6 Useless Money Spending Habits You Want to Break

Saving money may seem like a difficult feat to accomplish, but it doesn’t have to be. Simple tasks such as paying bills late and last minute purchases at the checkout counter can be mindless spending. Setting aside money in a savings account can boost your future financially. But if you’re looking for other mindful approaches, you’ll want to curb the following 6 useless money spending habits.

Late Charges

Whether you’re married or single, adopting the ability to pay your bills on time is a good habit to get into early on in your adult life. Late fees are one of many useless money spending habits that you want to break immediately. Missing a payment means that you have to pay an additional fee for your delinquent behavior. Over time, a typical $25 late charge can add up significantly. Skipping a payment or missing a deadline also affects your credit score and history. If you want to borrow money in the future for a home, car or other large purchase, you may not be able to qualify for the loan because of the blemishes. If you don’t want to miss paying a bill again, set up reminders on your smartphone or your tablet. You can also implement automatic payments online for fixed expenses such as insurance, cable or phone.

Old Vehicle

If you’ve been putting in endless repairs into your old vehicle, it’s time to put a stop to this useless spending. Whether it’s caused by age, an accident or it simply no longer runs, junks yards offer money for your vehicle now. Working with a network of partners who are licensed and insured, you don’t have to worry about haggling over price. With free towing and no fees attached, you can finally get the eyesore out of your driveway or garage. This method also allows you to put money down on a car that can actually get you to and from work without having to put any more money into the car.

Underused Newspaper and Magazine Subscriptions

You may have signed up for a 30-day free trial of your local newspaper or favorite magazine. But after that initial trial period, you may have forgotten to cancel your subscription. If it’s something that you enjoy and want to continue over the next year, investigate your charges and whether it’s a good deal. If you plan on signing up for free trials in the future, make a note of the date that this timeframe ends. Set up a reminder with a phone number or email address, so you can easily cancel on the spot. Eliminating wasteful reading material that you no longer enjoy or have time to peruse can save a significant amount of money yearly.

Bottled Water

People who purchase bottled water at the store, typically do it because of its convenience. But filling up your jug each day before you leave the house can save you lots of money at year-end. Purchase a large drinking vessel at the store that is both sturdy and easy to clean. Fill the container up the night before, so it’s chilled for the long day ahead. If you don’t have the best tasting drinking water, purchase a water filter that fits onto the tap.

Eating Out Excessively

Whether you do it for lunch, dinner, or a regular morning coffee and breakfast treat, eating out consistently quickly adds up. If you eat out for lunch every day, try scaling back to once per week. You can then pack your lunch the remainder of the time. If you find it challenging to do or you’re short on time, put together a meal the night before. Your waistline will also thank you since fast food can be high in fat and calories.

Brand Name Merchandise

An easy way to save money on your weekly grocery run is to purchase generic. Most generic products are 30 percent lower than your brand name merchandise. But before you totally swap out every item in your refrigerator and pantry, you want to do some testing. While the generic peanut butter may be $1 less, it may not always taste great. Identify the items that are most important and those you don’t mind sacrificing.

Advertisements and retailers have a way of getting you to spend your hard-earned money on mindless things. But with a little self-control, and the above 6 tips, you can redirect your useless spending habits toward your retirement or savings goals.