Avoid These Money Pits

Saving money can feel impossible when you consider spending money an inevitable part of your daily regimen. There are many luxuries that you’ve programmed yourself to consider necessities. But in reality, these things are merely frugal comforts that you can find simple alternatives for by putting forth a little extra effort in your day-to-day life. The amount you save by ridding yourself of these money pits may seem small at first, but soon you’ll find that you have more money to invest in things that you truly enjoy or need. Take note of these money pits and price efficient alternatives that will keep more of your money in your pocket.

1. Exclusively Buying Name Brand Products for Your Household: Like many people around the world, you may be under the impression that big brand products are way better than no-name knock offs. But realistically, this is a mind game created as marketing ploys that work far too well. Whenever possible, compare the ingredients of name brand products with store brand alternatives and if you find that they are nearly identical, go for the cheaper option. No name options are not only cheaper, but they oftentimes come at larger quantities that will help you get even more bang for your buck.
2. Paying for Cable: This may be an extremely difficult one for some people. But with so many different high-quality streaming services online, it doesn’t have to be. Think about investing in an HDMI cord, Amazon fire stick, and a good streaming service that has all of your favourite shows. Instead of paying upwards of $100 monthly, you can pay less than half of that while gaining control of when (and where) you can tune into your favourite programs.
3. Buying Coffee and Lunch Daily: This is possibly one of the biggest wastes of money for millions of people around the world daily. But it’s the easiest expense to get rid of in your day-to-day life. Instead of making your daily morning trip to Starbuck’s and afternoon trip to your favourite café, get yourself a coffee maker and pack yourself leftovers from last night’s dinner. By doing so, you can save tons of money weekly while giving yourself extra time to enjoy your breaks at work. You can also stay healthier by having control over exactly what you are putting into your coffee and lunch.
4. Therapeutic Impulse Shopping Sprees: We all have a guilty pleasure that we like to give in to, especially when we aren’t feeling our best. It may seem like a harmless guilty pleasure, but in reality it is causing you to spend way more money than you need to. Find alternative therapeutic ways to deal with stress, such as DIY projects are binge watching your favourite show on your new streaming service. Then allocate a specific, realistic amount each month that you are allowed to splurge with.

Keep these money pits in mind in your daily life and once you begin actively fighting against them, you’ll notice a significant difference in your bank account!

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