Intended Audience: Anyone who wants to take charge of their finances and work on building their saving to save more money.
Financial experts suggest that you have at least six months’ worth of bills put away in savings. But when your paychecks seem to be gone before you even get them, that’s a tough goal to meet.
If you want to save money and start building a nest egg or putting away funds for a special occasion, the trick might not be making more. It might be using what you’re currently bringing it a little better.
Check out this list of unnecessary purchases. If you’re guilty of the splurge on any of them, stop buying them now. Then you can sock the money away for savings instead!
1. Overpriced Coffees that Cost More Money
They’re trending. They look great on your Instagram feed. And they taste divine.
But are those six-dollar lattes really worth the dent they put in your checking account each month? Or the calories and unhealthy ingredients that you’re putting in your body?
Instead of your daily or weekly dose through the drive-thru line, invest in a Keurig or decent coffeepot. Your favorite brand likely has an at-home option for you. It may not be quite as delicious, but you’ll notice a big difference in your spending habits!
2. Random Grocery Items
We’ve all been there. There’s nothing to cook for dinner, and you know you need food, but you’re wandering the aisles aimlessly.
It’s a bad habit to get into and a hard one to break. Everyone needs to eat! So how can you save money when you need groceries?
The answer is to plan ahead. Take twenty minutes each week to decide what you want to make for your meals. Write a grocery list of ingredients, and then, if you really want to save money, check the local ads!
Split your list among three or four stores so you can shop for the best deals. You might even want to consider learning how to coupon to really build your savings!
3. Decor Items that Cost More Money
Unless you just moved into your new home, you probably already have everything you need. But those cute knickknacks in the department store aisle are always tempting!
Chances are, if you buy them they’ll sit on a shelf and collect dust. They might not even make it out of the package.
Before you decide to add to your decor collection, make sure it’s truly something that you will get use out of. If not, put the money into your savings!
4. Name Brand Everything
Some name-brand items are worth the extra money, either because of the better quality or a warranty. But for the most part, today’s generic products are frequently as good as their branded counterpart.
When you hit the store, check out the generic cereals, condiments, and other items. Try them out one at a time, and if you don’t notice much of a difference, keep buying the cheaper version.
Over time, you’ll start to recognize which generic brands are reputable and which ones to avoid. In the meantime, you’ll be saving money.
5. Dinner Out on the Town
Depending on the size of your family, one dinner out could be equal to your water bill, or it could have paid your credit card payment. It’s easy to throw $30 – $50 out the window for a restaurant meal, but putting that money into savings is hard for most of us!
If you truly enjoy going out to eat or you know your lifestyle will require it, search around for the best deals. Go online and sign up for programs that offer free gift cards.
Add your email to restaurants in your area that have clubs. Only visit when you have discounts or coupons. Order water instead of soda or tea.
Check for the ‘kids eat free’ nights if you have young ones. You’ll notice a huge difference in your bill’s total.
6. New Clothes
With so many reputable second-hand and thrift shops coming out of the woodwork, there’s no need for brand new clothing and accessories anymore. You can find quality items in excellent shape if you shop around at discount stores.
If there aren’t any good ones in your area, you can find a huge selection online at sites like thredUp and Swap. You can also take a road trip to the closest big city and check out what they have to offer!
7. Unnecessary Subscriptions
Are you paying for monthly services you aren’t even using? Not sure? Check your bank statement and see what’s being charged automatically.
Make a list of everything that you’re being charged for. When was the last time you used the service? Is it truly important to your life?
Instead of an expensive cable or satellite bill, could you switch to Netflix or Hulu? If you have a gym membership but never go, put it on hold until you decide to start again.
Take control of your subscriptions and start saving money!
Conclusion: Save More Money
Saving money is always a good goal, no matter the reason. But it’s not always easy to add to your current income.
Instead of getting a second (or third) job, try cutting out these seven unnecessary purchases from your month and put the money in the bank!