We’re all guilty of spending too much money sometimes. More so, we’re all guilty of not properly calculating or tracking our expenses. It’s incredibly easy to lose money into the black hole, to only look back at your bank account statement a week later and scrambling to figure out where exactly it all went. Take a good look at how you spend your money, examine your current spending habits and start eliminating your “money wasters”. Today, let’s stop wasting money.
“A penny saved is a penny earned.” – Benjamin Franklin
Stop Wasting Money
- Stop Impulse Buying
Purchasing from Infomercials or Fire Sales is an easy way to waste money. Most of the time, those products end up sitting in your closet or “junk drawer” to never see the light of day again. Today it needs to stop!
- Stop your Gym Memberships
At a monthly rate of $10/month and up to $100/month in some cases, Gym Memberships are an easy way to constantly let money fall into the black hole, unnoticed. Start by jogging or running, and get into a routine first, then make your way back to the Gym when you’re going to stick with it, making your membership fees more valuable. Letting your membership auto-debt, especially if you’re account is “suspended”, adds up very quickly.
- Renegotiate your Cable Rate
In 2017, Cable providers face very stiff competition. Give them a call, go on the offense, and push to renegotiate a better rate. Even if you save $20/month from your current rate, that adds up to $240/year more in your pocket. Don’t let your Cable provider continue to get the upper hand on your bank account.
- Stop Paying for Water
A bottle of water can easily cost you $2/day or more if you’re trying to establish better drinking habits. At the rate of $2/day, you’ll likely spend up to $60/month (or $720/year!) on Water, when you can prevent these expenses by purchasing a refillable/reusable water bottle! Throw in a Brita water filter, and you’re saving money!
- Gourmet Coffee
$5 a day may not seem like a lot of money, but when you’re stepping into a gourmet coffee shop, your buying more than just basic coffee. Consider brewing your own coffee at home. On top of saving money, you’ll save time by avoiding the drive-through line each day!
- Eating Out
Americans now spend more money dining out than they do at the grocery store.³ Consider the cost of going out to lunch twice a week. If you spent $10 each time, it would cost you $1,040 annually. While dining out may be one of life’s pleasures, it is often less about socialization and more about convenience. Twice a week may not seem like much, but over time it can add up quickly.