Unnecessary expenses in our everyday lives can put a lot of pressure on our finances. We are often lured to spend excess money on luxuries we can barely afford but don’t really have much use for. Sometimes we buy things just because they look shiny or we feel good about owning them. The problem with spending money in this way is that it drains out our savings and leaves us with little to spend when we really need to.
Maybe you have a set budget and you spend frugally on major expenses. But even you might look at your latest bank statements and be left wondering where all the money went. In this day and age of e-retail stores and instant gratification it’s hard to keep our lust for new things in check. Planning out the details of how you’re going to spend every buck might not be enough to protect your wallet from yourself anymore. Many daily habits you have might make you spend more than you want to. Before you notice, you’ll end up losing whatever money you’ve set aside for luxury and be forced to dip into your savings to satiate your thirst for more.
We have prepared a small list of everyday things you probably spend too much on and bad habits you can shed to save a lot of dough.
- Quit smoking. Cigarettes are an unnecessary expense no one needs. If you use it as a stimulant you can find better replacements in tea, coffee or even soda. Quitting it will not only be good for your savings but will also help you save a lot of money in the long term by keeping your lungs healthy and cancer-free.
- Make your own coffee. If you’re a regular patron of your local Starbucks, you might want to reconsider your choices. Make your coffee at home and buy a thermos for carrying it to your work or school. It’ll be a lot cheaper and save you a lot of time which would be otherwise wasted standing in the queue at a coffee shop.
- Walk or bike to your destination. This way you can save money on your commute and give your body a little workout. Perfect way to save money and stay healthy.
- Switch from cable to Netflix. And for that matter, also cut down on movie nights at your local theater. For as less as $8 you can get access to a bunch of amazing show and movies without having commercials making you lust after expensive luxuries.
- Buy what you need. Before you take the leap, ask yourself – Do I really need this?
- Find inexpensive hobbies. Your finances will not thank you for being a wino, or collecting rare and overly expensive stamps from North Africa. Pick up some hobby like reading, running or sketching to engage in without spending too much cash in the process.