Home Finance How to Stop Wasting Money and Start Saving It

How to Stop Wasting Money and Start Saving It

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wasting money

American households bring in a pretax income of around $75,000 per year. But they exhaust most of it on a variety of nonessential expenditures.

Wasting money is an expensive habit. If you don’t get it under control, that habit may get harder to break. Turn the tables on waste and start saving right away.

Saving money helps you plan for the future and survive present financial emergencies. It also allows you to enjoy luxury pleasures once in a while without taking away from your overhead.

Want to find out how to stop wasting money? Then, read this. Find out here some simple techniques to stop wasting money and start saving.

Stop Wasting Money On Name Brands

There’s an unhealthy need in society to compete and keep up with wealthy people. If the next door neighbor buys a new BMW, then you have to buy a Rolls Royce.

Name brands are nice. But most of the time they’re a waste of money, especially for people who can’t afford them.

Buy generic.

Generic brands may not offer the exact same quality, but they’re the same product. When it comes to things like prescriptions, toiletries, and clothes, by off-brand. You’ll end up with the same product but at a lesser price.

Coupons, Groupons, and Discounts

That extra paper that comes in the Sunday morning newspaper is not all junk. Most of it is coupon sources like Smart Source and P&G.

Clip those coupons.

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Saving an extra .$50 to a $1.00 on products you buy on the regular adds up.  If you eat out, see if the retailer or restaurant has an app. Download it and check for deals and special discount nights.

If you have a large family, take advantage of Groupons. These are coupons directed at groups of two or more to places and local eateries. This may help you save money on vacations and family nights out.

Most retailers have their own rewards systems. They offer points for dollars spent and special discounts. Sign up for rewards at stores you frequent most. Watch for cash-back deals and BOGOs to save money on items you buy on the regular.

You could save money on everything from laundry detergent to pet meds. Find out more.

Spare Change and Leftovers

Stop telling the grocer to keep the change. Those leftover quarters, dimes, and pennies add up at the end of the month.

Fill your savings account each month with spare change.

When you use cash, save the loose change in a container or old-fashioned piggy bank. At the end of the month, take it to the bank and deposit it into your account.

Whenever you use your debit card, whatever’s left over from the dollar, transfer it into your savings. Example, you spend $1.65 on some dish liquid. Transfer the remaining $.35 into your savings account.

It’s called keeping the change. Do that each time you make a purchase and watch the savings add up.

Stop Blowing Money

Wasting money takes away from your financial future and leads you into debt. Break the cycle.

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Make your bad money habits work for you. Start taking advantage of discounts and savings. Settle for less expensive brands and keep your own change.

Want to learn more about life hacks? Read more from our lifestyle guide for insight and suggestions about overall well-being.

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