{"id":1123109,"date":"2019-06-25T19:55:09","date_gmt":"2019-06-25T19:55:09","guid":{"rendered":"https:\/\/dailyreckoning.com\/?p=107561"},"modified":"2019-06-25T19:55:09","modified_gmt":"2019-06-25T19:55:09","slug":"10-spending-habits-that-can-leave-you-broke","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1123109","title":{"rendered":"10 Spending Habits That Can Leave You Broke"},"content":{"rendered":"

This post 10 Spending Habits That Can Leave You Broke<\/a> appeared first on Daily Reckoning<\/a>.<\/p>\n

I\u2019m all for treating myself to some of life\u2019s luxuries, but I won\u2019t splurge to the point where it starts to hurt my finances.<\/span><\/p>\n

Sadly, for a lot of Americans the latter is true.<\/span><\/p>\n

In fact, the average US adult spends $1,497 a month on nonessential items, according to a recent survey conducted by OnePoll. That\u2019s roughly $18,000 a year on things we can all do without. <\/span><\/p>\n

The survey revealed that the average person spends about $20 per month on coffee, as well as $209 on dinners at restaurants and $189 going out for drinks with friends.<\/span><\/p>\n

Survey respondents said they spend an average of $91 per month for cable, in addition to $23 for streaming movies and TV shows. Music streaming services averaged $22 a month, while other apps added $23.<\/span><\/p>\n

Even the cost of health club and gym memberships was significant, averaging $73 a month, including classes.<\/span><\/p>\n

One interesting finding was that Amerians make an average of five impulse buys per month \u2013 for a total of $109. But, the irony is the majority (58 percent) feel there are other important things they can\u2019t<\/i> afford…hmm. <\/span><\/p>\n

The truth of the matter is we all have bad spending habits we need to work on. Today I\u2019m going to walk you through 10 of the worst spending habits that drive financial experts wild.<\/span><\/p>\n

The good news is that all of these can easily be fixed…<\/span><\/p>\n

Bad Habit #1: Keeping All Your Money in One Account<\/b><\/span><\/h2>\n

I\u2019m always surprised when I hear someone say they only have one bank account. Physically separating your money is the easiest way to set and stick to a budget.<\/span><\/p>\n

Here\u2019s what you should be doing: 1) Rename your checking account your spending\/depositing account. Tie this account to your debit card. 2) Open a second checking account and designate this one to your bills. <\/span><\/p>\n

Calculate your average bill tally from the 1st to the 15th, and from the 16th to the end of the month, and transfer that amount to your bills account every two weeks. This will stop you from overspending on your debit card because you\u2019ll have already covered your bills. <\/span><\/p>\n

This two-account setup will save you a lot of time and money by automating your budgeting.<\/span><\/p>\n

Bad Habit #2: You\u2019re always searching for deals<\/b><\/span><\/h2>\n

This might sound counter-intuitive, but searching for sales can sometimes set you further back. Out of the top ten reasons cited for overspending, two include sales: discounted items or \u201cone-time only\u201d flash sales that typically lead to more spending. The expression, I can\u2019t afford not<\/i> to buy it, couldn’t be more true.<\/span><\/p>\n

Bad Habit #3: Not Saving \u201cFound\u201d Money<\/b><\/span><\/h2>\n

Did a rebate you sent in months ago finally come in? Did someone buy you a coffee unexpectedly? <\/span><\/p>\n

\u201cFound\u201d money often gets wasted. Anytime you find unexpected money, transfer that money to your savings or bill accounts. You\u2019ll be surprised how much this adds up with minimal effort on your part.<\/span><\/p>\n

Bad Habit #4: Having Too Many Subscriptions<\/b><\/span><\/h2>\n

You sign up for a one-month free trial and before you know it, you’ve gone 6 months without realizing you\u2019ve been paying this whole time. Too many people pay for monthly subscriptions they never use.<\/span><\/p>\n

Review your credit card statements monthly and highlight any subscriptions you\u2019re not using anymore. Cancel these as soon as possible or mark the next renewal date on your calendar so you know when to cancel.<\/span><\/p>\n

Bad Habit #5: Keeping Up with the \u201cSmiths\u201d<\/b><\/span><\/h2>\n

It used to be you were trying to keep up with the Joneses. Except back then, it was just your next-door neighbor. Now, in an era of social media and 24\/7 news cycles, everyone is your neighbor when you turn on your phone.<\/span><\/p>\n

Don\u2019t subscribe to this keeping-up temptation. What you see being portrayed online is not always a true portrayal of someone\u2019s day-to-day. Set realistic expectations for how your life should look.<\/span><\/p>\n

