18 Everyday Habits That Low-Key Torch Your Paycheck
Budgeting your money is important, but even with a well-crafted budget, you might be spending and wasting your hard-earned dollars without knowing it. Doing that just makes you work harder and longer to achieve all your financial goals.
By reducing your bills and watching how much you spend on incidentals, you can cut costs while stowing away funds for the future so you can enjoy it more once you get there. Here are 18 ways you might be subtly wasting your income -- and yes, a lot of them are food related.
Skipping Breakfast
Eating breakfast ensures your day starts right and can keep you from buying a huge, expensive lunch. Try cheap breakfast foods, like oatmeal, which will keep your stomach — and wallet — full and prevent you from wasting money on those morning McMuffins.
Also See: 18 Ways To Tackle Your Budget and Manage Your Debt
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Buying New Instead of Used
Thanks to the internet, you can find pretty much anything you need in good, used condition at a fraction of the price. Not everything should be purchased used, but pricey items — such as clothes, sporting equipment and furniture — can be great used buys.
Hitting the Bars
Drinking at bars with friends is fun, but nothing’s stopping you from dodging pricey drinks when you’re out on the town. At the very least, drink during happy hour, so you’re not paying a premium for that gin and tonic.
Throwing Out Leftovers
Keep your food waste to a minimum by eating your leftovers. Or better yet, take them to work for lunch the next day.
Gambling
You might think it’s no big deal to shell out a few bucks here and there on sports bets, lottery tickets or your monthly poker night. But the reality is that gambling is an almost surefire way to burn through your paycheck — no matter how good or lucky you might be. Instead of throwing your hard-earned money away, put it to good use in a savings account or investment fund.
Not Using Coupons
From groceries and household items to clothing and jewelry, you can likely find coupons for anything you need. And you don’t have to clip them the old-fashioned way, either. You can use apps and websites, like Coupons.com, to digitally clip coupons and score big savings.
Using a Credit Card With a High Annual Fee
Some credit cards — especially credit cards that come with amazing perks — charge high annual fees. But if you’re not using the credit card perks that justify the annual fee, find a card with a lower annual fee or no fee, so you can save more of your paycheck every year.
Paying Any Other Unnecessary Fees
From airline baggage and resort fees to investment fees, there are added costs for everything these days. However, you can easily prevent fees from eating your paycheck by researching and finding ways to avoid them.
Collecting Stuff You Don’t Need
Does your baseball card, comic book or “Star Wars” collection add value to your life? Or would you find greater value in cashing out? Even just trimming down a valuable collection can reduce clutter and give your bank account a boost.
Spending Too Much on Snacks
Protein bars, chips and beef jerky might help you get through that traffic jam or just survive a boring day at the office. However, the cost of snacking can add up. If you plan your meals and shop with a grocery list, you won’t need to fill up on unhealthy and expensive snack foods.
Ordering Appetizers
Restaurant portions are huge these days, so why order an appetizer when the entrée is already going to be more than enough? Instead, eat a light snack about an hour before you have dinner out to help you resist the urge to order a starter.
Driving Around With Flat Tires
A tire that is 20% underinflated can increase a vehicle’s fuel consumption by 10%, according to the U.S. Department of Energy. For best results, read your car’s manual to find the recommended pounds per square inch and fill your tires at the gas station. The attendant can usually help if you need assistance.
Smoking Cigarettes or Vaping
Smoking doesn’t just harm your health — it also busts your budget. Depending on how much you smoke or vape, quitting can save you thousands of dollars a year. Just think of what you can do with all that extra cash.
Buying Lunch at Work
You’ve heard it before, but buying lunch at work is a huge waste of money. Instead, buddy up with your co-workers and try “brown bagging” it at work. You can end up saving a good chunk of cash. Or just allow yourself one lunch out a week as a treat.
Signing Up for a Gym Membership
Once January hits, many of the treadmills at the gym are occupied, and the Zumba classes are bumping. But just a few months later, the place looks like a ghost town, with many people forgetting their resolutions to work out. Consider skipping the pricey gym membership and using your neighborhood as a “gym” for walking, running or biking. Or download a cheap fitness app to get in shape for much less.
Not Changing the Thermostat Setting
It’s a mistake to keep your thermostat running at the same temperature all year long. Turning your thermostat back 7 to 10 degrees for eight hours during the day can save you up to 10% on your heating and cooling bill each year, according to Energy.gov. Or just turn off the heat or air conditioner and open the windows in nice weather for some zero-cost days.
Grocery Shopping Without a List
Maintain a running list of what you need to pick up at the grocery store to avoid making any unnecessary purchases. You’ll know exactly what needs replacing, and you won’t have to do any guesswork.
Buying Movie Theater Popcorn
Movie theaters don’t actually make the bulk of their profits from movie ticket sales — concessions are the real moneymakers. Make it easy on yourself to avoid these treats by eating at home before you head to a show.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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