3 spending mistakes that will make you go BOO!!!
Halloween is right around the corner! But that doesn’t mean you should let the amount of money you spend creep up on you and surprise you when your credit card bill comes in.
Watch out! Here are some common spending mistakes that people make:
It’s really easy to spend your money by swiping or inserting your debit/credit card when that certain food or item is calling your name. You might walk away feeling guilty after spending all that money. The key is differentiating between your needs and wants when it comes to spending. For example, you walk into Starbucks and are craving a double chocolate-chip Frappuccino. It’s something that you really want to satisfy your craving, but do you need it? Sooner or later, that craving will go away. Or if you’re at the mall and you see a sweater that you really like and want. Think about if you really need it. Think “If I buy this sweater, will I actually wear it multiple times, or am I just going to wear it once and forget about it?” When it comes to shopping or buying a drink, asking yourself the question if the item is a necessity or not is something to keep in mind. Before you know it, your spending habits will positively change!
Not checking your bank account daily
Another mistake is not keeping track of your bank account before going out to shop. Not keeping track will have you thinking that you have more money than you think you do. Before you know it, you would’ve spent more money than you needed to, and it can affect your financial situation at home when it comes to paying off your bills or loans. Keep track of how much you’re spending daily! Try to set a limit for how much to spend each week. Treating yourself to lunch once a day may not seem like a big deal, but by the end of the week, the amount of money you spend eventually adds up to a larger amount than you anticipated. Setting a limit of how you much you should spend weekly will help you reduce the total amount of money you’re spending overall.
Not opting out of subscriptions
Most of the time, people’s money gets thrown away by paying of their monthly subscription for something that they don’t need or use often. If you have cable and only watch TV once a week, then you should consider cancelling your cable subscription and switching to Netflix or Hulu. With Netflix and Hulu, the subscription is as low as $8 a month and will save you a ton of money. On top of that, you’ll have a wide variety of movies and shows for you and your kids to watch! Look into all your subscriptions: cable, gym, newsletters, etc. Ask yourself if you must continue to have these subscriptions by thinking about how much you need or use them.