4 Low-Key Ways to Stop Wasting Money
Being more responsible with how you spend your money is the first step to creating wealth. Practice it daily and you will quickly feel the difference inside your wallet. Sometimes, it is not big things that save you more money, but the little, often unnoticed details that make the difference. Check out the four low-key examples below and have an a-ha moment right now.
1. Curb your food waste.
According to the USDA’s Economic Research Service, up to 40% of the food supply of the US goes to waste. This translates to $1,500 down the drain, just like that, for a family of four. What can you do with an extra $1,500 now? Maybe settle your credit card balance or have an awesome start to your emergency fund. But no, this money is siphoned out of your pocket by food waste. Not only is it terrible for your budget, but it is also bad for the environment.
Fortunately, it is easy to nip food waste. Whatever leftover you have, cooked or uncooked, throw it in the freezer to extend its life. You can also make an effort to store all your fresh food properly to make it last longer. For example, you can keep herbs in a glass of water or refrigerate food like avocadoes, broccoli, and potatoes.
2. Stop overpaying ride-hailing apps.
Did you know that the average person using ride-hailing apps pay over $4,000 annually for these car services? You may not notice it, but the money you spend adds up to a significant amount, enough to pay off your student loans or kick start your savings!
Naturally, there is no point in eliminating this service if you really need it. What will make a difference though, is reducing the amount you end up spending. Walk more, or shorten distances before calling a car. Carpool if possible, and look for discounts. There are always cheaper alternatives to try, too. Use public transportation every now and then, or even better, start biking!
3. Get rid of subscriptions you do not use.
Subscriptions should not be “nice to have”. You pay a good amount for these services so you should use them. Otherwise, cut them out to lower the amount of wasted money every month. The few extra dollars may not look like much but calculate the annual total and you quickly see the difference.
Before making any purchase, take a pause to think about it. Allow yourself three days or 72 hours to consider the purchase. If you do not change your mind and still want it after 72 hours, you can feel more certain that you are not just making an impulse buy. Try it for a month and you will be surprised at how much money you end up saving!
Another perk to waiting is potential sales. Markdowns are a part of the sales cycle. You just have to time your purchase and you get the same item for a much lower price. If you are luckier, you may even get it at clearance and end up saving more money!