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If it seems like your paycheck goes up in smoke moments after you get it, you might be guilty of wasteful spending. It affects all of us from time to time, from the food we buy for our fridge to the clothes hanging in our closets, and everywhere in between.
If you want to save more money, try out these tips to help you stop wasteful spending.
1. Write It All Down
This is especially helpful if you can’t think of why your bank balance is so low or don’t remember where your money went. Get a notebook and jot down everything you buy every single day for 2 weeks. Study it and see where your money is going. For example, if you notice that every day, you buy a $5 specialty coffee, you can work on curbing that habit and start saving more money.
2. Take Inventory of What You Already Own
Have you ever gone to the supermarket only to come home to unpack your groceries and find you bought something you already had plenty of? When it’s something shelf-stable, it can at least be put to use. But this kind of stuff happens with more than pantry staples. We tend to buy more clothing in the same way, only to get home and see we have 5 black V-neck t-shirts already. Check out your own stash before you go shopping for anything!
3. Go for Quality
You might think that buying the cheaper set of cookware when you’re shopping for your home will be better. In the long run though, those pots and pans won’t hold up for all the years of cooking you plan to do. While you don’t need to buy the most expensive set out there, skip the cheap stuff and get the quality-made pots and pans. They’ll last and last which will save you money down the road.
4. Don’t Shop Hungry
One of the biggest drains on your budget by far is shopping while hungry. Aisles and aisles of food in the supermarket are no place for someone with a rumbling tummy. Try eating something beforehand so you can stick to your list. When you shop hungry, you’re much more likely to fill your cart with impulse items, and those things really add up.
5. Put Your Cards Away
Credit and debit cards are incredibly convenient. They also lend us a false sense of security while we shop. When we see something we like, it’s easy to justify the purchase when you’ve got your cards with you. But if you only have a certain amount of cash, suddenly, you don’t have enough to buy those shoes that you “have to” have. Carry cash only and you’ll watch your spending habits drop off.