Everyone wants ways that they can cut their spending and have more money in their pockets but oftentimes people do not know where to begin. Below is a list of things that if you are doing often then you are wasting your money and not saving your money for more important items. We all have bad spending habits (more some than others) but if we can change one or two of those bad spending habits we will see more money in our savings accounts. Here are some habits that cause people to waste a lot of money each month:
1) Eating Out. Yes, eating out is easy, convenient and does not require you to spend time cooking in the kitchen. However, it does a lot of damage to your wallet when you eat out multiple times a week. For example, if you eat out for lunch every day at work and spend approximately $10 on food each day then that equals $50 a week and $200 a month! Even if you cut back eating out for one or two days a week you will be saving yourself a lot of money monthly. So, be realistic with yourself and do not eat out for any meals for just two or three days a week. Cutting back is easier to achieve than telling yourself that you are never going to eat out anymore and then failing miserably.
2) Buying name brand foods. When you shop at the grocery store you should buy the generic brands instead of the name brand food items. Sometimes, you may save only a few cents but most times it is a few dollars. Every dollar saved counts! For the most part the generic brands taste just as good as the name brand food items.
3) Prescriptions. Whenever possible do not buy the name brand prescription. Always ask your pharmacist if they have your prescription in the generic brand. Generic medications work the same way and are just as effective as the name brand prescription. From past experience, I have saved hundreds of dollars with my prescriptions by buying the generic brand.
4) Gym memberships . The majority of gym memberships are a waste of money. Gyms will try to lure you in by promoting the swimming pool, showers, locker room, sauna, indoor basketball courts, fitness classes, etc…but the reality is that when you go to the gym you will mostly use the cardio machines and weights. So why pay for all the other amenities that you are not using? If you are paying more than $20 for a monthly gym membership then opt for a less expensive gym membership or cancel your membership all together and switch to doing outdoor workouts.
5) Cable TV. I gave up cable and I thought I was going to die! I grew up watching cable TV and had no idea what I was going to do with myself when my husband decided that we should cut our expenses by giving up cable. It has been liberating to give up cable and save over $100 each month. If you have cable then try giving up cable and opt for a less expensive alternative such as Netflix, Hulu or Amazon. If you are really brave you can always try watching your favorite show online where most television networks stream the popular shows on the internet.
The money you save put in a jar or some other container that you can visibly see it in your house. When you visibly see how much money you are saving each week or month by cutting back on your spending habits it will give you motivation to continue spending less. Give yourself a few months where you spend less on the things mentioned above and you will be surprised how much extra money you have in your bank account.