If life had been simple, we would have just purchased the bare necessities via cash or perhaps by trading cattle, and there would have no such thing like debt. Unfortunately, life is not simple, and a major segment of the population developed bad spending habits that waste their hard-earned money and contribute to the debt. The following write-up is a guide on ways to identify as well as stop the bad habits right at their budding stage.
- Visiting Out of Network ATMs
Racking fees up using ATMs that are not on your bank’s network is outright preposterous. You can keep the $3 per transaction of an out of network ATM at bay by bringing substantial cash or by visiting your own bank’s ATM.
This is something that you may do every now and then, but, getting into a habit is the sheer wastage of money. Plan beforehand. You must always have money on hand, think what you are going to do in the future, and whether or not you will receive access to an ATM of your own bank.
- Using Credit Card even with Enough Cash
The experts offering the best debt consolidation services said credit cards are known for having an extremely high transaction cost. Every time you pay for stuff using your credit card, you are paying approximately 2.5% more than the actual price. And, when you have cash in your pocket, why won’t you use it?
One reason why people pay with a credit card even after having cash is because they wish to feel they are spending much. Anyway, unless you have a satisfactory deal on the credit card or are at the store that does not charge any sort of transaction fee and ask for cash in most of the situations.
- Ordering Bottled Water
Bottled water is the least mandatory purchase you can make. Studies have shown that bottled water is as beneficial as tap water. Also, the latter can strengthen teeth to a great extent. In case you are worried about the water supply in your house or office, why not install a high-quality filtration system.
- Impulse Buying
Impulse buying could be defined as the process of purchasing something at the nick of time, or in other words, without any prior contemplation. The classic example is when you get a chocolate bar during checkout. Impulse buying is perhaps one of the biggest ways people waste their money and then regret it. Well, to control the urge, please implement the below-mentioned tips:
- Adhere to a shopping list
- Do not shop with kids often
- Ponder on important purchases a night before your visit to the mall.
Getting rid of the habits stated above helps us save at least $10 every day. Now that hardly seems like anything, right? But, when the amount is added at the end of a year – that is plenty of money we can utilize to pay off all our debts and acquire an excellent bank balance. Many individuals seek third-party assistance for further information about breaking their spending habits in a hassle-free manner.
