Has anyone noticed that time is running so fast these days? FYI, we’re only a little over three months away from welcoming a brand new year. But for some of you, time isn’t just the only thing flying so quickly, but money too.
Well, that’s because today’s modern times demand so much from us that we tend to overlook few of our everyday habits that actually drain our finances.
So before you’re left with an empty bank account come December 31st, make sure you’re aware of these 10 common everyday habits that are making you poor… and make sure to work on it ASAP.
1. Not paying attention.
Number one on the list is the root of all financial burdens. You may not be experiencing it now but if you keep this habit, you will, for sure, be facing a financial struggle in the near future.
You need to start paying attention to the ins and outs of your money. Take time to create a budget, set financial goals and track your spending, including small daily purchases.
2. Spending more than you have.
Such a common mistake that most of you are guilty of. Aside from practicing discipline and self-control, having a budget is also an important tool to prevent you from spending more than you are earning. A budget will give you a clear picture of how much money comes in – that way, you’ll also be able to see your spending limits.
3. Impulse purchases.
No matter how big or small, making random purchases without thinking it through is a toxic habit to your finances. To help you with that, here’s a previous blog entry I wrote that talks about the “4 Questions to Ask Your Self before Making Any Purchase.” Keeping these in mind will help you achieve financial freedom and success.
4. Leaving the lights on.
Turning the lights off when it’s not needed is a habit that will save you a lot from spending on wasted electricity.
5. Exceeding your data limit.
It’s so easy to go over your wireless plan’s data limit if you don’t pay attention to it. To avoid overage fees, use an app like My Data Manager to track your data usage that also comes with an alert before exceeding over your limit.
6. Daily coffee/smoothie or breakfast runs.
Raise your hands if you’re guilty. Did you know that a daily Starbucks run can cost you $63 a month for a cup of coffee, and making the same amount at home only costs $2.40?! Thanks to USA Today for pointing that out. No further explanation needed.
But one main reason is probably because you are always running late. So try to improve your morning habits and not only will you make yourself better but your budget as well.
7. Eating out for lunch every day.
Same thing goes with lunch time. People who work a 9-5 job may be guilty of this. Occasional lunch outs are okay, but eating out for lunch every day or too frequently can cause a toll on your budget AND your diet. Just pack your own lunch – it’s healthier and much cheaper!
8. After work drinking sessions.
Survey shows that 63% of Americans drink alcohol – an average of one drink per day for men and less than half a drink per day for women. But when it comes to the cost, it depends on what and where you’re actually drinking.
Smoking is not just a habit that puts your health and other’s in danger, but your finances as well. According to Time.com, smoking can cost you $1 to $2 million in a lifetime – packs of cigarettes and health costs, included.
10. Daily or Random Grocery runs.
This habit of just running to the supermarket to buy what you need for the day or the next few days can actually cost you more. So pick a day of the week or every other week for grocery shopping and make sure you have a meal plan and detailed grocery list ready.
For more money-saving tips on grocery shopping, here are 10 Smart Tips to remember when buying groceries.