Changing These Lifestyle Habits Can Save You Thousands Annually

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The actions that occur in our everyday lives have the power to cost or save us significant amounts of money. By changing the habits that cost us money into ones that can save us a considerable amount, we can increase the amount that can be used to pay down debts or be saved in a savings account. Here are some simple lifestyle alternations that can result in saving thousands of dollars in unnecessary spending.

Resist Impulse Shopping

Buying items on impulse is the fastest way to waste money on items that you do not need. Stores have invested millions of dollars into designing eye-catching displays that will entice you into stopping and picking up the item on the shelf. Resisting these impulses to buy can save you thousands of dollars over the course of a year. In order to reduce the risk of buying anything on impulse, make a list of the things that you intend to buy before leaving for the store and stick to this list while you are shopping in the store.

Don’t Succumb To Peer Pressure

If you hang around with big spenders or those that like living the high life, chances are that you will be spending more than you should on items that you do not really need while you are spending time with them. Peer pressure can easily result in you wasting money in a multitude of ways, such as buying something unnecessary while on a shopping trip to the mall or paying for tickets to a show that could be watched on television in a few months. Do not be afraid to suggest inexpensive alternatives to your friends – they may enjoy coming to your home for pizza and movies or going to a free concert at a park.

Purchase What You Need

Many people spend more money than they should because they are confusing their ‘wants’ with their ‘needs’. You may need a vehicle to get back and forth to work but when a brand new $30,000 car is purchased to meet that need, you have satisfied a ‘want’ and spent much more than you needed to. There are many areas of your life where this can have an effect on the amount that you spend, from clothing purchases to grocery purchases to buying electronics. If you begin to focus on meeting your needs instead of satisfying your wants, you will find that you are saving thousands of dollars annually on your purchases.

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2 Responses
  1. For big ticket items, a good strategy is to wait (the bigger the price tag, the longer you should wait) and see if you still have the urge to buy it. Many times you’ll find that initial excitement and finding that ‘must have / perfect price’ item will fade. Good that it does BEFORE you buy it!

    1. Many electronics drop in price after six months and other items drop in price when newer models are released. If you can stand the wait, you can save up to 50% off the initial price of the item.

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