We’ve all been there. You get a windfall of cash, whether it’s from a bonus at work, a tax refund, or an inheritance. And then the questions start swirling around in your head: What should I do with this money? Should I save it? Invest it? Spend it on a trip? Something else entirely?  Before you do anything with your money, there are a few things you should never do.

 

Don’t Buy Several Different Cleaning Products And Wipes

Risks Involved: Wasting Money

Potential Savings: $50-$100* / Month

When it comes to cleaning products, there are so many different types that it can be hard to keep track of which ones you actually need. Some sprays are meant for countertops, while others are better for cleaning under surfaces. There are also sprays designed specifically for wooden or metal surfaces, as well as soft and hard surfaces. However, in many cases, the differences between these products are not particularly significant.

Making your own cleaning solution at home can save you money and the hassle of trying to decide between similar products. There are a plethora of do-it-yourself tutorials for homemade cleaning products available online these days, so you should have no trouble

finding one that meets your needs.

 

Don’t Waste Money On Unnecessary Laundry Junk

Risks Involved: Buying Unnecessary Products

Potential Savings: $100+* / Month

There’s no need to spend years searching for the perfect laundry solution – it’s likely right under your nose. Dozens of recipes for homemade detergents can be found online, and most of them can be put together using items from around the house.

During the summer months, you should cut out the use of the dryer altogether and buy a laundry horse instead. Hang your clothes out in the morning and use the sun’s power to dry them instead of the house’s electricity. Not only will this save you money on your energy bill, but your clothes will also retain their shape and color better than if they were dried in a machine.

 

Don’t Lose Track of Your Money

Risks Involved: Overspending

Potential Savings: Unlimited

A ledger, journal, or “spending diary” can help you keep track of your spending and make sure that you are not overspending. By keeping track of your income and expenses, you can see where your money is going and make adjustments to ensure that you are living within your means. If you find that you are consistently spending more than you are bringing in, it may be time to reevaluate your budget and make some changes.

Keeping a close eye on your spending is a good way to ensure that you are able to save money and live within your means. A budget can help you accomplish this by giving you a clear picture of where your money is going each month.

 

Don’t Hire a Financial Advisor You Can’t Trust

Risks Involved: Become A Victim of Fraud

Potential Savings: Thousands

There are a few key things to look for when choosing a financial advisor. They should be knowledgeable about a variety of investment options, and they should be able to clearly explain the risks and potential rewards associated with each one.

They should also be hard-working, paying close attention to your portfolio and making adjustments as needed in order to help you reach your financial goals.

 

Don’t Buy a House Without Looking At the Full Cost

Risks Involved: Hidden Fees

Potential Savings: $10,000+*

When you’re about to sign on the dotted line for a new home, it’s important to do a thorough inspection first. There could be underlying issues that could turn your dream home into a nightmare.

The price you pay for a home doesn’t just end at the agreed-upon price point. If the dwelling is old, there’s a chance that major repairs might be needed soon. Be sure to try and factor in the cost of repairs when negotiating the price tag. You might be able to get a decent discount this way.

 

Don’t Buy a New Car — If You Can Help It

Risks Involved: Getting Stuck In A Long Term Financing Plan

Potential Savings: $5,000-$10,000*

The initial cost of a new car can be quite high, making it difficult to afford for many people. In addition, the value of a new car depreciates quickly, meaning that you may lose money if you decide to sell it soon after buying it.

Used cars, on the other hand, are often more affordable and can hold their value better over time. If you’re looking for a reliable and affordable vehicle, consider buying a used Ford. You’ll be able to find plenty of great options on the market, and you’ll save money in the process.

 

Don’t Shop When You’re Emotional

Risks Involved: Impulse Buying

Potential Savings: Unimaginable

If you’re going through a tough time, it’s best to stay away from the shopping center. Impulse buying is a common trend amongst people experiencing emotional difficulties, and the approval of a sales agent can be all it takes to convince someone to buy something they don’t need.

Weighing your wants against your budgetary demands is never fun, but it’s necessary in order to avoid making impulse purchases that you’ll regret later.

 

Don’t Live Above Your Means

Risks Involved: No Retirement Savings

Potential Savings: $100,000+*

Assuming everyone works for 45 years of their lives, not spending $5 a day would result in having an additional $82,125 in savings later on. It might be time to think about investing in a Keurig. Living an extravagant lifestyle is all well and good if you can afford it.

The problem is, it’s pretty easy to lose track of what’s being spent these days, and when that happens, you have to dig yourself out of debt before you can begin saving for the future.

 

Don’t Get Carried Away on Deals Websites

Risks Involved: Overspending

Potential Savings: $100+*

One of the most popular incentives used by online retailers is the idea of free shipping. This is usually a minimum order amount that must be met in order for the customer to qualify for free shipping.

This is a great way to get customers to spend more money, as they are more likely to add items to their cart to reach the free shipping threshold. Other times, retailers will offer coupon codes or discounts if you spend a certain amount of money. This is another way to get customers to spend more than they may have originally intended.

