I will freely admit that I have never been particularly good at managing money. (Let’s just say our finances improved dramatically after I figured out how to use Auto-Pay!)
But over time, I realized that being good with money is not a talent you are born with. It’s a skill, and like any skill, it’s something you can improve by establishing good habits and practicing them consistently. And the reverse is also true—poor money management is usually the result of consistent practice bad habits
And that’s what we’ll look at in today’s post — 7 bad habits that can cost you money, mess up your budget, and undermine your efforts to save. By avoiding these 7 pitfalls, you can help ensure you’re making the most of your hard-earned money.
7 Bad Habits That Are Costing You Money
1. You don’t have to spend
Many expenses are necessary, such as paying your mortgage or buying groceries. That’s the cost not You need to worry. Things like buying bottled water, paying for a gym membership you never use, and getting parking tickets are good examples of unnecessary expenses that can cost you a lot over time.
For more examples of unnecessary expenses hurting your budget, Check out this post.
2. Your tires are not properly inflated
The amount of air in your car’s tires can have a surprisingly large effect on your gas mileage! According to FuelEconomy.govKeeping your tires properly inflated can increase your gas mileage by over 3% and keep more money in your pocket.
Use a tire pressure gauge regularly to check the amount of air in your tires and make sure it matches the tire pressure recommendations listed in your car’s manual.
3. You don’t keep track of change
Getting change after paying with cash can be cumbersome, but you should resist the temptation to leave it lying around. If you stick with it, that change can add up over time and save you hundreds of dollars a year!
Pick a cup or container to use as a coin bank and make sure all of your loose change ends there. (To make it even easier for you, get a coin bank that keeps track of how much you’ve saved, or get a coin sorter that will sort and roll your coins for you!)
4. You throw out food
Food waste is not only an expensive habit, but it is also bad for the environment. You can only buy as much of your household food waste as you can realistically eat. Be sure to keep track of expiration dates, too, so you can plan to eat your produce before it expires.
5. You don’t bother with rebates
Many products come with mail-in rebate offers, which companies offer because few people take advantage of them. If you have a mail-in rebate offer, it’s definitely worth a few minutes of your time to send it.
There are also many money-saving opportunities for those who choose to shop online. Using a service like Rakuten There can be an easy way to get cash back on your online purchases.
6. You only buy name brands
Many of us are “brand loyal” when we shop for groceries, sometimes for no particular reason. But since then Common items and store brands Often cheaper than their name brand counterparts, it’s worth trying them out to see how you like them!
If you try the generic version and can’t really tell the difference, buying a cheaper alternative can help you save. To find out which store brand products OGT readers swear by, Check out the list here.
7. You neglect your car
Skipping oil changes and other vehicle maintenance may save you a few dollars in the short term, but it can lead to expensive repairs down the road. You will save yourself a lot of money in the long run by taking your car for regular oil changes, tire rotations and inspections.
What’s one good habit you have that saves you money?
