We Confess: Budget-Wrecking Bad Habits

By Megan Segura – September 12, 2011

Bad Spending Habits

While there are many purchases I look back on and still believe were good investments, there are probably twice as many things I wish I hadn’t wasted my money on. Even worse are the daily purchases I spend my money on without realizing how fast it is adding up. Below I’ve listed some pretty common money traps, as well as the cost-effective ways to fix them.

The Power of a Great Deal

It has been reported that Americans will spend $2.66 billion on daily internet deals, like the ones found at Groupon. Sometimes these deals can be beneficial and allow people to experience restaurants, activities and trips they wouldn’t otherwise be able to afford. Other times, the deals simply go unused – actually about 20% of deals bought! While we have a solution to the problem of usused deals, the point is to not let the pressure of a limited-time deal get you to spend unnecessarily.

Take your time when it comes to these deals. Look at when the deal expires before you click “Buy.” If the deal will still be available for purchase at the end of the day, then take your time to comb through the fine details. You may discover that the deal does not work for your schedule or meet your expectations.

Losing Money Faster Than You’re Losing Weight?

When it comes to working out, some people find motivation in money. If they know they are paying a pretty penny for a gym membership, they will make it a point to go a few times a week. For others, this way of thinking doesn’t quite work, and they end up spending thousands of dollars on a membership they don’t even use.

Be honest with yourself! The rule when cleaning out your clothes is if you haven’t worn it in a year, get rid of it.  If you haven’t gone to your gym in a few months, toss that membership!  Try a cost-effective alternative, instead. Tracy Anderson is a celebrity trainer who has a number of DVDs available for purchase. This is a better option for some people, because the workouts are challenging and effective, and they can be performed inside your own home. Do you spend money on cable? Look for your Exercise On Demand channel. They have tons of free workouts from a variety of trainers, including Jillian Michaels.

Drinking Up Your Paycheck

I think a lot of my wasted money comes from a lack of preparation. When I go out for the day, I stop a number of times to buy bottled water and small snacks. I am trying desperately to change this and now I carry around a Bobble water bottle wherever I go, along with granola bars so I don’t let my blood sugar get too low.

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4 Responses to “We Confess: Budget-Wrecking Bad Habits”

  1. Elvia says:

    I’d say that I have an impulsive shopping habit. It’s not as terrible as some “shopaholics” I know but I know I could definitely work on it – that and late fees for the library… I can never seem to manage to turn a book into the library on time.

  2. Rebekah says:

    I do spend a lot of money on drinks and snacks. After a busy day, or for a caffeine boost before a busy day, I like a little “treat” – but those $4- $5 lattes add up! It seems to be a stress reliever, or makes me feel special because someone is making it for me, or maybe its just impulse, but my husband and I are trying to save money, so anyone who has successfully broken this habit please share!

  3. Rebekah says:

    Oh, and one more thing. I love TJ Maxx <3 <3 <3 but have a hard time resisting the great deals. An $80 sweater for $10? Score! But if you weren't budgeting $10 for a sweater, its $10 you shouldn't have spent And let's be honest, there's usually so many good deals it ends up being $50, $60 or more!

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