“Do not save what is left after saving; instead spend what is left after saving” ~Warren Buffet
You have a poor saving culture!!!
Before you raise your sticks and forks at me, read that line again, this time slowly and reflectively. If you feel any semblance of guilt then maybe you really do have a poor saving culture. If you are on the other side of the coin, kudos! But you probably need to do more.
I love saving. It allows me to escape certain embarrassing financial situations. Not to shade anyone, but many of the people who constantly complain about being broke would actually not be broke if they were wiser about their spending. I know that the truth hurts but it must be told.
Truth is, prudence in spending is a quality that every child, teenager, youth and adult should have. It is as important as making money itself. While I would agree that you cannot save your way out of poverty, I am also very sure that saving a part of your income is needed at least for investment purposes.
If you do not have a habit of saving, I would suggest that you cultivate it as it would be of help to you in handling financial crisis. And more importantly, saving your money helps you avoid bad debts. When you have a good saving culture, you would definitely be winning on all sides.
I have been in really bad debts in the past and I have realized that if you do not happen to earn much and you have challenges paying even the smallest of your bills, then talking about saving money to you would seem like a joke, right? I mean you have only $10 left after deducting all your bills, what sense does it make to save?
Well, I understand that point of view but you need to realize that saving is a journey that starts with one disciplined step. If you are disciplined and determined, your financial situation might experience a change.
It might be hard but it is worth the effort and more importantly, it comes with many benefits. If you are earning an extra amount of money, or your income is more than enough to cater for your bills, then you can actually start saving up. Your savings help you at times when you even least expect it.
Saving money requires a lot of discipline, but with a strong determination, it is not a difficult habit to adopt. You would greatly benefit from it if you decide to make a habit of it.
Now, let’s look into 15 things you should stop buying today and rather save your money.
1. Expensive Brands
Prices of products from some brands are outrightly outrageous. This is mostly because they are popular. Brands like Gucci, Versace, Dior and many more are seen as classic brands hence in the high prices.
If you really need to start saving, then you must build a mindset that getting your clothes or any other type of personal products from expensive brands is not always necessary. There are less expensive stores where you can get amazing stuff at way affordable prices.
There are thrift-stores online where you can buy used stuff at low and affordable prices and save the rest of your money! Unless you are really rich, huge and pricy brands should never be on your list. More often than not, you find out that what the big brands are actually selling is the value attached to their names.
There are smaller brands making equally great clothes but are not being patronized because of they lack the required popularity. If you are interested in saving, then you should quit buying stuff from the big names.
2. Eating Out
I get it if you are not really a fan of cooking but the truth is that one of the best ways to save up is by avoiding the eat-out syndrome. Many people would rather eat outside their houses instead of cooking.
Eating at home will help you cut costs and give you better opportunities to save up. So, if you have intentions of saving up and you have a habit of eating out, you are on a ship of two contradictions, you need to pick one!
3. Taking Out Coffee
Yup! You read that right. You should take away the double shots of coffee you take at the coffee shop every morning. Now, I am not condemning coffee drinkers, neither am I saying that you will be broke if you drink coffee (haha).
My point is that you could forego your daily double shots from the café on your way to work in exchange for a home-made cup! It’s wiser (financially speaking) when you make your coffee at home instead. The money you’d have used to buy the cups of coffee should be transferred into your savings.
Magazines can be attractive. There are so many things that can make you want to get one. For most persons, it’s beautiful pictures. Sometimes, you just want to have some editions in your closet. But truth is, it could get addictive and get in your ways of having a good savings culture. I am guilty of this too. I buy a lot of magazines online and 90% of the time they end up not adding any value to me.
Don’t get me wrong, I do not have anything against buying or reading magazines. In fact, I am a lover of reading so I encourage you to read as much as you can but I am very careful of wastage. Some contents are not needed for you.
There are so many things out there that you do not need to pay money to get. The point is, you should never spend too much money on magazines that would not really contribute a lot to your life, and even if they do, more often than not, they end up giving temporary satisfaction.
5. Disposable Plastic Bottled Water
Before you raise your weapons at me, try to understand my point of view. First off, bottles of water are bad for the environment. This is especially because many people do not know how to dispose of them properly and end up harming mother earth.
Also, they are unnecessary expenses that can easily accumulate over the year. So, what exactly do you do instead of buying disposable plastic bottled water? Get yourself a nice and durable water bottle that you can always refill and carry around.
I remember my mum never liked the strange taste that metal bottles left in her mouth, so, she switched to glass bottles and they were equally amazing. Well, truth is, just do whatever rocks your boat but be sure that you are achieving the aim of cutting down unnecessary costs and increasing your savings.