Bad Habit #6: Being Too Passive<\/b><\/span><\/h2>\n

How many items of clothing in your closet do you own that still have tags on them? Returning items. Calling your cable company to get a better rate. Negotiating a bank fee. These things all take time and a little bit of effort. But it\u2019s time and effort well spent. <\/span><\/p>\n

A twenty-minute phone call with your internet provider, could save you $15 a month. Multiply those savings by 12 and you\u2019ve saved $180 a year from one phone call. It\u2019s tempting to take the path of least resistance when it comes to your money, don\u2019t do it.<\/span><\/p>\n

Bad Habit #7: Paying fees<\/b><\/span><\/h2>\n

Fees are something I won\u2019t tolerate. Bank fees, ATM fees, maintenance fees, they all add up and they\u2019re all negotiable. If you look at your bank statements and notice you\u2019re paying a significant amount in fees, you need to stop this immediately. <\/span><\/p>\n

Write down all the fees you\u2019re paying on a regular basis and choose at least three to slash. You might have to threaten to switch providers or change banks, whatever you need to do to get the fee waived.<\/span><\/p>\n

Bad Habit #8: Not Automating Your Bills<\/b><\/span><\/h2>\n

Everyone should be doing this nowadays. If you\u2019re still getting bills in the mail, there\u2019s a good chance you’re forgetting to pay those bills some months or your payments are late. <\/span><\/p>\n

Use your bills checking account to pay your bills without having to think about it. <\/span><\/p>\n

You\u2019ll save the hassle of having to remember and you won\u2019t have to worry about paying late fees and other penalties.<\/span><\/p>\n

Bad Habit #8: Wasting Food<\/b><\/span><\/h2>\n

The number-one money-waster is throwing away leftover food. According to a\u00a0recent study<\/span><\/a><\/strong>, part of the reason for this phenomenon is that people are bad at reading food labels. Food date labels like \u201cbest before\u201d and \u201csell by\u201d are largely unregulated in the US.<\/span><\/p>\n

84% of consumers discard food near the package date at least occasionally, says the study. Among date labels assessed, \u201cbest if used by\u201d was most frequently perceived as communicating quality, and both \u201cexpires on\u201d and \u201cuse by\u201d as communicating safety.<\/span><\/p>\n

Over one third of participants incorrectly thought that date labeling was federally regulated, and 26% were unsure.<\/span><\/p>\n

Bad Habit #9: Thinking a Budget Means \u201cNo\u201d<\/b><\/span><\/h2>\n

When you think of the word \u201cbudget\u201d what comes to mind? For most people, they think a budget means they have to say \u201cno\u201d to everything. You can\u2019t save for a vacation, if you\u2019re saying yes to brunch with your friends. You can\u2019t save for a new car, if you\u2019re saying yes to new clothes every month.<\/span><\/p>\n

That\u2019s not necessarily true. A budget doesn\u2019t mean no, it just means you need to start prioritizing your money. <\/span><\/p>\n

Think of a budget as a pecking order for where your money goes. Whatever is left after the important nuggets get covered can go toward the less important \u201cnon-essential\u201d wants.<\/span><\/p>\n

Bad Habit #10: Ignoring Your Daily Habits<\/b><\/span><\/h2>\n

And just because you have a monthly budget, doesn\u2019t mean you\u2019re necessarily aware of all your day-to-day expenditures. If you want to quickly assess your weekly spending habits, run a 10-day budget.<\/span><\/p>\n

Notice how many small things you didn\u2019t realize you needed to budget for. You want to do this once a quarter for a few reasons. <\/span><\/p>\n

First, it helps alleviate the paycheck effect, where you get paid and then spend your full paycheck two weeks later. Second, you\u2019ll pay attention to daily fluctuations in your spending and be able to make adjustments as you go.<\/span><\/p>\n

To a richer life,<\/p>\n

\"Nilus<\/p>\n

\u2014 Nilus Mattive
\nEditor, The Rich Life Roadmap<\/i><\/p>\n

The post 10 Spending Habits That Can Leave You Broke<\/a> appeared first on Daily Reckoning<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

This post 10 Spending Habits That Can Leave You Broke<\/a> appeared first on Daily Reckoning<\/a>.<\/p>\n

10 bad spending habits to avoid for better savings.<\/p>\n

The post 10 Spending Habits That Can Leave You Broke<\/a> appeared first on Daily Reckoning<\/a>.<\/p>\n","protected":false},"author":55,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[487,366,740,488,490,2692,1311,923],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1123109"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/55"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1123109"}],"version-history":[{"count":1,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1123109\/revisions"}],"predecessor-version":[{"id":1123110,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1123109\/revisions\/1123110"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1123109"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1123109"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1123109"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}