I’d like to say that I am excellent with my finances, but that would be a lie. I’m not completely terrible, I tend to only spend money I have, aside from my student loans, but when it comes to my own money I am very talented at spending every single cent. I’ve hatched out a savings plan and even gone as far as making a budget so I can stay on track.
But there are a few money mistakes I can’t seem to shake and the truth is, you might be making them too.
So without further ado, here are 3 money mistakes I keep making:
1) The Restrict and Binge
I’ll be really good with my spending for a week or two, maybe even a month. I’ll be so tight there’s literally no breathing room in my budget and eventually I’ll get so tired of being too strict, I’ll binge. This binge will be wild. Instead of buying a pair of shoes, a new dress or maybe some pants, I’ll buy it all and double. I am like a rubber band when it comes to spending, stretch me too far and I will snap and buy all the things. It’s better for me to allocate a reasonable amount of money to spend per week, then to be too strict.
2) The Coffee Addiction
I love me a latte, made with full milk, creamy and fused perfectly with espresso. Price per coffee in New Zealand varies a bit, but you’re looking at between $4-6, depending on where you go. Have one a day and that’s an average of $35 a week. Have two a day (or one and buy someone else one) and that’s $70 a week. $70 a week is… $3640 a year on coffee.. that you pee out. I’ve started making my coffees at home and estimate I’m saving around $55 a week because I still have the occasional one or two coffees out. That’s an extra almost $3,000 I could put into savings or spend on return flights to Europe – wahoo!
3) The Everyday I’m Supermarketing
For a while I totally abandoned weekly shops and decided it would be great to do daily shops because then I’d get fresh produce and everything would taste like magic. Little did I know, each time I’d pick up a few extra things and the price of my little grocery shop would dramatically expand. I would easily spend $50, $60, $70 a shop just to make dinner and a few other bits and pieces, daily. My weekly shopping bill was exceeding $400 per week and I was left scratching my head wondering all my money was going. The answer was: in my mouth. I’ve starting restricting myself to a $200 per week shop that I split with my partner, which is much more reasonable. If we forget something, too bad.
Do you make these money mistakes too? Or do you have another bad money habit you can’t seem to shake? Share it in the comments below