Although most of us try to tell ourselves that we don’t have a bad habits when it comes to spending money, we usually do. If you find yourself wondering where all your money goes from when you got paid last week, maybe these tips will not only shed some light on areas where you might have a problem spending, but help with breaking those habits so you can start saving some money.
The first tip is prioritising what you need and how much it costs. One of the worst habits you can have is constantly going window shopping and carrying way more cash then you actually need to. Try to go to the mall with a specific plan on what you are there to buy and have to exact amount of money that you want to spend. This way you don’t end up buying random items that you don’t necessarily need and help ensure that you still come home with some money left over.
Now, say that you are heading to the grocery store or mall with some coupons that you found, only use coupons for things that apply for items necessary for your household. I know that we tell ourselves that it’s okay to spend money on things as long as they are on sale or we have a coupon for it, but resist the urge! Another resistance that you must try and do is not give out your details, such as your email to receive more coupons and notification on sales because it will just tempt you even more to cut those coupons out again and spend more money.
The best thing you can do is plan ahead when it comes to eating dinner at home because too many of us are coming home and using the excuse that we’re “tired” and takeaway is the only option. Unfortunately, Kiwis are spending $1.5 billion dollars a year on takeaway, so you can only imagine how much you could save if you stopped this bad habit. The other bad habit that people find themselves getting into is going to the dairy for some items because of the convenience it may have instead of heading to the grocery store. Just keep in mind that those few items are marked ridiculously high and this so called “convenience” can actually be costing you more money than you think. So the next time that you find yourself getting into a bad habit of spending, make sure you prioritise, fight temptations, and plan ahead to ensure your money is being spent on more useful things.
Disclaimer: The above information is general in nature and not intended to be financial advice. You should consider seeking professional advice before following any suggestions in this blog/website.