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When your paycheck gets deposited in your account, it can be tempting to turn around and blow a ton of your money on random stuff. After all, it’s your money, why shouldn’t you get to enjoy it? However, this is a way to quickly let your spending get out from under you. If you want to save money, there are some things you should avoid.
If you go shopping without a list, you’re certain to spend more money than you’d like. It’s so easy to go to the store and fill your cart frivolously and instantly blow your budget out of the water. Even small purchases can add up quickly here. By keeping a list of items you actually need, you can make sure you’re using up all your goods at home too.
If you are buying something, or a number of things, you wouldn’t normally, chances are you won’t use the item or might even have it at home already. You’ll end up spending more and have more random junk in your house.
Avoid this stress altogether and keep a running list of grocery and cleaning items on your phone. This ensures that you’re never without your list when you pop into the store. By not making multiple trips, you’ll also save on gas. It’s a win-win.
While you’re out shopping with your list, shop smart. Just because an item is on sale or heavily discounted doesn’t mean that you should buy it. There’s no reason to buy something you aren’t going to use, full stop. It doesn’t matter what kind of discount the thing has. If it’s not the sort of thing you’d ever normally use, just don’t purchase it.
Remember: your money serves you better when it’s being invested, not when it’s being spent. Smart investment buys you more money with your money! Spending your money on frivolous things just buys you frivolous things.
If you’re not a bank, you shouldn’t be loaning money out. Your friends and family likely mean well, and they probably don’t mean to leave you hanging on the money you loan them. But, generally speaking, it’s a bad idea to loan money out to close friends or family. It can make things awkward when they can’t come up with the cash to pay you back.
Not to mention, if your friend simply can’t pay you back, or refuses to, you’re just out that money. There’s no recourse for an informal agreement being broken. Just hang on to your own money and recommend your friend seek a personal loan through a bank.
