Hey all! Today I’m sharing with you a guest post from the group over at Discountrue.com! Discountrue is a great place for finding online coupons and other deals (something you know I love). Today they’re going to share some finance tips that are perfect for if you’re trying to save some money this month (or any time really). These tips are great and I plan to use a few of them myself as I continue to budget this year!
A Few Common Money Mistakes to Avoid
The main difference between common people and millionaires is the rich people’s ability to manage money. Unfortunately, most of us today live lives that are above our possibilities, while saving money and long-term planning aren’t habits that many possess. That’s why such people may be forced to face various unpleasant situations – having to gather finances quickly in dire need, borrowing money or getting loans, which only makes everything even more complicated. Of course, we all might have a misstep, but the good news is that we can make some small changes that will certainly benefit the budget.
A simple cut in your daily spending routine can make a huge difference and that’s why we are presenting a few common money mistakes to avoid!
1 You practice shopping to relieve stress
While it is true that shopping can make us feel better, it is also true that this feeling lasts very short. Buying things that you actually don’t need is the worst decision you can make. They will not only affect your budget, but also take valuable space in your home. Instead of going shopping to relieve stress, try less costy and more effective options such as meditating, doing yoga or pilates.
2. You ignore the coupons
It seems that coupons are getting quite popular these days, especially the ones found on the Internet, because they are very easy to use. There are many who don’t think they could be useful and view them only as a marketing trick, but that’s not quite right. Special occasions certainly do happen – whenever you need to buy some product, use the Internet to check whether there is some coupon available. For instance, Target often offers exclusive promos on a wide range of diverse products, which can be found on such couponing websites as CouponShark or Discountrue.com. In this way you should be able to save a lot of money each month.
3. You prefer buying cheap products instead of quality products
Although this might look a good idea in the beginning, you will notice that the investment doesn’t actually pay off after some time. Let’s take an example – if you buy a pair of shoes that are 50% cheaper than some other ones you find interesting, you will obviously save a lot of money. However, this pair will probably last for a very short period and you will be needing a new one quite soon, while the more expensive shoes can serve you longer. This fact is especially relevant when talking about shoes or clothes, which tend to be used a lot. So, think about the return of investment. In addition, some products with low quality can influence your health, too, so watch out!
4. You don’t know your debt to income ratio
This is another huge mistake that many people today make. As long as they have a source of income they feel that everything will be fine and they can spend as much as they want. Of course, this is not true. You should analyze your expenses and income each month to keep better track of your finances. This practice will help you become more realistic and manage your money in a better way.
5. You are following trends all the time
There is nothing wrong with following trends, but sometimes this practice can turn into obsession and cost you a lot. If you want, stay with the flow whenever you can, but don’t spend too much money just to be ahead of your friends, especially when it’s clear you don’t have enough cash to fulfill that aim. There are times when we can relax and buy something that we can consider luxury, but this should not become a habit.
Thanks again to Discountrue for sharing these great tips! Do you have any plans for saving in the next few months?
Photo c/o Pexels with text added by me
Photo c/o Pexels with text added by me
