Here are 6 things you need to stop buying right now to save money.
1. STOP BUYING DEBT (IT COSTS YOU INTEREST)
One loan = two monthly payments. Payment one: you are responsible for returning the money you borrowed. And payment two: you’re on the hook for monthly interest fees.
If you’re in debt, you’re losing money to interest every month. To lower your monthly interest rate, pay down your debt.
Your interest payment is a percentage of your principal. That means the less debt you have, the less you pay in interest every month.
2. STOP EATING OUT
To keep more of your money, spend more time in your kitchen and spend less at your favorite restaurants. If you want to save on food costs while cooking at home, you need to be a smarter grocery shopper.
3. STOP PAYING FOR UNUSED SUBSCIPTIONS
Cancel your unused subscriptions, and stop throwing away your money.
Check your credit card bills to see if you pay for any subscription service you might have forgotten you signed up for, and cancel those services.
4. STOP BUYING CHEAP PRODUCTS
Don’t buy cheap. Buy quality. Inferior products cost more money because they need to be replaced more frequently. When you buy quality appliances, electronics, clothes, shoes — whatever — they will last longer and generally involve less maintenance.
Forget about buying those cheap running shoes that you will need to discard in just a few months; buy quality and save.
5. STOP BUYING NEW CLOTHES
Before spending any more money on new clothes, clean out your closet.
Sell clothes you no longer wear at a consignment shop. Not only will you have money to spend on new clothes, but your wardrobe will be clean and clear.
Let your wardrobe consist of only the clothes you actually wear. It’s life changing.
6. STOP THE UNPLANNED AND IMPULSE PURCHASES
It’s easy to fall into the trap of buying something on sale. You grab it because it’s “cheap.” But after 100 small purchases, the total isn’t so small anymore.
Be mindful of how you spend your money.