Where did all my money go? 

What am I doing wrong? 

Why am I so broke?

 

 

These may be some of the questions you are asking yourself when you look and see you have no money in your account.

Luckily being broke can be fixed! 

By acknowledging your bad habits, and making some changes, you can start keeping a hold of your hard earned moola. 

The following habits are keeping you broke, and you need to quit them ASAP!

 

 

 

Not Making Any Or Enough Cuts

 

A very common bad money habit that will keep you broke is not making cuts in your spending. When you look at your spending habits, and see where your money goes, you can then see what areas you spend the most in. Once you know what areas you tend to spend the most in, you then need to find ways to cut some things out. 

 

Ok I’ll save more money, I won’t buy those new shoes I want. 

 

The above is a great example of making a conscious purchasing decision. However you are not saving money on the day to day, or changing your spending habits. You simply just refrained from buying an item. 

You need to take a look at the purchases you make regularly, and cut some of those.

Daily coffee runs are a common first thing to go (Make the java a home brew).

But you can also look at unused subscriptions, regular rideshare usage, and non-essential grocery purchases, these can all add up. 

 

Please keep in mind that these changes are temporary and you will reap the benefits over time. By suffering for a little while, you can set yourself up to thrive in the future.

 

You Don’t Shop With A List

 

This bad money habit of shopping without a list can add up quick in the grocery store. 

 

Food is the most common area in which people tend to overspend (myself included). 

 

By going to the grocery store on a whim or unprepared you end up spending more money than if you had taken the time to plan what to buy. Without a list you end up buying what appeals to you in the moment (or what your empty stomach is telling you it just needs).

If you can buy the ingredients and make things yourself, it can be a lot cheaper than going for the pre-made options.

 

When shopping without a list, you usually do not have a solid plan on how you will use each ingredient, and end up with a basket full of random items. Such as a block of cheese, a box of reese puffs, some tomatoes, and yogurt.

 

Great, what’s for dinner? 

 

Since you didn’t really buy ingredients of use, you will be more likely to turn to the convenience of take out, or repeat this process the next shopping trip. Which leads to wasting more money.  

 

 

 

 

 

Not Giving Up Bad Habits 

 

 

 

We all have bad habits, and some are easier to give up than others. But see if you can perhaps cut back, or switch to lower cost options. 

 

Some common expensive habits that you can cut back on are:

 

• Smoking
• Drinking
• Coffee runs
• Eating out often

 

Try eating out once a week instead of daily, buy a smaller coffee, or skip a day.

Of course you already know it’s best to quit drinking and smoking, it saves a ton and is better for you in the long run. 

 

Spend less on food when you do eat out. I scan the menu for the three lowest priced items and choose from those. I still get the experience and a good meal but at a lower cost.

 

Find ways to cut out your expensive habit(s), and your wallet will thank you.

 

You Are Buying New Clothes Often

Are you buying new clothes every week, month or even season? 

You may be filling up your closet, but you are emptying your bank accounts with this bad money habit. 

 

Ways to save when buying clothes:

 

• Thrift store baby!
• Have a few classic pieces that mix and match well
• Shop sale/clearance
• Buy off season
• Accessorize your current pieces
• Shop around/compare prices
• Use cashback sites like Rakuten
• Unsubscribe from your favorite online clothing retailers to avoid temptation

 

 

 

 

You Spend Money Every Day

Spending money everyday is putting your dreams and goals on the back burner, everyday small purchases add up big. You need to put in the effort to save as much money as possible to reach your goals and even cutting out a few days spending will help. 

 

A great way to not spend everyday is to take a no spend day or week.  You only pay for your essentials, make sure there is food in your place to eat, and do not spend on anything else. It is a great way to be mindful of where your money goes, and get creative in the kitchen. 

 

 

 

 

Final Thoughts

And those my friend are some of the bad money habits that if you do not change, will make you broke.

Hopefully these bad money habits were eye-opening and you will be willing to make some changes today. 

One way to help break these habits is by taking a look at what something is really costing you, and if it is worth it.

Take your hourly rate and compare it to the cost of an item you are thinking about buying. (Item price divided by hourly rate)

Let’s say I am eyeing a new jacket that costs $120 and I make $16/hour.

That jacket would cost me 7.5 hours of work. Now I have to think, is the cost of the jacket worth that many hours of my labour? This is a great way to help me be mindful of my purchases, and save money, where normally I may buy it impulsively. 

However you decide to cut back, or change your bad money habits, just know that you can do this, and I am rooting for you! 

 

Which bad money habits do you have? Which ones are you going to attempt to break? 

 

Let me know in the comments below! 

 

 

 

 

 

 

Stay Frugal,

 

Connie xoxo