Eight bad money habits you might not realise you have – and easy fixes to saveMarch 5, 2022
We’d all like to be a little better with our money… or just have more of it.
The good news is you don’t need to get a payrise or win the lottery to start saving cash (although both would be lovely).
Instead, all you really need to do is tackle some common bad money habits.
Ahead, the experts at NetVoucherCodes.co.uk break down eight tendencies you probably have – but can easily fix.
‘Lots of people look for quick hacks to cut down on costs, but completely overlook spending habits that are a real drain on finances,’ the say.
‘Everyone’s spending habits are different, but most people are likely to find at least one of the top ten most common useful to break, to help them stretch their pennies that little bit further.
‘While it might not feel nice cutting down on little treats here and there – it’s worth it when trying to save for something big.’
So, which habits do you have?
Cheaping out on quality
It’s tempting to always go for the cheaper option – but if you end up having to replace items over and over, it’s not working out.
Go for quality to save money in the long term.
Shopping on an empty stomach
Quit this – you know full well you’re going to overspend when hunger is messing with your head.
Schedule in your shopping trips for when you’re fully sated, comfortable, and don’t feel rushed.
Spending during the sales
‘It’s easy to be enticed by a sale sign, or a nice round discount in a shop window, but while this may seem like a good way to save some cash it’s spending money that probably wouldn’t have left the bank account otherwise on something that may not be needed,’ say the experts.
Failing to pay yourself first
Make saving a priority. The moment your paycheck lands in your account, move a portion over to your savings.
Don’t just wait until the end of the month to see how much cash is left.
Buying for the brand
‘Many products only differ noticeably in what the packaging looks like instead of their quality or effectiveness and can be two to three times more expensive,’ say the experts.
‘Buying for brands instead of need is a hole that is easy to plug in the wallet, which shows almost immediate returns.
‘For example, paracetamol and other household items are a good place to cut costs.’
You keep getting coffee on the go
You know full well that a daily takeaway coffee is a spend you just don’t need to make – and it adds up, fast.
Just make your own at home.
How much you could save by giving up takeaway coffees
Total savings per year (£)
You waste food by not meal planning
If groceries are being thrown out half-eaten at the end of the week, it’s the same thing as throwing out money.
To minimise this, taking some time at the beginning of each week to plan what meals to have will show exactly what and how many ingredients are needed.
You aren’t setting long-term financial goals
You need to know the reason you’re trying to save money in order to resist temptation and stick to those plans.
That means you need to know what you’re saving for – whether that’s a house deposit, to have a bit of a cushion, or to go travelling.
If you want more tips and tricks on saving money, as well as chat about cash and alerts on deals and discounts, join our Facebook Group, Money Pot.
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