Life is becoming more and more expensive these days, as prices of just about everything rapidly increase.
Honestly, in the current climate, it’s not easy to save more money. However, we can all take a look at our spending, and get a little clearer on what our ‘needs’ are, compared to our ‘wants’.
Our spending behaviors are as individual as we are, but I’m willing to bet many of us can relate to these 5 expensive habits that can become bottomless money pits if we aren’t careful.
Instead of dwelling on how much money we have wasted on these habits in the past, let’s think about how we can make some savvy swaps to ensure we save more of our hard earned cash in future!
Takeaway Coffee
The cost of takeaway coffee has soared in recent years, and as a result, we are spending more on coffee than ever before.
I’m not suggesting we completely cut out our favourite iced caramel lattes! However, we could shop smarter, so that we can still enjoy our favourite caffeinated beverages at a reduced cost.
There are lots of ways to grab a free coffee, tea or hot drink, including signing up to loyalty apps, and making the most of new customer offers. You can also use apps to earn gift card credit towards your coffee habit, instead of spending your wages. This leaves more money in your pocket to put towards your savings goals.
If you drink coffee regularly, it could be worth investing in a good coffee machine, so that you can make your own at home for a fraction of the price. You can pick up second hand coffee machines on Facebook Marketplace or Ebay, and you can also purchase ‘wonky’ coffee beans and pods, to save money and reduce waste.
There are a variety of delicious syrups and nifty gadgets available nowadays, that becoming a home barista is easier than ever; it’s a skill that you’ll use for life!
Buying Overly Processed Foods
When I first moved out, I used to buy so many jars of sauces. This was partly for convenience and partly because I didn’t know how easy it was to make my own from scratch!
There are so many simple foodie swaps we can create ourselves instead of buying the packaged and processed versions, which are cheaper, and healthier too. Many processed dips, dressings and condiments have lots of added sugar and preservatives, which you can eliminate by creating your own versions using fresh ingredients.
Salad dressings, pasta sauces, stir fry sauces, hummus and guacamole are just a few examples of foods you can try making yourself; they’re simple so you can’t really go wrong!
Another easy option is to make homemade soup instead of buying canned; it tastes way better, you can make a large quantity and it’s an opportunity to use up whatever veg you have hiding in your fridge.
Ready meals are another example where prices are often hiked, even when the ingredients are relatively simple and inexpensive to put together. Instead, try batch making a couple of freezer meals, which can be defrosted and cooked as easily as a ready meal, but for a reasonable price.
Buying Takeaways
Sometimes, takeaways can be a well-deserved treat after a long week that you can’t wait to enjoy.
But do you ever find yourself ordering a takeaway on week day evening when you just can’t be bothered to cook, and then feeling a tinge of regret? Money down the drain, and often the meal doesn’t even live up to our expectations!
Takeaways can be great when they are planned and budgeted for. But when we order out of pure convenience or if we are feeling lazy, they can often leave a bad taste in our mouths afterwards.
It’s to be expected that we won’t want to cook from scratch every day, so always keep a stock of super easy, 10 minute meal options for when these days hit. Examples could include frozen pizzas, tortillas to make speedy wraps and quesadillas, or one pot pasta dishes; they can save the day when you feel yourself being tempted by the delivery apps!
Forgotten Subscriptions
Citizens Advice research found that more than 13 million people (26% of UK adults) have accidentally taken out a subscription in the past 12 months.
This is partly due to automatic subscription renewals which can catch so many of us out, or it might not be clear that we are being enrolled onto a monthly payment, believing we have purchased a one-off item.
Subscriptions can range from fitness apps, food delivery services, pet food memberships, streaming services, cleaning products, dating apps, and more. These memberships can often be deliberately tricky to cancel, or with the chaos of life, we simply forget to keep up with our email inbox notifying us of an upcoming auto payment.
The best way to keep on top of these subscriptions is to check your bank account regularly to ensure you spot any unexpected outgoings.
Free trials can be a great opportunity to try out a product or service with no commitment, but be sure to add a reminder to your calendar a few days before the last day to give yourself enough time to cancel before the deadline, and avoid those pesky unwanted automatic renewals.
Missing Our Return Date
Similar to forgotten subscriptions, the return date for our unwanted items can sneak up on us and we can miss it, leaving us stuck with a bag of items we weren’t planning to keep.
Most stores have a returns policy of 30 days, but we all know that life can get busy, especially when juggling multiple responsibilities, families and busy jobs. Before we know it, we could have accidentally spent way more than we can afford to lose on unwanted items.
To break this habit and avoid missing your return date, keep your items by your front door as a reminder in a spot that can easily catch your eye. Try to schedule a day in your calendar to drop them back at the store, or stick a post-it note to the parcel with the date as soon as you’ve made the decision not to keep your items.
Where you can, try on your items in store to avoid making purchases that might not be quite right (with online shopping though it sometimes can’t be avoided!)
Try to practise mindful shopping as much as possible, and avoid impulse spending, as often these can be the purchases we aren’t 100% happy with and decide to return.
If you find yourself making purchases you often regret, try taking a photo of every item that catches your eye in store, and test yourself a week later to see if you can remember the items are in your camera roll. Chances are you will have forgotten about the majority entirely!
