It is sometimes impossible to save money in today’s economy. You may have an okay salary or profit from your business but realize that you don’t seem to have enough to take you through the month; this article will help us take a good look at our spending habits and advise us on how to re-evaluate and cultivate a life where we only spend what’s necessary and improve on our personal economy.
Some Daily Habits That Unknowingly Drains Your Money
Adopting better habits can help you become intentional about spending your money wisely. However, these are common habits that have unknowingly drained our money easily.
Cheap Stuff Justifies Your Spending Habits
When we opt for cheaper options we think we’re saving money but in truth, quality lasts longer. Looking at more expensive options as an investment rather than an unnecessary expense is a better mindset to have, but we seldom think like this because at the moment more expensive equals more money. Spending money on items that last rather than cheap ones that need replacing more often will save you money in the long run.
You Justify By Buying Items on Sale
We’re led to believe that buying stuff on sale is saving money. If you’re in a supermarket and what you intend to buy is on sale, then great. But we can get caught up thinking we’re getting a bargain when really we’d never have bought that item in the first place if it weren’t on sale! So curb unnecessary purchases; don’t get sucked into the sale items and justify buying them because you believe you’re saving money. You’re not.
Your Savings Account is Too Easy to Access
It’s so easy these days to have easy access to our savings with internet banking we buy so many items before we realize. So it’s better to opt in for savings accounts that aren’t so accessible and can’t be linked to your current account. This will help you think twice about transferring that money if it’s not so easy to do.
You Purchase Too Quickly.
If you are an impulse buyer, you will be very good at justifying why you need to buy certain things. Don’t forget that impulse buying can drain your money quickly. Consider trying out this trick; If it’s a big purchase then do this 30-day rule before going ahead with it. Try to delay the purchase for 30days and while at it, have a deep thinking on why you really need to purchase that item, You’ll be surprised at how much your mind can change in this period and often you’ll realize you probably don’t need to buy it or, even better, find a cheaper alternative in the meantime
You Don’t Set Realistic Goals
When we set the intention of saving money, we can get lots of big ideas on how to do this. Although it feels good and productive to set these big goals but, trust me you can’t really stick to them at all times. This then begins demotivation. So for example, instead of setting the goal of not eating out in the next month, set a more manageable goal of letting yourself eat out once a week instead of your normal 2 or 3 times.
You Don’t Have a List of What You Need
This is similar to the impulse buying but more. If you don’t write a list of what you need to buy before going to shop, you will end up buying more than you need. Being purposefully mindful begins with leaving the house with a strict list of what you need and sticking to it. This will help cut down on unnecessary spending. If it’s not on the list, then look away.
You Waste Time Trying To Get Cheap Deals
The emphasis here is on time. We spend so much of our time researching in order to find the best deals and often in these moments the best deals actually pass us by or sell out. Think of time as money too. Overthinking and overanalyzing can waste your money despite thinking that you’re ultimately saving it.
Cultivating this mindset is what will save you the most money in the long-term and help you to re-evaluate what’s important to you. So adopt the mindfulness of spending your money to create a better way of saving it.