If you’re like most Americans, there are more drains in your bank account than there should be. Here’s how to stop wasting money and have noticeable savings at the end of the year.
1. Spend More Money Where It Counts
There are plenty of situations in which skimping money can cost you far more than you saved. Two examples are stretching your car’s oil changes out too long or buying cheap tools that will break and need replacement. If you are putting money into a longer-term investment like a car or an appliance you use regularly, this is not the place to skimp.
2. Eat Out Less
When it’s time to cook dinner, consider cooking enough food to last you several days. This will reduce the temptation to go out to eat. Also, buying groceries in bulk saves you money.
3. Ditch the Bottled Water
Get a water filter and a reusable water bottle. You will easily save hundreds to over a thousand dollars per year by not drinking bottled water, not to mention the benefits for the environment.
4. Stop Buying Exclusively Name Brands
Name brands are sometimes the only way to go. However, when you’re buying items like raisin bran, it’s worth trying the generic brands. These can often be half the price and taste just as good.
5. Get a Handle on Your Subscriptions
We live in the era of subscriptions — Netflix, Amazon, iTunes, Spotify, Hulu, HBO, etc. — and the result can be a steady, nearly imperceptible outflow of cash from our bank accounts. Consolidate your subscriptions to what you absolutely are not willing to dispense with.
Do you buy enough on Amazon to justify Amazon Prime, for instance? Do you really need subscriptions to multiple streaming websites?
6. Start Brewing Your Own Coffee
Home-brewed coffee can taste absolutely divine. Buy a bag of gourmet roast and wake up to the smell of coffee in your kitchen. You’ll save a lot of money this way — buying from a coffee shop is expensive. The average American spends $1,100 per year on coffee.
7. Wear a Sweatshirt Inside In the Winter
Heating bills can be extravagant in the winter. Cut down on your energy consumption by wearing a sweatshirt inside and keeping your heat lower. A temperature of 68˚ F is ideal for when you are at home.
Imafidon, Casey. “9 Spending Habits Which Waste You A Lot Of Money Though You’re Not Aware.” Lifehack, Lifehack, 20 Apr. 2015, www.lifehack.org/articles/money/9-spending-habits-which-waste-you-lot-money-though-youre-not-aware.html.