Do you have a hole in your pocket that cash passes through?
Have no idea why you don’t have any extra money to save each pay period?
Are you still making impulse purchases?
If you are, that’s likely the cause of your financial distress. I have run into countless people who spend like no other but are always complaining about how broke they are. I can be a little frustrating to walk into people houses and see all the latest greatest things everywhere and yet they are crying their money woes to you. It is sad that most of us do not even realize all the things and fees that are slowly creeping into our lives and eating away at our monthly paycheck.
Here are five things you should stop spending money on today:
- Magazines. Are you the type of person that has to buy the latest issue of a magazine only to leave it lying in a pile until you’re able to read it? If you’re purchasing periodic publications at the newsstand, you’re doing it all wrong. Read every magazine you want at the library. Sign up for free subscriptions when they’re offered online. Use a service like Issuu.com to catch up on the subjects that interest you the most. If you have an Android phone, you can get a free digital reader app and access your favorite titles on the go.
- Late Fees. Stop wasting your money on late fees! Work with your creditors to come up with a payment schedule that meets your needs. Give yourself plenty of time to pay your bills and account for things like fluctuating pay periods so you’re always prepared. If you sense that you’re going to have trouble paying on a certain date, contact the creditor immediately to let them know. This will save you the unnecessary costs of late fees. Use a free service like Mint.com or Personal Capital to organize and categorize your spending.
- ATM Fees. Stop paying extra to withdraw your money from the bank. Use an app like ATM Hunter to find a nearby branch. If you can’t find an ATM in the area, use the cash back option at a local retailer. Check with the Customer Service desk prior to checking out to see what kinds of limits they have.
- Text Messages. If unlimited text messages are not a part of your phone’s package, get around it by downloading a free text app like textPlus, Text Free or HeyWire. Each of the applications allows you to send and receive unlimited texts without incurring costs. This is great news for parents with teenagers and astronomical cell phone bills.
- Clothing. Most people buy clothes on a whim. The price is seldom right and the occasion seldom a necessity. Look into the closet of the average American and find items that neither fit nor flatter and even some that still have the price tags hanging off of them. Developing a killer wardrobe takes time and effort but once you pulled it off, you can add the pieces that you need versus every piece that you run across. Shop smarter not harder. Use an app like Cloth to keep track of what you own, what you’ve worn, and your favorite ensembles.
Stop spending more money than you need to. Enjoy all of the things you used to shell out cash for but at the amazingly low cost of $0. Use your savings to fund a vacation or to purchase something needed for your home. A little tightening of the belt can make a world of difference when it comes to your bank account balance. Start finding ways to cut back costs right away.
Charissa is into frugal living and saving money.