Balance Sheet Calculator.

 

10) Not Having Savings Goals

Failing to set financial goals can cost you majorly in the long-run. Without savings goals, how else will you push yourself to set money aside from each paycheck? You can’t be effective with your money if you don’t take the time to establish savings goals from the start. Take a few minutes at the start of the month to consider what your short-term savings goals are. Maybe you want to increase your emergency fund or start saving for a vacation. Create a plan to figure out how you need to save your money to hit your goal on time.

Also, be sure to make time to focus on your long-term savings goals, such as saving for retirement or a house.  


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