With more than half the country struggling with credit card, student loan, and mortgage debt, it’s a pretty safe assumption to say that everyone could use to save a bit more money. The cost of living continues to rise and for most households, the raises and promotions don’t happen as quickly. As affording a quality life for you and your family can be difficult, you’d likely jump at the chance to save even a few pennies every month.
There are no shortages of methods for saving money. You can clip coupons or dig change out of the couch cushions and throw it in a savings account to accumulate interest. Yet, saving can be hard to keep up if you don’t change your actions. There are some bad habits, that if you’d simply stop doing would make you a lot richer. While old habits may die hard, here is a look at some things you may want to stop doing if you’d like to save more money.
Consuming Too Much Alcohol, Cigarettes, or Drugs
Though consuming alcohol and cigarettes are legal once you reach a certain age that doesn’t mean that it should be done on a regular basis. In some states, a pack of cigarettes can cost you $8 a box while alcohol can get even more costly. Doing this on a daily basis can add up to several hundred dollars per month. Many people turn to such vices as a means for unwinding, socializing, or celebrating. Cutting back on your consumption and getting medically supported detoxification can help you save money and improve your health.
Who doesn’t enjoy some takeout on occasion? You can certainly indulge in everything from fast food to the finest restaurants, but you should be mindful of how much you’re spending. Sometimes, it’s a convenience to eat out, but even at $30 a day on various meals for your family, you’re averaging $900 month just to eat out. It’s best instead to learn how to cook interesting meals and make them for yourself at home.
If you’re a homeowner, this one is a biggie. There are often a lot of things that need to be kept up in order to maintain your property. This includes certain maintenance and odd jobs. Ignoring them may seem like no big deal and extra money in your pocket, however, when something goes wrong (and it will), it’s going to cost you more to fix. Preventative measures like cleaning the gutters, checking the roof, changing heating and cooling filters, cleaning vents, flushing the plumbing, etc. are all necessary to keep your home safe and your pockets fatter.
Living Beyond Your Means
In a world where attention has become the new addiction, it isn’t uncommon for people to go bankrupt trying to keep up with the rest of the crowd. Living beyond your means by charging credit cards or taking out a ton of loans to afford things you know your salary can’t cover will only lead to financial ruin. Eventually, your assets will be possessed and you’ll find yourself in court with nothing. It is best to create a budget that efficiently tracks your spending and keeps you on the straight and narrow. Besides, if you stop indulging in the above-mentioned bad habits you may find that you have more cash to afford the things you want.
No one is perfect. Everyone indulges in things that they properly shouldn’t on occasion. Be that as it may, some bad habits can cost you big time. If you’re presently doing any of the above, now is the time to make changes. Whether that’s going to an alcohol and drug rehab to become sober or learning how to prepare more flavorful meals so that you can stop eating out more, you’ll find it saves you a lot of money in the process. And more money in the bank means more financial freedom to do as you please.