Apr 15, 2022
5 Spending Habits That Make Your Money Disappear Fast
Gosh! I was about to be HOMELESS :-(
Nothing tastes as good as slim feels, as the people at Weight Watchers claim.
It’s the same way with money. Every time I bought something new for myself, I used experience a little joy. But none of my indulgences were quite as satisfying as the end result of discipline.
It feels fantastic to have a big, fat savings account, just like it feels great to be slender (I mean, I guess it does; I’m not sure). However, the advantages of deliberate spending extend far beyond money.
It’s comforting to know that we’ll be fine in retirement because we’ve learned to live on less. It feels nice to use fewer resources, such as less electricity, gasoline, and all of the raw materials used to make “things.” We don’t buy as much as we used to.
It also feels wonderful to waste less. We don’t toss much out since we don’t buy much. For months at a time, we don’t take our garbage can to the curb. It isn’t nearly full enough to justify the journey.
A nest egg serves as a safety net not only for ourselves, but also for those we choose to share it with. It’s reassuring to know that we can contribute to and support causes that are important to us.
These modifications bring our way of life more in line with our ideals, which is extremely satisfying. That’s fantastic.
We had to become more aware of our money habits throughout the years in order to make those changes. We had to alter a number of them as well. Here’s how we went about it.
Without further delay, here are the costly spending habits causing you to lose money rapidly.
1. Late Credit Card Payments
Credit cards have a lot of traps, and one of them is the late payment fee. In the past few years, the fees for late-payments have kept going up.
Even though there are times when you don’t have the money to make a payment, most of the time, it’s just because you forgot to do it.
Who wants to pay $30 or more for a mistake? Make sure you never fail to pay your bills again by setting up automatic payments online or adding reminders to your phone to know when the bill is due before you forget.
2. Being Brand Conscious
Kleenex and store-brand tissues are very different. Is there that much of a difference between them? Not at all!
The name brands we know, and love are usually what we choose because we want to be like them.
However, if you buy generic or private-label brands, you can cut down your grocery bill.
Dave Ramsey, a financial expert, looked at the numbers and found that switching from name-brand foods to generics can save you about $1000 a year on your food costs.You don’t have to be completely generic. Everyone has their favorite things. But think about the things that won’t make a big difference to you but will make a big difference to your money.
3. It’s a “Yes” for everything for Your Kid.
It’s difficult when they gaze up at you with their large eyes or when they begin throwing tantrums. However, overindulging the children may wreak havoc on an otherwise reasonable budget.
Never be scared to say NO, and always keep in mind the precedents you set while treating or rewarding your kids. Additionally, make it a practice to teach children the benefits of comparison shopping and waiting for a discount.
Explain that you can get one chocolate bar from the vending machine now or two at the grocery store tomorrow for the same price.
4. Paying For Subscriptions or Services, You Don’t Utilize
Did you buy a gym membership, but now you don’t use it very often? A lot of people who live in the United States are like this.
Consider canceling your membership and taking up a new hobby. You can either do it at home by watching YouTube videos or do it yourself in the great outdoors. Check out the Globe and Mail’s list of free (or cheap) ways to exercise for more ideas.
If you have a magazine subscription, consider canceling it and getting rid of it. How often do you not read them while you’re on your phone? To get rid of them, cancel them. You’ll also save some trees.
5. Excessive Online Shopping
While it is sometimes possible to find discounts online, particularly on sites like Kijiji, where individuals sell gently used or worn items, online shopping may also be perilous.
When you’re physically at a shop, you have time to consider if a purchase is essential. However, it’s as simple as a couple of clicks in the online world, and presto!
You’ve purchased five items that you don’t need, and they may not even fit well.
To avoid the temptation to shop online, delete retailer apps from your phone, block retailer sites from your computer, and stop getting retailer newsletters.
What did you just learn…
This article discussed the habits you should consider avoiding to save your money. Guess what? These 5 spending habits were about to make me homeless. I’ll write a separate piece about that whole scenario (Keep in touch!)
How? Subscribe me :-)
Many more spending habits drain your money without realizing it, but here I discussed some important ones.
I hope you have learned something from this article and will try to avoid spending money unnecessarily to make the best use of your money.
Read this piece too…
