Wednesday, November 23, 2016

12 Money-Wasting Habits To Break Today: Tips 1-6

The best way to get more money in your bank account at the Lake of the Ozarks is to simply cut back on unnecessary spending. Unfortunately, this is often easier said than done. If your budget is tight, certain expenses are obviously unnecessary, like flying first class or having dinner at the most expensive restaurant in town. However, there are certain other areas where it is surprisingly easy to spend extra (and potentially unnecessary) money in. First Bank of the Lake is here to help you identify (and break) your habits that may be causing you to spend money unnecessarily.

1. Grocery Shopping When You Feel Hungry
There is a reason so many people warn against shopping for groceries when your stomach is empty. If you have ever set foot in a grocery store on an empty stomach, you can attest to how difficult it is to avoid putting extra items in your cart. Do your wallet a favor by only doing your grocery shopping after you've recently eaten.

2. Hanging On To Your Cable
Paying for cable or other television services can be very expensive. As Netflix, Hulu, and other streaming programs become increasingly prevalent, many Millennials are moving away from traditional television programs. You can typically subscribe to streaming platforms (even multiple ones) for a fraction of the cost of your TV services.

3. Occasionally Grabbing A Snack For The Road
Be honest: how often do you swing through a fast food restaurant or pick up a snack when you stop for gas? These snacks are available at such low prices that it can be hard to resist the temptation, but (like anything else) these small expenses can add up quickly when they are made regularly. You can save money on snacks for the road by keeping your car stocked with snacks you bought in bulk at the grocery store or - better yet - resisting the snacking urge altogether.

4. Purchasing Name Brand Items
You probably don't pay much attention to the items you buy every day, but it's worth taking a closer look to see if you're spending extra money unnecessarily. Toiletries, food, beauty products, medicine - no matter what you're buying, your local grocery store will almost always offer the same product by its own brand for significantly less than the more popular, well-known brands. 

5. Splurging On In-App Purchases
What's your favorite app or video game on your phone? Even if you originally downloaded your app for free, chances are you get countless ads and other opportunities to spend a little bit extra on in-app purchases. Since many of them are offered for as low as $1-$5, it may be easy to justify these purchases. As with your road trip snacks, however, these in-app purchases can add up quickly.

6. Forgetting To Check Your Tire Pressure
Yes, believe it or not, your tire pressure can actually have a direct impact on your wallet. Cars with under-inflated tires get poorer gas mileage than cars with properly inflated (or even slightly over-inflated) tires. Check your tire pressure regularly to ensure that you aren't throwing money away. Missouri's propensity towards rapidly fluctuating temperatures makes it doubly important to check this regularly.

Check Back Next Week For 6 More Tips!
Your trusted bank at the Lake of the Ozarks is here to help you take control of your budget by breaking bad habits that cause you to spend money unnecessarily. These six tips are a great way to get started, but they're not the whole story! Check back for our next blog next week, where we will discuss six more strategies you can use to get your spending in check.

First Bank of the Lake - Striving For Excellence
Member FDIC. Equal Housing Lender.

Located at the entrance to the Osage Beach Premium Outlets!

4558 Osage Beach Parkway
Suite 100
Osage Beach, MO 65065

(573) 348-2265

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