Learning how to make more money the smart way is undoubtedly the best way to improve your financial situation.
But the other thing is the ability to manage it the right way and stick to the budget that you have.
Spending money on buying things that you don’t need is simply throwing money away.
So, if you’re on the saving money mission, one of the best things to do is to cut out expenses that are draining your wallet.
Here’s the list of the 13 things to stop buying and save money fast.
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Depending on where you live and what type of coffee you prefer to drink, you spend between $1 and $5 per cup on most working days.
Assuming that you get coffee takeaway at least once on a working day, that means you’re spending between $5 and $25 a week, which is between $240 and $1200 a year!
However, if you decide to brew your coffee at home it will cost you between 16 and 18 cents, which is only about 45$ a year!
Can you believe that just by cutting out your coffee expenses you can save over $1000 dollars every year?
Obviously, the amount of money saved will depend on how much coffee you drink, but just imagine where these $1000 dollars could go if you decide to change your daily habits.
2. Expensive Cleaning Supplies
In the world of DIY and life hacks, there is absolutely no need for you to spend money on expensive, unnecessary cleaning supplies.
There are many cheap substitutes for these expensive items, such as baking soda or vinegar that work as effective or even better than them.
Here you can find an article that will help you make your own cleaning products.
3. Water Bottle
This one is literally the easiest thing to stop buying to save money right away.
While using bottled water can save you time, choosing convenience, and buying it every day will drain you from your cash and cost you more in the long run.
One gallon of bottled water costs around $7.50, which is nearly two thousand more than water from your tap.
Sounds like a lot? Well, it is.
Despite commercials that have made you believe, bottled water isn’t any more pure or cleaner than water that comes from your faucet.
Constantly buying bottled water can get really pricey, that’s why you should invest in a reusable water bottle and a water filter.
While for these you need to spend more money upfront, it will help you save you even more money in the long run.
And believe me, your wallet will say thank you.
4. Subscription Services
Many companies now made it way too easy to sign up for their monthly subscriptions.
$5 here, $15 there and the costs are adding without you even realizing it! Can make a hole in your monthly budget if you’re not careful
And if you’re not getting enough value from them, it’s nothing but throwing money down the drain.
You might have even signed up for some subscriptions that are costing you significant money as they come out of your bank automatically.
If you’re not checking your bank account often enough, you might be allowing hundreds of dollars fly out of your bank account each year.
For something that you’re not currently using or you’re not aware of having it.
So, check out what subscription you are now paying for and cancel those that are unused.
5. Restaurant Meals
I get it, eating out is easy, delicious, and convenient.
However, if you’re one of those people who are looking for ways to save money but you still most of your days eat out, it’s time to cut out on restaurants and food.
Food may take up a significant part of your monthly budget. It’s not only
Let’s say you always eat lunches on your workdays and the meal costs you $10.
$10 for a lunch may seem reasonable, but the costs add up to $50 a week and $200 a month.
I’m not saying that you should never go out to restaurants anymore!
Even if you make some exceptions for vacations or other special occasions, you’ll still have a chance to save lots of money by quitting eating out on a daily basis.
You may be surprised how easily you can reduce your monthly expenses by cutting unnecessary food costs.
Here you can find the list of 7 apps that can help you save money on dining out.
6. Bank Fees
An additional cost that everyone should watch out for is bank fees but many of us often overlook it.
Overdraft fees, ATM fees, late fees, foreign transaction fees, saving account fees, and others sum up to $11 billion that Americans have in bank fees.
Here’s how you can avoid them:
Account maintenance fee.
Many banks charge fees from $5 to $25 a month for maintaining your account.
However, they may waive their fee if you keep a minimum balance or meet other requirements such as signing up for a direct deposit or linking your savings and checking accounts.
You can also open a bank account that has a free checking account and no fees.
Using ATMs that don’t belong to your bank can cost you as much as $4 for a single transaction.
Many banks, however, offer apps that help you find a fee-free ATM in your vicinity.
Shopping without enough funds is not a problem anymore if you have overdraft coverage or protection.
You should try low-balance alerts that will prevent overdrafts.
Wire transfer fees.
If you want to send money fast, you must be aware that $20 for domestic and $35 for international transfers is not uncommon.
Although, it’s the best option for official transactions, for other transfers you can also try using online banking or a person-to-person transfer via your bank app.
Account closing fees.
Closing a bank account may cost you up to $25, so if you want to avoid paying this much money keep your account open for 90 to 180 (depending on a bank) to close your bank account and avoid the fee.
7. Unplanned and Impulse Buying Sale Items
Now you’re probably thinking “Why would I not buy items that are on sale. After all, this is how I save money!”
Well, the point is that seeing all those sales around the Internet is a trap easy to fall into.
You grab and buy something because it’s cheap.