 

Don’t Spend Money on Things You Don’t Really Use

Risks Involved: Wasted Money

Potential Savings: $100-$1,000+*

When it comes to spending money, many people often make the mistake of buying things that they will most likely never use. This is especially true when it comes to groceries. For every “Buy 3 Get 1 Free” sale a grocery store has on Dijon Mustard, there are usually a few people who leave the store with four jars of mustard simply because one of them was free.

While getting anything for free is great, it’s important to remember that free doesn’t always mean better. In most cases, the savings on other products are so minimal that you’d be better off buying the item one at a time. This is something to keep in mind next time you’re grocery shopping at Kroger.

 

Don’t Rely Only on Cash When Traveling

Risks Involved: Spending More

Potential Savings: $100-$1,000+*

If you’re traveling to a foreign country, you may be thinking about using cash instead of dealing with the hassle of international credit card fees. However, there are other options. Traveler’s checks are a safe and secure way to access your money from a bank in another country.

Heavy reliance on cash while abroad could result in disaster if your wallet is stolen or misplaced. Using the old two-wallet trick is an excellent way to side-step disaster. If your credit cards and some backup cash are kept in wallet #2, at least you won’t be left high and dry.

 

Don’t Make Insurance Your Only Investment

Risks Involved: Riskier Than Regular Retirement Saving Vehicles

Potential Savings: $100+* / Month

There are many factors to consider when deciding whether to invest in insurance or a retirement fund like a 401(k). For most people, a 401(k) is the safer bet. It offers stability and a guaranteed return on investment, whereas an insurance policy could lose value if there is an economic downturn.

A 401(k) is also a more flexible investment, allowing you to withdraw money if you need it before retirement. With an insurance policy, you may have to wait until you reach a certain age before you can access the cash value.

 

Don’t Post Money or How Much You Make on Social Media

Risks Involved: Fall Victim To Fraud

Potential Savings: Infinite

There are a few things you should never post on social media, no matter how tempted you may be. Your financial details are one of them. Posting pictures of your paychecks or bragging about how much money you make is a surefire way to attract unwanted attention. You could end up being targeted by criminals or scammers.

Another thing to avoid posting on social media is pictures of yourself with large amounts of cash. If you’ve just hit the jackpot at the casino, for example, resist the urge to share a photo of yourself rolling around in all that money. It’s not worth risking a burglary or robbery.

 

Don’t Donate Money Over the Phone

Risks Involved: Identity Theft

Potential Savings: Incalculable*

When you are researching a particular charity, always be sure to get information in writing. This way, you can take your time to review the information and make sure that you are comfortable with giving them your personal information and credit card number. If a charity is legitimate, they will have no problem providing this type of information.

There are also many third-party websites that can provide helpful information about charities. These sites can often give unbiased reviews and ratings of different charitable organizations. This can be a valuable resource when trying to determine which charity is right for you.

 

Don’t Buy Into An Investment That Sounds Too Good To Be True

Risks Involved: Getting Scammed

Potential Savings: Thousands

If someone tells you that an investment is a “sure thing,” it’s probably best to stay away from it. There’s no such thing as a sure thing when it comes to investing, because there are too many variables that can influence whether or not a profit is made.

The most trusted financial advisors will tell you that the more boring an investment is, the better it will most likely be in the long term. That’s because the market likes predictability. A fluctuating commodity is a scary one, and serious investors don’t like making bets on risky investments.

 

Don’t Loan Money to Friends and Family You Can’t Trust

Risks Involved: Loan Not Paid Back

Potential Savings: Various

There are a lot of reasons why you shouldn’t lend money to friends or family members. For one, it can put a strain on your relationship if they can’t pay you back. Additionally, you may not get the money back at all, which can leave you in a tough financial situation.

If you’re considering lending money to a loved one, it’s important to think long and hard about whether or not it’s the right decision. You need to be prepared for the possibility that you may never see that money again.

 

Don’t Overspend On Lotto Tickets

Risks Involved: Long Term Losses

Potential Savings: $1-$5* / Ticket

Did you know that the odds of winning the Powerball lottery jackpot are 1 in 292 million? That means that your chances of becoming a millionaire overnight are pretty slim. In fact, most of the prizes in the Powerball lottery are nothing more than another lottery ticket for the following draw. So, if you’re thinking about buying a Powerball ticket, you might want to reconsider.

Approximately half of all adult Americans gamble away more than $85 of their hard-earned money on lottery tickets every month. That’s over $1,000 a year that could be spent on more important things or put into a savings account.

 

Don’t Cash Your Paycheck Right Away

Risks Involved: Spend Too Quickly

Potential Savings: $100+* / Month

There are a few key benefits to having your employer deposit your wages directly into your bank account. First of all, it can help you to keep your hard-earned cash out of sight and, therefore, theoretically out of mind. If you can’t see it, you won’t spend it as easily.

