Stop Wasting Money On These Things… NOW!

Are you aware of where every dollar you spend goes? Help cut back on your spending and stop wasting money with these tips.

How often do you take the time to assess your spending habits? Do you review your debit and credit card transactions every month? If you aren’t and you’re looking for ways to cut back on your spending to build wealth, this would be a great step to add to your monthly routine. By establishing this habit, you’ll start to identify opportunities to cut back on spending.

Are You Wasting Money?

Underused Subscriptions

It’s easy to sign up for a free trial or subscription and completely forget about it. To see exactly what you’re paying, create a list of active subscriptions – whether it be a subscription to software, streaming, or online services. Ask yourself if you can go without some of them, then cancel them immediately. This could save you hundreds of dollars each year.

Buying Lunch Every Day

Meal-prepping is a great way to stick to healthy eating or a specific diet, but it can also help you stick to your budget. There are even “budget-friendly prep plans” available that allow you to spend less at the grocery store. The more food you can prepare at home, the better off your food budget will be. If you aim to hit major financial goals this year, going homemade is one of the simplest ways to cut back without making drastic sacrifices.

Disposable Water Bottles

Disposable water bottles or beverages aren’t only a waste of money; they’re also bad for the environment. While getting into the habit of meal-prepping and packing your lunch, fill up a reusable water bottle to avoid grabbing one on your way to work. The savings will add up, allowing you to get closer to your savings goal.

Cable

On average, cable costs more than $110 a month. Are you getting what you want from this service or do your streaming services such as Sling, Hulu, Netflix, or MAX cover your needs? Consider keeping your streaming services and cutting the cable cord to reap significant monthly savings.

Excess Groceries

Americans lead the way when it comes to the amount of food tossed out daily, about a pound of food per person per day – equivalent to about 150,000 tons! That’s a lot of money going down the drain. Before you go to the grocery store, think about the meals you’ll make for the week and write down exactly what ingredients you’ll need to prepare them. When you get to the store, avoid getting items that aren’t on your list.

Late Fees

Late fees can mess up your monthly budget. Plus, there’s the consideration of your credit score; a missed payment can lower it, which affects your ability to borrow money for more significant purchases in the future. Avoid missing a payment by setting up automatic payments online for fixed costs such as insurance, internet, cable, and utilities. For expenses like rent that may not be payable online, set up reminders in your phone or calendar and pay them at the same time each month so it becomes routine.

Summary

You may be spending money on things you don’t need – save yourself some cash by giving them up and redirecting those dollars toward your savings, retirement, or investment accounts.

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