The bottom 20% of American households ranked by income have no savings whatsoever — a shocking statistic when you think about how many unforeseen bills could pop up at any time. Luckily for you, there’s a whole host of everyday habits that you can break today that will help you save.
Eating far too much takeout food
Takeout food is so popular because it’s convenient, but that doesn’t mean it’s good for your wallet. It will typically cost several times as much as preparing the same meal at home. By all means, treat yourself, but don’t make it your go-to way of feeding yourself when you’re out and about.
“We actively try and avoid too much takeout in the office, and reserve it just for special occasions. That way we get a healthy lunch from home that enables us to be more productive, and we each save a little bit of money that soon adds up to a significant amount” — says Kate Turner, Head of HR department at Get Good Grade.
Not getting outside and working out
Working long hours is not necessarily going to be conducive to your long-term health, which in turn costs you money. Medical bills, sickness and illness, and even a reduced level of productivity are all results of poor physical fitness and low levels of daily activity. The best way to combat these issues is to invest in resources that enable you to work smarter, not harder.
Online tools like Canada Writers, Grammarly, and WriteLoad are great ways to do this by improving your productivity so that you can get more done in less time. Set a time you want to be finished by, and then use your new tools to ensure you make it happen.
Impulse buys that derail any long-term planning
Impulse buys are tempting, mostly because they are fun. To keep a close eye on things, we recommend introducing a 7-day waiting period. The chances are that by the time is up, you won’t even remember what it was you had to have that instant just 1 week ago.
Buying coffee on the way to work every day
Coffee is something millions of us buy but for the sake of a few dollars a day what are getting that you can’t get at home with a little practice? Calculate how much you will spend in a typical month, and then imagine this is the amount you’re being asked to pay for that first cup of coffee tomorrow morning. Then remember that if you walk on by, you’ll soon have all of that money sat in your savings.
“I’m a big coffee drinker, but I’ve been amazed at how much I’ve saved by cutting down. Now I just buy one cup on my way to work on payday as a little treat” — says Simon Lamper, Head of Finance at Paper Writing Service.
Opting to skip the bulk buying offers in the supermarket
Supermarkets offer bulk buys all the time, so why don’t you take advantage of them? The great thing about buying in bulk is that if you pick a couple of different things a week, you can easily build up a significant addition to your savings. Browsing the offers online before you go to the store is the best way to do it in a structured and targeted manner.
Not using Amazon’s subscribe and deals website
Subscribing and saving on Amazon is a great way to save money on those everyday household nonperishables like dishwasher tablets and laundry liquid. It only takes a couple of clicks, and you can start saving anywhere from 5-15% with every subsequent order. Plus, they’ll deliver it at a set time every month too. And don’t forget to take advantage of those deals website for great discounts and vouchers. There are over 40,000 discounted products between 30%-99% off on Vipon everyday, you will save dozens of hours and hundreds of dollars by shopping on Vipon.com.
Putting off small home maintenance jobs
Put off a small job, and it will just become a big job. The issue here is that it will then take 10 times as much time, money, and effort to fix as it would have done had you taken care of it straight away. Be pragmatic, and ensure you stay on top all these annoying little jobs.
Smoking and drinking
If you want to find a simple approach to saving, then you need to start examining all of those little habits you’ve gotten into over the years. Smoking and drinking are two of the most common examples, and yet millions of us would never think about quitting or cutting back purely to save money. If you calculate how much you’ll spend in a year, what you could spend it on instead, plus all of the health benefits, then it becomes something of a no-brainer.
Taking your phone to bed at night
When you get into bed, it’s really time to sleep. Taking your phone with you may seem like second nature, but why do you need to lie there on social media or YouTube for 2 hours? Your mind and body are tired, which means you need to disconnect and power down for the night. Buy an old school alarm clock, leave your charger in the living room, and get the uninterrupted full night’s sleep you need to be productive.
Buying the most expensive clothes you can afford
Shopping for the most expensive outfit you can afford is natural because it will typically mean you get something of higher quality. What you need to think about, however, is whether or not it’s necessary. Give yourself a 7 day cooling off period, during which you only look at cheaper outfits from more affordable stores. This will often be all you need to persuade yourself that stuff on sale for half the price is just as good.
Now that you’ve seen 10 of the everyday habits that are costing you money, you need to start changing things. Make one change a day, and in less than 2 weeks you’ll notice a real change to the monthly outlay. Once you get it under control, you’ll be amazed at how quickly your savings start to grow.
Written by James Daily