Spending is ingrained in our way of life. It’s a habit that’s been ingrained in us for years and impacts the way we live our lives.
Spending itself isn’t bad because we do need to spend to live. However, an overly active spending habit can lead to financial stress and depression. It’s important to acknowledge your spending habits and understand where your money goes.
Some bad spending habits many people have
- Paying fees to have a savings or checking account. There are far better ways to use that $5 monthly service fee. Fight the laziness and switch banks.
- Paying fees to have paper statements. Clean up the clutter and save some trees. It’s as easy as clicking an opt-in button.
- Paying ATM fees. These fees can add up to hundreds of dollars a year. Skip the fees and use ATMs in your bank’s network. Mobile apps make this easier to do.
- Drinking bottled water. If you add up all the bottled waters you’ve bought that can be hundreds of dollars on a product you can easily get by turning on the tap.
- Cleaning with brand name products. We are a brand centric culture but many of the premium brands sold have the same cleaning power as the drug store and supermarket brands.
- Lottery tickets. The odds of winning the lottery is astronomical. Your one dollar is better used in a savings account. $1 deposit a day is $365 in one year.