You will be amazed by how to money you save by following this guide on how to save money by avoiding common spending traps.
Every day in our lives, we throw money away. This probably happens to even the most frugal among us. In a quest to save more, I came up with these tips on how to save money by avoiding common spending traps.
How to Save Money by Avoiding Common Spending Traps
More services than you need. This is a big one for most people. If you have cable, ask yourself, “Do I really need this many channels? Do we watch TV enough to justify this bill?” If the answers are no, downgrade or cut off cable completely and go with a streaming service.
Not planning for meals. If you don’t have a meal plan, you are way more likely to overspend on groceries and waste money on eating out. When you are so tired at the end of the day, the last thing you want to do is head to the store and come home and cook. If you make a weekly meal plan, half the work is already done and you will not be buying groceries you won’t use.
ATM Fees. If you are just going to most convenient ATM and not the one that is run by your bank, you are paying double fees. Many banks often charge for using an ATM out of their network and the ATM itself will charge you a fee as well. Avoid this by always knowing where the nearest ATM for your bank is and using it. Those small fees can add up to hundreds of dollars over a year if you hit the ATM even moderately.
The coffee drive-thru. Get in the habit of making coffee before you leave. Buy the syrups you like and keep cream on hand. Even if you spend a bunch on a really nice coffee maker and cream frother, it will still be cheaper in the long run than a daily trip through the drive-thru. Here are some other ways to save money on coffee.
Buying packaging and a name. Unless the name brand is really cheaper than the generic one or better yet, the same item bought in bulk, skip it. You are being duped. The name brand does not always equal better. Your brain just thinks it does most of the time.
Unused gym memberships. If you are not using your membership more than twice a week, it might be cheaper to get the equipment for your home. Many people get a membership with the intention of using it more often, but fail to get there because their lives are too busy or working out in a gym has its anxieties. Find out if canceling your membership is a better option for you. There are many other frugal ways to exercise as well.
Not returning items. If an item you purchased doesn’t work for you, not returning it is throwing money down the drain. If getting back to return clothing is too hard for you, make it a point to always try things on before you buy them. You won’t have to return clothes if you never buy an ill-fitting item in the first place. For non-clothing items, make sure to take measurements and know exactly what you need before you head to the store to buy something.
What are some common things you waste money on? What are some ways you have saved money by avoiding spending traps? I would love it if you shared your thoughts in the comments!