We all put in long hours at work every day.
With, let’s be honest, the main goal of making money .
So usually the last thing you want is to throw it out the window.
Yet a surprising number of us squander our hard-earned dollars on unnecessary spending on a daily basis… often even without realizing it .
Failure to respect your monthly personal budget , small impulsive expenses and habitual purchases are then the biggest culprits.
But by simply paying a little more attention to our purchases and the way we consume, it would be much easier to save money and stop spending money unnecessarily.
Of course, everyone has their own expenses: the strategies to be put in place will therefore be different for everyone.
But to guide you, here are 8 examples of expenses for which we lose money daily without realizing it.
1.Expired food / food waste
uying too large quantities of fresh produce or not paying attention to expiry dates can, in the long run, have a very negative impact on your budget.
In France, food waste amounts to around 20 kg per inhabitant and per year . Reported in euros, the savings could be great. This is why it is recommended to always plan your meals before going to the supermarket .
This helps avoid over-purchasing or choosing ingredients that, taken together, don’t allow you to build consistent recipes.
Who has never done their shopping to come home and feel like they have nothing to cook? With a little preparation, this situation can easily be avoided.
It is also important to regularly go around your fridge to ensure that none of the food is about to expire, as well as not to hesitate to buy frozen products (without necessarily talking about prepared meals).
2.Not taking the time to compare prices
Just because an item’s price seems reasonable doesn’t mean you can’t find it cheaper elsewhere.
In the supermarket as in other stores, it is important to take the time to compare prices and think about each of your purchases.
- For food, do not hesitate to see if similar products are on the shelves, especially those offered by private labels. There are often very few differences between branded and supermarket products, but the price can often go up to double.
- When it comes to other purchases (clothing, furniture, etc.), a good technique is never to buy an item the same day if you did not plan to buy it at the base. Taking the time to get home will allow you (1) to look online to see if the item or other similar models are offered cheaper elsewhere and (2) to really think about your purchase and avoid compulsive spending. .
3.Bank charges too high
Many banks, especially the so-called “traditional” banks, offer excessively high bank charges compared to the current reality of the market.
Credit card fees, account maintenance… With the development of 100% mobile online banks , often free of charge or at much lower rates, it is important to study all the options to reduce costs as much as possible.
I very frequently recommend N26 , which I have been using happily for 3 years and which has truly changed my relationship with the bank. The classic N26 option , which I use, is completely free and very complete.
4.Wanting to buy everything new for fear of second-hand
Sometimes it’s better to buy new. But this is far from the case most of the time.
And too often, we buy new products out of habit, for no real reason.
Why pay full price for a new piece of living room furniture, when someone living close to you offers the same model in very good condition at a low price? Do you need a brand new lawn mower to mow your lawn 5 times a year?
And in addition to saving money, you will be doing a good thing for the planet.
5.Buy products only because they are on sale
The main reason why people buy and consume in (too) large quantities is the small dose of dopamine that accompanies each of our expenditures.
Buying an item at -40%, even if we have no immediate use for it or had not planned to buy it, gives us the impression of having gained something. The feeling of victory to have “saved money”.
In general, the rule is simple : if you weren’t planning on buying it, then don’t buy it, sales or not. It is this kind of expense that we most often regret after the fact, once the excitement has died down.
And you’ll feel just as victorious as you walk out of the store, proud that you didn’t give in to temptation!
6.Paying for something you don’t use or use very little
Do you pay a monthly subscription to a magazine that you don’t read or barely leaf through? Do you have a gym membership that you go to once a week? Do you pay more than 25 euros for a classic telephone plan?
If so, you’re throwing money away every month.
Take your bank statements or log into your bank’s app, and try to track down every unnecessary expense you incur monthly .
And to go even further, take the time to calculate what it’s costing you per year.
And if you’re wondering if any of these expenses are really worth it, the answer is surely no. So cancel your gym membership, and go for a run instead.
7.Spend all your windfall cash flow
We often tend to see exceptional cash receipts (such as bonuses, for example) as money that does not “count”. And that you can spend on anything, no problem.
And technically, of course, you can do whatever you want with your money.
But before you give in without thinking, ask yourself what is the best thing you could do with it.
What if instead of spending that money on things you don’t really need, you put it into your business savings plan (or elsewhere) to let your money work for you?
The long-term reward is bound to be more attractive than a purchase that you know you’ll get tired of after two weeks.
8.Eating out every lunchtime
This is for all those who “don’t have time to cook their lunches”, and therefore eat out almost every day of the week.
If taking 1h30 of your time on Sunday (or 20 minutes each evening) to cut vegetables and put them in a Tupperware seems unfeasible, think about what you could do with the extra 1000€ per year that you could enjoy with a simple effort.
The calculation is simple. It is quite possible to prepare the equivalent of 5 meals for less than 20€ per week. And when you know that the American spend an average of €8.82 for each meal outside, that amounts to more than €1,100 spent each year eating out. It would even be enough to motivate you to eat the leftovers.
I usually prepare all my meals for the week on Sunday (and sometimes on Wednesday evening to have fresh meals at the end of the week), and then store them in these tupperwares intended for meal preparation .
It’s definitely a habit to get into, but once you get started, not having an easily accessible meal at lunchtime and having to go out and buy food becomes a real chore.
It’s all a matter of habit – and this one allows you real savings!