Stop Doing These 10 Things If You’re Trying to Save Money

We all love saving money, but let’s be honest. Some spending habits drain our wallets without us even realizing it because those “a dollar here, a dollar there” purchases tend to add up invisibly.

Here are 10 money-wasting habits that we encourage you to drop ASAP. You’ll be stunned at how much you can save over time just by making these small changes today and sticking with them.

Many have suggested that young people could improve their living standards by making coffee at home instead of buying it from Starbucks. That’s actually true. A single $5 coffee drink exceeds the price of the brands you buy at the supermarket and make at home. So, while this tip will not help anyone buy a new Ferrari, it helps save a little money.

Delivery fees, service charges, and tips make takeout way more expensive than cooking at home. Sure, making your own lobster thermidor and filet mignon is pricey, but at least you don’t have to tip anybody.

Going grocery shopping without a list frequently leads to impulse buying and wasted food. It also leads to you forgetting to buy basic items like milk and bread while you ogle everything in the wine aisle. Please make a list and stick to it.

Remember when you got a month of free HBO by switching to a different wireless network? Do you also remember letting it completely slip your mind, resulting in you paying for HBO every month? It’s a tough spot, but it’s easy to get out of. Streaming services, gym memberships, or magazines — if you’re not using them, cancel them!

Generic or store-brand products are often just as good as the name brands but cost significantly less. While some people simply don’t trust generic brands, those who do will find themselves breathing a big sigh of relief at the cash register when the total the cashier rings up is well within the reach of your wallet.

Those little fees at exotic ATMs add up. Stick to your bank’s ATMs or get cash back at checkout if you’re somewhere that offers it. Paying three dollars to access your money is a horrible experience that no one should have to endure.

There’s certainly nothing wrong with keeping money in a savings account, but if you’re going to do that, do your homework. Look for high-yield savings accounts to maximize your money’s growth. Otherwise, you might as well just be keeping it under the mattress.

This is an old one, and it’s something your parents probably got on your case about when you were young. Turn off unused lights and devices to cut down on your electricity bill, now that you have to pay it and not them. And while you’re at it, concede to your parents that they had a point.

Becoming a gym owner is probably a great decision because you get all those people joining on January 1st who never show up and never cancel their membership, believing they’ll go “sometime.” Guess what? They won’t, and neither will you. If you’re not going to the gym regularly, cancel that membership and do sit-ups at home, every one of which is free.

Retail therapy is fun, but it’s dangerous to your bank account since you’re probably in a crappy mood when you’re engaging in it and making lots of “Why not?” purchases. You will regret that one day when bills come due, you can’t pay because you bought a chinchilla coat.