6. Stop Impulse Shopping
STOP IMPULSE SHOPPING! You should learn how to control yourself. If you do not need it at the moment, then there is absolutely no need for you to get it.
7. Stop Buying Things To Impress
The need to impress is a virus that entered into the hearts of almost every youth today. Have you ever been in a situation where deep in your heart, you know you do not need an item but you buy it anyway because you want to impress someone else? Well, you are harming your financial life.
If you do not need an item, why buy it? You do not need to impress anyone about your financial life. If you feel that you need to “show off”, or impress people unnecessarily, then be rest assured that your financial life is on a path to self-destruction.
8. Trendy New Cell Phones
Using the latest phone in town is probably one of the best ways to show a flashy lifestyle and there is nothing wrong with that. The problem, however, lies in many people trying to show off a flashy lifestyle at the expense of their savings. Once again, you do not need to show off.
Buying trendy phones as they are released would only make you go broke because trendy phones will always be out there. Remember when blackberry was the in-thing? Now, it is gone! Apple is here and they keep producing new versions of the iPhone. You would go broke and literally break the bank if you are easily swayed by the latest phones.
There is a popular saying that “if it ain’t broke, then do not try to fix it”. If the phone you are currently using still serves the purposes you bought it for, then you should not bother about getting a new phone, rather you should save up the money and with time, your financial life will experience a change.
9. Cute Clutter Items
There are different names for these items. Some call them décor, some say they are beautifying accessories but I call them cute clutter items because that is really what they are. The little sculpture you saw on the wayside, the pretty candle a colleague advertised to you – whatever they are, you do not need them!
The truth is, those items add nothing to your life. They are only a product of temporary fancy. They might make you better when you purchase them, but the truth is that you are going to be paying for something that will just sit on a shelf and do nothing for you.
If you are tempted to buy any cute clutter item, caution yourself. Think about the long-term value of that item. One month from that time, would it still be valuable? No? Then why buy it? How about you transfer that money into a savings account?
Saving requires every bit of your effort. If you are trying to save up some amount of money, you must do everything with wisdom. Be smart about it. Eliminating cute clutter items would help you achieve your financial goals better and faster.
10. Everyday Groceries
I can’t be the only person who goes to a grocery store intending to get just one item but walks out getting up to ten items excluding the initially planned item. And it happens every freaking day! Relatable? Feels good not to be alone. However, if we are going to be honest with ourselves, that is not the best way to go if we have intentions of living a good financial life.
Buying groceries every day is a sure way of spending more than your budget on food. It is also an indicator that you are not really a good planner (don’t worry, you are not alone). Get a meal plan done and stick to it. That should solve whatever challenge you might be having in that regard.
11. Gym Membership
You’re probably shocked seeing this on the list. Again, you do not have to terminate your gym membership. I have nothing against being a member of a gym but I am not in support of inconsistencies. What I have found out that many gym members do is to sign up, go to the gym for a month or two and slowly back out.
This is a complete waste of time and money. I used to be a member of a gym until the same thing happened to me and I figured that I was really not fulfilling my purpose of signing up.
It took me a while to finally take the big decision but I did. I quit my gym and started taking online classes, watching YouTube videos and doing home-suitable exercises and work-outs in my undies. The result? I worked on my level of discipline while having more money to save up.
12. Overbuying Makeup And Beauty Products
Looking good is good business. Personally, I love to look and smell good. It helps build my self-esteem. But the truth is that you do not have to spend so much on beauty products when you have a financial goal. Have a budget. Working on a budget makes everything way easier. Remember, your beauty won’t matter when you are in a financial mess.
13. Expensive Cleaning Supplies
Looking good and clean is a good thing, but you should be cautious as to how much you spend in doing that. You do not need to spend so much on clothes. You could buy really great outfits, and not spend so much money.
The aim is to eliminate the word “expensive”. Instead of spending so much on an unneeded expensive item, you could transfer them into your savings.
14. Cheap Items
I can hear you scream “Oh! What do you have against cheap items now?”
Well, I truthfully, I have nothing against them. If they help satisfy your budget, then by all means, go ahead and get them! But cheap items have a way of deceiving our sense of financial judgment. They are enticing. We feel that since they are cheap they would not take much. This may be true to some extent but in reality, we tend to spend more.
15. Unnecessary Appliances
Some appliances are not useful to you. You should not be spending so much on them (if at all you have to spend). You would never achieve your financial goals if all you do is buy unnecessary appliances for whatever reason you might have. You should transfer that money into saving, instead.
So, there you have it! You need to make smarter financial decisions in 2020 and having a good saving culture is definitely one you should never toy with. Do you think the list is missing an important item? Drop a message for me in the comment section now, I would be more than pleased to communicate with you.
Save for later!