Wasting money is a very common problem among many people around the world. Money is a very important element and without it, you can’t do anything. We have to spend money to buy things but once the money is spent you will never get it back. So it is very important to spend the money wisely and if you waste money then you must have to change this habit.
If you waste money then there are many ways you can fix this problem. First, you should set a goal of what things you want. You should only buy things that are really required. Make a budget for your money. Cut off anything that is unnecessary. You should keep your spending under control no matter what. Finally, when you are out shopping makes sure you shop with a goal in mind.
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How To Stop Wasting Money
It’s normal to buy things that are required and sometimes buying things that you like but if you’re spending money on unnecessary things then you are in big trouble and you need to change it. You have to stop wasting money and there are some effective ways available to do that. Let’s check them out!
Wait It Out
If you are very eager to buy something that is completely unnecessary then don’t harry to buy it. Just wait it out and see how you feel the next day. This is a very effective way to stop impulse buying. Moreover, you will notice that you won’t want a lot of things after thinking about them for a day. In this type of situation, you should ask yourself some questions. They are –
1. Do I need this product?
2. Will I still be using this a week, month, 6-months, a year from now?
You can also calculate how many hours you need to work to make back the cost of the purchase. For example, if you want to buy a $100 product and you work $10/hour then you’ll need to work 10 hours to make that money back. Calculating the work time can change your mind about an unnecessary purchase. So when you’re purchasing something a bit more expensive or unnecessary then go through the same process to ensure the purchase is worth it.
Only Buy Things You Need
When you realize that you are wasting money and it has become a habit then you should only buy things that are really necessary for you. There are lots of things that we don’t need like eating fast foods, brand-name products, clothes, shoes, and many more. We don’t require buying these types of products every month. Just think how much money you can save if you stop buying the same things every month. This way you will be able to save lots of money and can use the money in the future for a better purpose. Moreover, if you have debts to pay then you will be able to manage the money more quickly and pay off the debts.
Stop Buying “On Sale” Products
“On Sale” is a trick that stores apply to attract shoppers into buying something that might not necessary. For example, stores hang a big red sticker with a big 50% off sign to attract the people. Many people see the sign and start buying crap they’d never think of buying at full price! This type of discount sign creates a sense of urgency among the people because discount sales only last for few hours. So if you want to stop wasting money then you have to avoid these “On Sale” or discount products. If you are in need of the product then it is ok to buy at a discount price because you will able to save money. However, if the product is completely unnecessary then it will be a complete waste of money.
Cook Your Meals
If you eat out a lot then you have to change this habit. Because eating at a restaurant will cost you more money compared to cooking your meals in the house. If you can change how you spend money on food then you will be able to save lots of money. Moreover, it will help you stop wasting money. If you compare the cost of eating out and cooking meals in the house then you will understand how much money you are wasting. A statistic showed a meal out costs, on average, about $15 while a home-cooked meal costs only $9. So according to this statistic, if you stop eating at the restaurant for one year then you can save $2,190.
Swear Off Debt
If you seriously want to stop wasting money then you have to learn how to swear off debt—for good. Debts steal from your income that you don’t realize because you are stuck paying on the loan or credit card until it’s gone. For example, if you forget to pay the bill of your credit card then it will add more interest and you have to pay more. So the best practice is to avoid using the credit card and commit to living debt-free from this very moment.
This is the last part of “stop wasting money” where your willpower is tasted. You have to challenge yourself to buy only the necessary things and stop buying all the fancy things that are completely unnecessary. To do this, first, you have to identify all the bad shopping habits, and then you have to rectify them. You have to develop better money habits in your daily life and it will help you stop wasting money.
Tips To Save Money From Daily Expenditure
If you can save money from the daily expenditure then it will help you stop wasting money. There are many ways you can save money from the daily expenditure. They are –
1. Cancel unused digital/satellite television channels
2. Taka subscription if you buy magazine monthly, it’s much cheaper
3. Organize nights in with your friends and family
4. Try camping or house swapping with friends during holidays
5. Quit smoking, it is also good for health
6. Use a sponge or buff puff in the shower
7. Don’t buy shaving foam/cream for your legs
8. Grow your own vegetable garden
9. Bake your own bread
10. Brew your own beer
11. Use white vinegar to clean dishes, it’s much cheaper
12. Only use half a dishwasher tablet per wash
13. Buy cheap cola to flush down the toilet
14. Don’t leave electrical goods on standby
15. Turn off all the electrical goods when you go on holiday
16. Turn off lights when you are not in the room
17. Don’t have the heating on and a window open
18. Turn your central heating thermostat down by one degree
19. Use a water-saving device
20. Use rechargeable batteries
21. Use a slow cooker, its money-saving as well as time-saving
22. When making tea or coffee, don’t overfill the kettle
23. Keep your fridge/freezer free of ice
24. Never take your children to the supermarket with you
25. Use money-off coupons, online and offline
26. Ensure your current tax code is correct
27. Start a car share scheme at work
28. Walk/cycle instead of taking the car on a short distance journey
Finally, we live in an era where we are constantly being tricked by sales and marketing advertisements. Therefore, it is quite difficult for us to avoid making unnecessary purchases and stop wasting money. So try to build good shopping habits and control your desire to stop wasting so much money!
Magalie D. is a Diploma holder in Public Administration & Management from McGill University of Canada. She shares management tips here in MGTBlog when she has nothing to do and gets some free time after working in a multinational company at Toronto.