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Ditch These Five Wasteful Habits

It’s ironic how people want to learn how to save more, but want to buy more things at the same time. Some people need to save because they have an ever-growing family while others want to buy a house, car or go on trips abroad. The internet is teeming with helpful articles and guides, but we’ll break it down to five simple steps for you.

The best way to save money is to get rid of bad habits and practices that cost you. Let’s take a closer look.

  1. Stop Buying Overpriced Commodities

Some people equate quality with price. They think that just because an item is expensive, they’re already getting premium items. This is not always true. Buying “branded” or “designer” clothing doesn’t add any value at all. It’s okay to buy these really high-end items if you have the money, but if you’re living from paycheck to paycheck, don’t.  You can find high- quality clothing with great styles and designs at less expensive stores. The same goes for imported grocery items. Buy local and support your community. If you want to save some more, ask your doctor for generic counterparts to your prescription medicine. You’ll be surprised at how very little it costs!

  1. Avoid Banking Fees and Late Fees

Pay your bills on time, especially your credit card bills. Late fees and interest charges can cost an arm and a leg, so paying your bills before they are due will actually save you money. You’re also throwing away money when you make overseas withdrawals while you travel. The right thing to do would be to withdraw  a certain amount in advance and try to stick to that budget.  The ATM fees alone are already substantial.

  1. Stop Subscriptions You Don’t Use

If you’re paying for cable bills, Netflix,  magazine subscriptions but don’t use them, cut them off. This also goes for your gym membership or country club affiliations. These things look good to you but if you don’t use them, there is really no point. You can also choose which ones to let go of and which ones to keep. For example, if there’s already a gym in the country club, there’s no need to get a separate gym or boxing membership.

  1. Stop Buying “Disposable Items”

Buy good quality but not overly expensive items. When you buy the very cheap products, on the other hand, expect that they’ll be thrown away in a very short time. You can’t expect quality from bargain items, so strike a balance. Look for items that are usable and durable but don’t come with exorbitant price tags.

 

  1. Stop Living Beyond Your Means

When was the last time you sat down and took a long, hard look at your finances? How much do you make in a month and how much do you set aside for bills, rent, food and other necessities? If you have a car, that is an additional expense that you have to factor in to your monthly budget. To save money, you have to live within your means and even move a notch lower. You can use online tools to project your monthly expenses and see how much you actually spend in a month.

After doing all of these, you should be able to tuck a little money away as savings every month. If it’s still not enough, consider getting a second job to augment your income.

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Warning: Late repayments can cause you serious money problems. For help, go to moneyadviceservice.org.uk