Little Spending Habits You’ll Need To Curb in 2020

Jan 3, 2020Lifestyle

Little Spending Habits You’ll Need To Curb in 2020It’s a new year, a new decade and a new chapter for you and all with whom you share your life. Now is the time to start making the little changes that will add up to big change throughout the year. Since the days of ancient Rome we’ve been making resolutions to improve our health, our fitness, our jobs, our careers and, of course, our household finances. But so often our noble attempts at implementing positive change in our lives fall flat. This may be because we set goals that are too vague and hard to measure. Or that we’re unrealistic in our expectations of ourselves. Or perhaps we’re just taking on too much and need to break it down into smaller and more manageable steps.
When it comes to righting the ship that is your family’s finances, you’ll find that you make more lasting and positive change when you implement lots of little changes rather than making huge sacrifices. It’s often the little spending habits that add up through the week, the month and the year. With that in mind, let’s look at some of the little spending habits you’ll need to curb in 2020…

1.  Failing to implement a household budget (and sticking to it)

Still “eyeballing” your household spending? Don’t worry, you’re not alone. In fact, surprisingly few families actually take the time to sit down and write out a carefully balanced and comprehensive household budget that helps them to keep track of their spending throughout every month. When you don’t do this, however, the inevitable result is unpleasant surprises every time you take a look at your bank balance. Unless you account for everything that’s coming into and out of your bank account, all the little expenses that we lose track of quickly add up. Fortunately, you can now pick up our Budget Boss Binder at a reduced price. Take control of your household budget!

2.  Stopping off for your Monday morning coffee

Most of us have gone back to work with a groan after the festive season has drawn to a close. However, the little treat that helps you to power through your first day back can add up to make a big difference by month end. When you stop off at your favorite franchised coffee bar to pick up a sweet seasonal latte your spending might seem inconsequential but it all adds up, especially if you stop by more than once a week. It might actually be much more cost effective to invest in a good bean to cup coffee machine and reusable cup and make your own Monday morning latte. It’s better for the environment, too!

3.  Letting your providers and policies roll over

What happens when your car insurance policy draws to a close? What action do you take when your energy tariff runs out? If the answer is “nothing”, you could be wasting a fortune month on month. Car insurance providers in particular are notorious for overcharging customers whose policies roll over into a new year. Do your homework by reading these transparent Metromile customer reviews and checking out the best deals online. You may be amazed by what you can save. Energy, cable, phone and internet providers are also far from likely to reward you for your loyalty and instead offer their best deals to brand new customers. Keep an eye on other tariffs and don’t be afraid to jump ship if you see a better deal elsewhere. What’s more, don’t make the mistake of assuming that you need to be stuck with a bad deal. Many providers, especially utility companies, will happily pay your current provider’s exit fees so you can enjoy better rates sooner.

4.  Sleeping on your credit card debt

Most of us use credit cards to bail out our household finances when we face unexpected expenses or want to treat our families to something special. However, when we bury our heads in the sand, our credit card debts can spiral out of control. Many credit cards start out with low or no interest but rates creep up when you finish your special introductory period. Keep moving your credit card debt from card to card to see if you can get a better deal elsewhere and stop throwing, money away on interest. Here are some of the best low-interest cards of 2020. Even if your credit rating is less than stellar, you should be able to find something that offers you the chance to pay down your debts faster.

5.  “I’m tired…let’s get takeout.”

Finally, one of the most effective ways to get household spending under control is to fall back in love with cooking. As a nation, we spend a fortune on takeout, and with so many delivery services out there, the temptation is stronger than ever. But even after a long hard day, taking the time to prepare meals together as a family can not only help improve your finances… it can bring you closer together!
Little Spending Habits You’ll Need To Curb in 2020
Best,
Michelle
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