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5 Spending Habits That Are Killing Your Savings Account

Saving money isn’t every really a fun venture, but sometimes it’s completely necessary.

Sometimes we spend money on things without realizing how much that money can actually add up. $5 here, $10 there, and before you know it, you’ve spent $500 this month and you aren’t really sure on what.

Whether you’re looking for short term savings, like for a vacation, or even long term savings, like just cutting down on your monthly expenses permanently to build a large savings, these 5 tips to save money can definitely help.

5 spending habits that are killing your savings account

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New Clothes

New clothes are expensive! Buying a complete new outfit can really add up too. As awesome as it is to get new clothes, they really aren’t necessary and can seriously eat into your savings. I generally don’t buy new clothes unless the need is really there. Even then, I try to save as much as possible by buying out of season and at discount stores like Ross and TJ Maxx.

There are also some great discount website to get super cute clothes for a great price, one of my favorites is Romwe, they always have coupons too so you can get a great outfit for around $20! Thrifting is another great option. I have quite a few thrifted pieces that I really love, plus the items are almost always $5 or less, so I’m getting a bargain!

Cable

We axed cable quite a few years ago and it has saved us thousands!! There was a time where cable was king, but with Hulu subscriptions and Netflix it has become pretty obsolete! Especially because you can get both of those subscriptions for less than $30 per month and your average cable package is almost $100 per month! That’s an extra 70 bucks a month that gets to stay in your bank account where it belongs! So this change alone can save you roughly $840 per year!

Coffee Shops

I drink soooooo much coffee. Trust me, I get it. But, spending $5 at Starbucks really adds up over time, even if your only treating your self once a week. Over the year that $5 weekly trip is costing you $260, two trips a week is $520. We just won’t even get into the cost if you’re going daily, just know that it’s insane! (…$1,825…yikes)

Instead, try getting yourself a coffee pot and grinder. Fresh ground beans are really what makes all the difference between gross home brew and a coffee shop quality cup. Plus, a pound of high quality beans is around $9 and that’s going to get you a full POT of coffee every day rather than just a cup. If you’re only drinking a cup a day, that $9 bag will last you closer to a month or more. That’s some serious savings.

New Shoes

I know. I’m really cramping your style. BUT, new shoes really only need to be bought when your current pairs are truly giving out. To help make sure your still looking super cute, spring for your absolute favorite pair of shoes in a neutral color so you can wear it with tons of outfits.

I promise, you will live without a new pair for every single outfit, and your savings account will seriously thank you!

Meal Subscriptions or Name Brand Groceries

Meal subscriptions have been gaining a ton of popularity recently. While they are so convenient and will save you time, they are very expensive and will cost you way more than you would spend at the grocery store. Instead, try your hand at meal planning. It’s super easy to pick a few recipes from Pinterest and get those ingredients for yourself.

If you find that you’re having trouble keeping your grocery costs down, try shopping for the much cheaper store brand versions of your favorite products. I find that I often prefer the store brand over the name brad, you just have to be willing to give it a try! If your looking for more tips on how to save at the grocery store, check out my post on how we cut our monthly grocery bill by 60%.

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