3 Bad Habits That Are Preventing You From Saving
In life, the key to comfort is having plenty of money to handle the unexpected problems that lie ahead. Unfortunately, many people are still forcing themselves to live from check to check, even though they earn more than enough money to cover their living costs and stash some cash away. Following are three bad habits that are preventing you from saving along with a few easy tips for breaking them.
Eating What You Earn
Surprisingly, many people are actually eating the majority of what they earn. This is especially easy to do if you don’t have a solid budget and you aren’t keeping track of your food expenses. Taking regular trips to the local deli with your co-workers could be costing you far more than you imagine. A five dollar latte each morning will ultimately result in $1,200 of unnecessary spending annually. Start cooking at home, packing your own lunches and brewing your own coffee. Small changes like these will not only leave you with more money to save, but they’ll also help you develop a much more frugal attitude overall.
Turning Extra Money Down
If you’re the person who never works overtime, refuses to take shifts on holidays or keeps overlooking the countless opportunities to generate extra cash and even passive income online, you’re definitely missing out on a few guaranteed opportunities to save. People who want more money often want it to fall right out of the sky. They convince themselves that not buying a few weekly lottery tickets is a bad decision and that an amazing windfall is their only way out of hand-to-mouth living. Be practical about money and stop expecting an unexpected boon. Working extra hours will allow you to pay your debts down faster, limit your spending on interest and avoid late fees for your regular bills. Picking up one extra shift each month could result in a few hundred dollars that you can sock away for a rainy day. Starting a modest, online business that requires limited work for fair profits will give you a revenue stream that you can reserve solely for the purpose of saving and investing.
Not Paying Yourself
It’s not enough to buy yourself a few lattes every week or treat yourself to a sumptuous feast on your lunch break. In fact, these things will drain your wallet without ever making you feel pampered and appreciated. People who fail to pay themselves rarely have any real goals for their money and usually feel like they aren’t making enough to enjoy comfortable life qualities. Make an effort to set a significant amount of money aside each pay period for making your at-work efforts feel worthwhile. Save up for the new gadget you’ve always wanted or buy yourself a new, high-end suit. Investing in yourself will give you a better appreciation of your earning capacity and it will also foster a commitment to investing in higher quality things, rather than piece mealing your earnings out on services or products that provide no real lasting value.
Although there are certainly many other steps that you can take to increase your money management skills, these strategies are guaranteed to produce real results within a very nominal amount of time. Small habits could be keeping you from experiencing long-term benefits. By making modest changes in your lifestyle right now, you can enjoy a much higher life quality and far greater levels of financial comfort in the future.