When you get used to doing something regularly for a long period of time, it turns into a habit. Sometimes, you tend to overlook some of these habits even when they hinder you from reaching a financial goal because you’re either not willing to give them up or you just don’t realize how much money you could’ve spent more wisely. Look below and see which of the following expensive habits are you guilty of:
- Buying take out even when you have groceries at home
Getting home after a long and busy day makes ordering take out or having food delivered sound enticing compared to cooking a meal from scratch. Prudently planning your monthly budget only to spend way beyond it can leave you feeling remorseful. Avoid this by meal prepping or increasing the servings whenever you have the time to cook.
Meal prepping doesn’t have to be cooking your food for the entire week in just a single day. It depends on which plan you are most likely to stick with. Ideally, you can do it before the week starts and then again on another day in the middle of the week.
- Saying “I deserve this”
A reward system may keep you from feeling burnt out but you have to ask yourself if the reward in mind is in line with your budget and if your achievement is really supposed to be rewarded. Because if feels good to reward yourself, you may start doing it even for the smallest things, which is fine as long as your reward is to the same degree as that of your achievement. If you have small victories, then make sure you only get small rewards.
- Not collecting receipts
If you haven’t started picking up the habit to collect your receipts, then you should start now. It’s much easier to keep track of your spending when you do this, and additionally, you won’t be able to back up your tax claims without the receipts of your expenses.
- Being a “yes” person
Saying yes to all the invites from your friends or family because you feel bad rejecting them can cost you money, especially when these invites involve going on a trip, eating out, partying, and such. Learn to say no and don’t let FOMO (fear of missing out) keep you from saving precious money you can use elsewhere.
- Shopping to feel happy
Retail therapy may be true, but breaking your bank in order to relieve your stress can be counterproductive. If you’re truly having a hard time finding other sources of happiness, then indulge yourself by buying only what is necessary.
- Late bill payments
Paying bills is a chore but it gets much worse when you end up having to pay more because of late fees. Aside from that, you can also take a hit on your credit rating if you frequently fail to pay the bill on the date it is due. To avoid incurring charges, set up reminders using apps on your smartphone. If the problem lies on the date the bill is due every month, you can ask the company if they can change your billing cycle.
- Buying things at their original price
Nowadays, tons of promos are available from time to time in addition to huge discounts you get on holidays like Black Friday and Boxing Day. Schedule buying items and gifts around these promos so that you can save money by not having to pay the original price of the products.
Adjustments in your lifestyle may be necessary in order to reach a certain goal. Forming a new habit takes two to eight months depending on the person so you just have to persevere until the better habit you’re trying to form becomes natural to you.