There’s a
saying, ‘Riches have wings.’ You need to save when you’ve money. Otherwise, you
won’t have any money to fulfill even your basic needs in future. With a little and consistent saving habit,
securing your future becomes easy. We all have some bad financial habits. Control
your finances and prosper in your life by doing savings. Try to overcome the
listed bad financial habits to enjoy a secure life in the future.
1.
Give Priority to Personal Finances: Focusing
on personal finances is crucial. Don’t allow your frugal habits to interfere
with your personal finance management. Increase your knowledge regarding
personal finances. You’ll get many podcasts and blogs on the same. Go through
them to know how importance it is to manage or save your personal finances.
2.
Plan and Track Your Money: If you can
measure, you can manage too. You should plan your spending to improve your
financial management strategy. Create a budget to track where your money is
draining. For that, you need to understand the journey of your money. Consider
your income, expenses, and budget to find out the route of your spending. Make
sure your created budget fits your lifestyle.
3.
Use Mint: This web and mobile app is
amazing to prevent you from wasting money. It is free and user-friendly. Just
download it and it will be automatically connected with your savings accounts
and credit cards. As such, you’ll get insights about your cash flow. For goal
setting, credit score tracking, bill payments, and many such other activities,
Mint stands out.
4.
Download YNAB: Unlike Mint, YNAB or You
Need a Budget is a tracking and budgeting software. It enables you to monitor
your personal finances. It compels you to set a goal. As such, every money you
spent will be tracked by this app. This app works great to help you in tracking
every single dollar you spent.
5.
Check Your Financial Status Monthly: Manage
your budget by tracking the spending every month. This monthly checking will
help you to keep an eye on your spending habits, thus controlling it.
6.
Review Your Subscriptions: There may be
many paid services and subscriptions you’re using currently. Many of these
services you may not want anymore. And some of these plans may require you to
overpay. Time has come when you should review it. Whether you’ve subscribed to
a magazine or music service, review the plans frequently to make the most out
of it. Find out how much you’re spending monthly after it? Compare the relevant
subscription rates before arriving at any conclusion.
7.
Use Trim Financial Manager: Download and
install Trim Financial Manager app to save your expenses on bills and
subscriptions. This automated savings app looks for money-saving chances to
prevent you from wasting your cash. Free services you can get by setting the
app are bill negotiation, price protection, subscription analyzer, and deal finder.
The app is absolutely free. Some say that its users have saved $1million in
December, 2018.
8.
Shift Your Balance to Credit Card with Lower Interest: According to a study conducted by CreditCards.com in 2018, approximately
34%of American families have credit card balance each month. You’re likely to
get 0% balance transfer deduction when you sign up for a new credit card. Find
out a card with lowest interest rate. It will enable you to save a lot in the
long run. Once the credit card is selected, transfer your balance to it and pay
off your debts without burning a hole in your pocket.
9.
Take Loans at Low Interest Rate: To ease
the complexity of the situation, look for companies offering loans at low
interest rate. Compare the rates at both financial providers and banks. Once
you find out the one with lowest interest rate, apply for it. Wait for a few
days to get approved. Afterwards, use the loaned amount to pay off your credit
card debts.
10.
Look for Cashback Opportunities: Ebates
and Checkout 51 are some of the sources to get some juicy cashbacks. Ebates has
many big retailers. So, signing for it means getting endless chances to earn
cashbacks. On the other hand, Checkout51 offers amazing cashbacks to buy
products from its long lists. Dig into Checkout51 app prior to go to any store.
Buy the item you want. Upload the receipt’s copy on the app to build up your
cash in its account.
11.
Negotiate Before Buying: Sometimes, your
words can also help you preventing money wastage. But, you may not have the
gift of the gab to influence the seller to give you the selected item at a
lower cost. Indeed, it’s a great way to save considerable sum of money in the
lifetime. There are certain areas where you can go for negotiation like cable
bill, cell phone bill, car insurance, rent, medical bills, credit card fees,
used furniture, employee benefits, and so on.
12.
Plan Your Meals: Food, transportation,
and housing are the three major bills we cannot avoid to pay. Oftentimes, these
expenses go on increasing. Therefore, it needs your concentration more and with
slight focusing, you can easily manage to lower these bills. Among them,
controlling the expenditure on food is the easiest. Cut down your habit of
eating at restaurants often. If controlling your ‘eating out’ habit is tough
for you, find quality yet affordable restaurants.
13.
Stop Buying Unnecessarily: Life is
stressful and short. Irrespective of the path you choose, money always plays an
important role. So, many of us decide to spend life lavishly. But, instead of
doing so, control your shopping habits. Never be an impulsive buyer. It’s
because many a time, an impulsive buyer buys what he or she doesn’t need. Cutting
out bad financial habits will enable you to enjoy your life without worries.
There’s no quick
fix or permanent answer as to how you can prevent wasting money. But, following
the tips discussed above will certainly help you in the long run.
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