10 Habits to Change to Save Money (2024)

We all have a couple of bad habits.

People typically do three things in regards to their bad habits – they accept, ignore, or try to change the bad tendency.

But what about when your bad habits are costing you money? Some bad habits are more than small idiosyncrasies – they may be costing us big time.

So what can you do?

The first step to correcting a bad habit is being aware of it in the first place and then working to correct it. Here are 10 common bad habits that may be costing you money, and what you can do to change them.

1) Eating Out Frequently

Eating out often seems innocent enough, but for many people, enjoying a night on the town has big financial implications. In fact, it costs many people hundreds of dollars a month.

Instead of eating out all the time, you can cook at home for far less money. As an additional benefit, cooking your own food means you know exactly what you’re putting into it, making it a healthier option as well.

2) Staying in Debt

To some people, debt might not seem like a big deal. You pay the minimum every month and put in a few extra dollars here and there. Your debt is under control and you’re making a little progress, so what’s so bad about staying in debt?

The problem with staying in debt is that it costs you. Interest doesn’t stop accruing, and the longer you have your debt, the more interest you are likely to accrue. You can save money by paying off your debt as quickly as possible.

3) Frequenting Your Spending Pitfalls

Are there certain stores that you go to and, no matter what you try to do, you always spend more than you intended?

Sometimes, the temptation to spend can just be too much. Maybe it’s Target, the hardware store, or a specific clothing store that causes you to overspend. If you’re going way over budget every time you step foot in this type of store, than it may be time to give it a break.

You can avoid your shopping pitfalls by choosing a different, less convenient store to shop in. Or, you can start shopping online and purchasing just the things you need and nothing more.

4) Using ATMs

ATMs are supposed to be convenient, but many times, that convenience comes with a steep cost.

ATM fees might just seem like a way of life, but why should we have to pay upwards of $4-5 to access our own cash?

Fortunately, you have many options to skip out on ATM fees. You can go to the bank every couple of weeks and withdraw the amount of cash you need. You can also research to see if your bank has any free ATM locations. Further, many convenience stores will give the option of asking for cash back if you make a purchase, which is free.

5) Drinking Bottled Water

Who knew water could be so expensive?

Bottled water definitely serves a purpose for those who don’t have access to clean water. But for most of us, tap water is completely safe to drink.

If you’re still leery about drinking tap water, you can purchase a high quality water filter pitcher for around $50. Instead of buying bottled water, you can use your water filter over and over again, ensuring you always have clean, purified water for way less than the cost of drinking bottled water.

6) Smoking

I won’t go into much detail here since smoking is an addiction and not something that is easy to quit. On average, smokers spend about $2,000 a year on cigarettes.

The price is steep considering you could use that money to stock an emergency fund or pay off debt.

7) Watching Cable

Cable is not only expensive, but it is a huge time waster. Cable often costs more than $100 a month. Now, with so many cheaper alternatives available, cable is even more unnecessary.

If you’re not quite ready to give up your television habit entirely, you can switch to Netflix or Hulu for around $10 a month. Or, you can use Amazon Video, which is free with your Amazon Prime membership.

And instead of watching cable, you can use that time and energy to focus on starting a side hustle to make extra cash.

8) Eating Junk and Fast Food

Junk food and fast food are not only bad for your waistline, but they are terrible for your budget. Often, these types of unhealthy foods are significantly more expensive than some health foods.

And overtime, eating unhealthy foods can affect your overall health, resulting in higher medical expenses as time goes on.

You can prioritize eating natural, wholesome foods instead of junk food. Fruits and vegetables are readily available for very little money.

9) Disorganization

How does disorganization negatively affect your finances? Disorganization can result in misplaced bills, a lack of financial priorities, and a forgotten budget.

In order to be successful financially, organization is key. Ideally, you should know exactly where every dollar is going in your budget.

You can keep your budget easily organized by using our free budget spreadsheet.

10) Not Having Savings Goals

Failing to set financial goals can cost you majorly in the long-run. Without savings goals, how else will you push yourself to set money aside from each paycheck? You can’t be effective with your money if you don’t take the time to establish savings goals from the start.

Take a few minutes at the start of the month to consider what your short-term savings goals are. Maybe you want to beef up your emergency fund or start saving for a vacation. Create a plan to figure out how you need to save to hit your goal on time.

Also, be sure to make time to focus on your long-term savings goals, such as saving for retirement or a house.

Related:

• 30 Ways to Save Each Month

• 10 Ways to Save Money on Groceries

• 8 Different Money Saving Challenges to Try

• How to Find Money in Your Budget

• 10 Ways to Save Money When You’re Living Paycheck to Paycheck

What bad habits are wrecking your budget? How do you think you could fix these habits to save money?