Saving money in today’s economy can sometimes feel impossible. 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 our spending habits and recognising how we use our money can go towards re-evaluating and cultivating a life where we only spend what’s necessary.
What can you do to help stay mindful of what you spend your money on? It’s all about adopting habits to help you be aware of how you spend your money but these are common habits we have that drain our money more easily. Here are 8 daily habits that drain your money unknowingly;
1. Buying 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 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.
3. 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.
4. You Don’t Write Lists of What You Need Before Shopping (and Stick to It)
This is similar to the impulse buying but more so when we’re food shopping. When you’re hungry, you will buy around 20% more food than if you went on a full stomach.
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 in advance and stick to only what you’ve written down. If it’s not on the list, it doesn’t make the cut!
5. Your Savings Account is Too Easy to Access
It’s so easy these days to with internet banking, 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 down on your money.
So find savings accounts that aren’t so accessible and can’t be linked to your current account. This will help you think twice about transferring that money if it’s not so easy to do.
6. You Don’t Carve Out Time to Declutter Your House
Decluttering your living space is one of the best things you can do to save money. Not only because you can sell many of your old items and actually make money, but also it transforms the space in your mind as well.
Once you realise that you don’t need so many possessions to make you happy, it will shift your mindset and make you more aware of unnecessary spending in the future.
Cultivating this mindset is what will save you the most money in the long-term and help you to re-evaluate what’s important to you. So adopt the mindfulness of spending your money to create a better way of saving it.
7. 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 our 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.