Wednesday 6 March 2019

13 Bad Financial Habits You Should Stop Right Now to Save More

13 Bad Financial Habits You Should Stop Right Now to Save More

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 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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