12 Money-Wasting Habits To Break Today: Tips 7-12

Wealth doesn't happen overnight. It is the result of handling your finances with precision, responsibility, and detailed attention year after year. Sometimes it is easy to pinpoint where you may be spending money unnecessarily, but at other times it can be harder to identify. Last week, First Bank of the Lake examined six of twelve habits that may be causing you to waste money:

1. Grocery shopping when you feel hungry
2. Keeping your cable subscription
3. Occasionally grabbing a snack for the road
4. Purchasing name brand items
5. Splurging on in-app purchases
6. Failing to keep your tires properly inflated

This week, we're finishing the conversation with six additional habits that may be costing you money.

7. Dining At Restaurants

Treating yourself to lunch or dinner out is fun, but if you want to save money, you should only eat out on rare or special occasions. Restaurants have to make a profit in order to stay in business, so you're paying far more for your meal at a restaurant than it would cost to make the same dish at home. Dining at home (or bringing your lunch to work instead of going out somewhere) can potentially save you hundreds of dollars in a single month. BONUS TIP: The same logic applies to buying coffee on your way to work versus making coffee at home in the morning!

8. Drinking Bottled Water

If you drink bottled water exclusively, you could be spending up to $1,000 per year on water alone. Tap water at the Lake of the Ozarks is generally healthy and available for a fraction of the cost. Even if you decide to install a filtration system in your home or purchase a stand-alone filter to use before drinking, you will still be saving money in the long run.

9. Buying Brand New Items

Clothing, furniture, books, cars, home decor pieces... no matter what you're buying, you can be confident you will be paying more for it if you will be the first person to own it. Before visiting major department stores, it may be worth perusing your local thrift stores. You can frequently find gently used items that are in great condition for a fraction of the cost you would pay if they were brand new.

10. Failing To Properly Insulate Your Home

If your home is drafty or poorly insulated, you could be spending thousands of dollars in unnecessary heating and cooling costs. Closely examine your home's insulation (don't forget the attic!) to identify any areas that need extra help, and consider upgrading your windows and doors to ones that are more energy efficient. It may require an initial investment on your part, but it will likely pay off in the long run.

11. Giving Into Impulse Purchases

Impulse buys account for a large percentage of many people's overall budgets. The main reason you should avoid grocery shopping when you're hungry is so that you will be less likely to give into impulse purchases, but the grocery store isn't the only location that can tempt people into buying items on impulse. Every store has enticing point-of-purchase items displayed near the checkout counters, and countless ads pop up on every website you visit. Plan your purchases ahead of time, and discipline yourself to avoid giving into last-minute temptations.

12. Throwing Away Leftovers

The amount of food Americans throw away is staggering. According to a report by the Natural Resources Defense Council, 40% of the food in America goes uneaten. The report states that American families throw out about 25% of the food and beverages they purchase, costing the typical family of four up to $2,275 per year. When you throw away uneaten food, you are literally throwing money away. Make a point of consuming the food that is currently in your home before visiting the grocery store again.

Take Control Of Your Finances!

Each of these habits may only cost you a few extra dollars here and there, but these extra expenses can add up to substantial amounts over time. By breaking these money-wasting habits, you could save thousands of dollars per year.

First Bank of the Lake is here to help you take control of your money and position yourself for financial success. For more information about our financial services at the Lake of the Ozarks, visit our website at www.FirstBankLake.com.

First Bank of the Lake - Striving For Excellence

Member FDIC. Equal Housing Lender.

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