It always starts with good intentions. Spending, unfortunately, seems to be much easier than earning & saving which is one reason why people have so many problems keeping track of their cash.
There are certain things you can keep track of and be aware of what will help. Knowing these factors will help you cut down on these areas of waste so that the money can be spent on something more productive. This is a great idea for those looking to combat debt management successfully.
TOP THINGS YOU DO THAT’S WASTING YOUR HARD-EARNED MONEY:
- Prioritising high and low interest debts
If you pay off the loan that has lower interest than your other one, it’s already causing you to spend more money than you have to. Instead, it’s always advisable to pay the high interest one off first.
- Not finding a good deal
Shopping around for a good deal on all things can be a great habit to get into. Not only does it save you money on groceries, holidays, clothes and much more but it helps you adopt a more cautious mind set. You won’t be so quick to splash out as you have to spend time doing the research.
- Not searching out price match schemes
Lots of shops do price match schemes that you don’t even know about and may be missing out on. Several high-street retailers offer this and will even match to online chains like Amazon. This way you get to save on the shipping too!
- Forgetting about free trials
Forgetting to cancel your free trials, whether it’s Netflix or LinkedIn Premium, is a quick way to emptying your bank account. These small costs all add up and you may not even be using them to the full.
- Paying late
Late payments rack up charges and get you paying more in the long run. Avoid bills and talk to your lender about paying later or pay on time.
- Avoid your trigger points
If you know you are good at making impulse buys, avoid the shops and stay clear of sales. Set a budget before you go out and try your best to stick to it.
- Cancel needless extras
Things you don’t really need if you are trying your best to save money are things such as gym memberships and extra data on your phone plan. You can always try and go off-peak for gym memberships and use minimal data.
- Make your own food
Buying lunch at work is one of the best ways you can waste money. Every day the costs add up whilst you could be preparing lunch at home for the whole week. Try adding up how much you are spending on work every day and how that adds up for the whole month. This can be a substantial saving annually.
Buying into a protection plan that is not really needed, is another way you’re wasting cash. Warranties on mobiles might come in handy but with laptops, the chances of damage are much lower, for example. So, think about whether you really need a protection plan before committing to it.
Doing these small things can really help make a big difference to cutting down your costs.