You’re Wasting Money If You Do Any Of These
posted on Sep 4, 2020
Are you guilty of any of these money wasters?
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Saving money in today’s economy can sometimes feel impossible – but it in fact is every achievable – regardless of how much/little you earn.
Do you often find you earn an okay amount but don’t seem to have enough at the end of the month?
Taking a good look at your spending habits and recognizing how you use your money can go a long way towards re-evaluating and cultivating a life where you only spend what’s necessary.
So, if you feel like you’re always running out of cash, check these 6 things that could be eating up your finances.
1. You Justify Buying the Cheap Stuff
We think we’re saving money if we opt for the cheaper options but in truth, quality lasts longer.
Looking at more expensive options as an investment rather than an unnecessary expense is a better mindset to have but we seldom think like this because in the moment more expensive equals more money.
Spending money on items that last rather than cheap ones that need replacing more often will save you money in the long run.
2. You Justify Buying Sale Items
We’re led to believe that buying stuff on sale is saving money. If you’re in a supermarket and what you intend to buy is on sale, then great.
But we can get caught up thinking we’re getting a bargain when really, we’d never have bought that item in the first place were it not on sale!
So, curb unnecessary purchases – don’t get sucked in to the sale items and justify buying them because you believe you’re saving money – you’re not.
3. Your Savings Account is Too Easy to Access
It’s so easy these days to with internet banking and ATM cards, to have easy access to our savings.
While your good intentions are slowly piling up in your savings account, if it’s easy to get to, you can sometimes delve into it if you feel you’re low on money.
So, find savings accounts that aren’t so accessible. This will help you think twice about transferring that money if it’s not so easy to do.
If you have some money that you will not be needing in some months’ time, you can lock it away in a secure investment plan that will not only restrict your access but also yield interest.
4. You Don’t Wait 30 Days Before Big Purchases
This is a good trick if you’re more of an impulse buyer. Impulse buying can drain your money extremely quickly and we can be very good at justifying why we need an item.
If it’s a big purchase then do this 30 day rule before going ahead with it. You’ll be surprised at how much your mind can change in this period and often you’ll realise you probably don’t need to buy it or, even better, find a cheaper alternative in the meantime.
5. You Don’t Set Realistic Goals
When we set the intention of saving money, we can get lots of big ideas on how to do this but most of the time, although it feels good and productive to set these big goals, you can’t realistically stick to them in the long term.
This then begins demotivation. So, for example, instead of setting the goal of not eating out in the next month, set a more manageable goal of letting yourself eat out once a week instead of your normal 2 or 3 times.
6. You Don’t Write Lists of What You Need Before Shopping (and Stick to It)
Being purposefully mindful before you leave the house by making strict lists of what you need, will cut down more spending than you realise.
Research recipes, electronics, furniture, etc. – in advance and stick to only what you’ve written down. If it’s not on the list, it doesn’t make the cut!
Conclusion
You’ll only start saving money when you learn healthy money habits and let your future needs be more important than your current wants—aka when you make saving money a priority.
With a few tweaks to your spending, you’ll be on the fast track to saving money in no time. It’s not plug and play though, but with consistent practice, you will master it soon.
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