Something that it’s unnecessary and you’ll likely forget about it after a week of making a purchase.
The fact is that many companies use similar tricks and tactics that make you want to buy something, even if you don’t really need it.
To stop your binge shopping, remember to never buy things because they are cheap.
Instead, buy stuff that will last you a lifetime and will make your life better and you genuinely need them.
Be mindful of how you spend money.
$10 spent once probably will not make a difference, but after 100 small purchases, the total amount isn’t small anymore.
I’m not saying that you should never buy sale items. You definitely should, if this is something that you genuinely need or want.
So, from now every time you see something on sale, ask yourself “Would I still buy/want/like it if it was two times more expensive?” If not, then you know the answer.
You don’t like the item. You just like the price of it.
Reading is awesome, who doesn’t love it?
However, if you read a lot, it can be quite an expensive hobby.
The new hardcover version probably costs upwards of $20, so if you really need to cut out on expenses, there are a few alternatives that can help you save money on books.
The cheapest option is to sign up for a library and borrow books instead of buying them.
If you can’t find any interesting books in libraries, check out Craiglist, eBay, or Amazon for cheap, used books.
If you’re like me and you can literally read anywhere but don’t like that books take too much space, then Ebooks on Kindle are the way to go for you.
You can also check out audiobooks on Audible if you enjoy this form of ‘reading’ books.
9. Name Brand Items
Name brand items might be often a better choice as the price shows the quality of the product.
And I agree that you should never sacrifice quality just to save money but there are times that investing in a name brand item just isn’t worth it.
Let’s say one product costs $50 and the other costs $200 and they both do exactly the same thing.
The quality of the generic product is as good as from the expensive brand.
The only difference between them is that one has a famous brand logo.
Which one would you buy?
I bet you would go for the cheaper alternative, which will work the same way and also save you money.
Unless you feel an emotional bond and affection to your brand and you always buy stuff from it.
If you want to read more about comparison generic and brand name items, here’s a great article that you should read.
10. Extra Food
This rule can relate to both, grocery shopping as well as eating in restaurants.
You should never buy food that is going to end up in the trash as you’ll not have the time or desire to eat it.
Remember to always write down a shopping list before heading to the store and buy only things that you know are going to be eaten.
Check out the best grocery shopping list apps here.
Also, choose one shopping day when you go for groceries and stick with it.
By doing so, not only you will save a lot of time, but also money as you’ll have a long list of items that need to last until the next week, which will prevent you from doing shopping every day.
Also, if you don’t want to go beyond your list never go shopping when you’re hungry as then you can become less thoughtful about what you should be eating and focus more on satisfying your whims, instead of properly nourishing your body.
11. Cheap Items
You might be a bit confused.
I just explained why you shouldn’t buy name brand items but now I want to tell you not to buy cheap items.
Why is that?
Obviously, you should never sacrifice quality just to save money because it will make you pay more for a new product in the future.
And while you can save money now, you’ll end up paying more in the long run.
Let’s say that you want to buy shoes that cost $200 and you know that you’ll be using them for the next 5 years.
But you end up choosing ones that cost you only $50 which will suffice you only for one season and if you keep buying them every year, you’ll pay $250 (not including delivery fees or gas costs that will cost you to get the product to your home) instead of $200 for more expansive pair.
Generic products will cost you more because you’ll have to replace them more frequently.
This way, high-quality items are a way to save money. They will last longer and involve less maintenance.
12. Occasion Clothes
Just think about it.
Is spending hundreds of dollars on an outfit that you’ll wear only once really worth it?
Wouldn’t the better option be clothing rental services?
Not only will you save money by not buying clothes that you end up not wearing, but also save by not buying low-quality clothes and then having to replace them.
It will also allow you to try different brands and styles, as well as reduce closet clutter.
You can read about 8 best clothing rental services here.
However, if you want to buy something that will last you a lifetime, then purchasing the item can be a good option.
But before going on the next shopping and spending money on new clothes, go through your closet and check if you already owe the similar thing that you want to buy.
Also, cleaning out your closet will help you identify what piece of cloth you lack and what clothes you no longer wear.
This way, you will have more money to spend on clothes that you actually need in your wardrobe.
If you shop online, the best way to reduce the costs and save money is by using a cashback service like Rakuten.
After creating a free Rakuten Cash Back account, the service will pay you the cashback from thousands of stores as well as it offers coupons of up to 50% off.
13. Expensive Vacations
Vacations should be fun and carefree but that doesn’t mean that they should empty your wallet!
Remember to never go for the first vacation offer that you see online.
There are many ways that you can use to save on vacations! You just need to look around to find the best deals possible and plan your trip ahead.
Look for destinations with favorable exchange rates, sign up for a cheap flight newsletter, set price alerts, take advantage of travel-related credit cards, and travel offseason.
If you’re looking for more ways for frugal travel, read this article.