Additionally, setting up direct deposit can help you to automatically invest in a workplace retirement plan. This way, you can get the money deducted from your salary each month and put it into an investment plan without having to think about it or take any extra steps. This can be a great way to save for retirement without having to actively think about it on a regular basis.

 

Don’t Buy Too Much Company Stock

Risks Involved: Stock Flops

Potential Savings: $1,000-$10,000+*

When it comes to investing, there is no such thing as a sure thing. No matter how good an investment may seem, there is always the potential for it to fail. That’s why it’s important to diversify your investments and not put all your eggs in one basket.

While it may be tempting to go all-in on a company that seems like a sure thing, it’s not worth the risk of losing everything. It’s better to spread your wealth across different sectors and companies so that you’re less likely to lose everything if one investment doesn’t pan out.

 

Don’t Invest Money You Can’t Afford To Lose

Risks Involved: Go Into Debt

Potential Savings: Thousands

There are a lot of similarities between playing the stock market and going to a casino. They’re both forms of gambling, and the only money that should be used for either one should be money that the gambler has already come to terms with about losing. The funds that are used to dabble in the stock market should theoretically come from excess cash you have to play with.

That means it’s probably not a good idea to allocate money for the exchange until after all the bills have been paid and food has been purchased. Nothing in the market is guaranteed, so make sure you’re comfortable with the risks before investing any money.

 

Don’t Fall For ‘Special’ Finance Deals You Can’t Afford

Risks Involved: Hidden Interest Fees

Potential Savings: $1,000+*

If you’re considering financing a product, it’s important to read over the contract thoroughly before signing anything. A deal that seems too good to be true probably is. For example, a three-year financing plan for a Honda Civic might have low monthly payments for the first two years, but hidden interest fees and a much higher monthly rate in the third year.

To avoid being caught in a financing trap, make sure you understand all the terms and conditions of the contract before you sign anything. Read the fine print carefully and don’t hesitate to ask questions if anything is unclear. It’s also important to shop around and compare different financing options before making a decision.

 

Don’t Opt Out of Your 401(k)

Risks Involved: Having No Retirement Money

Potential Savings: Tens of Thousands

When you get thrown a curveball in life, it can be tempting to do something drastic – like cashing out your 401(k). But resist the urge! Making a withdrawal from your 401(k) will only set you back in the long run.

Your 401(k) is one of the most important tools you have for saving for retirement. Cashing it out now will not only reduce the amount of money you have available for retirement, but it will also trigger taxes and penalties that will further eat into your savings.

 

Don’t Be Unintentional With Your Money

Risks Involved: Savings Goals Won’t Be Achieved

Potential Savings: Unlimited

Where should you put your money? That’s a great question and one that doesn’t have a simple answer. It depends on your goals and what you’re trying to achieve. There are a few different options when it comes to saving money.

You can keep it in a savings account, invest it, or use it to pay down debt. Each option has its own advantages and disadvantages. Savings accounts are a good place to keep money that you’ll need in the short-term. They’re safe and liquid, which means you can access your money quickly if you need it.

 

Don’t Put All Your Money in Illiquid Investments

Risks Involved: Can’t Access Money When Needed

Potential Savings: Unknown

According to financial experts, every adult should be aware of where their money is and how to gain access to it in a timely manner. While it’s advisable to have long-term investments, too much money locked into long-term investments can be problematic.

For example, Real estate investment trusts (REITs) and collectibles are not easily turned into cash and may not be as valuable as you think. Instead, invest in assets such as mutual funds and individual stocks, which can be cashed out if needed. However, keep in mind that the stock market is volatile and your investments could lose value.

 

Don’t Co-Sign a Loan You Can’t Afford

Risks Involved: Bankruptcy

Potential Savings: $10,000+*

Co-signing a loan for someone can be a risky proposition. If the other person is not responsible with their finances, or is not financially stable, you could be on the hook for the entire loan if they default.

This could ruin your credit score and make it very difficult to get loans in the future. So think carefully before co-signing a loan for someone else. It could end up costing you much more than you bargained for.

 

Don’t Spend Money on Gifts That No One Needs

Risks Involved: Wasted Money

Potential Savings: $100-$1000+*

There will always be moments when you’ll see something and think “I have to buy this for so-and-so.” But before you do, take a step back and think about whether or not they really need it. More often than not, the answer is no. Little knick-knacks and novelty items may be fun, but they’re rarely worth the money.

If your kids have four perfectly good PlayStation controllers, do they really need a Star Wars edition one? Probably not. Instead of spending $70-$100 on something like that, put the money away for a rainy day, invest it, or deposit it into your savings. You (and your wallet) will be glad you did.

 

Don’t Sign a Contract You Don’t Understand

Risks Involved: Locked Into Unfavorable Long Term Contract

Potential Savings: $10,000+*

If you’re considering signing a contract, it’s important to have someone else look it over first. An experienced eye can help spot any potential problems or misinterpretations in the wording.

While it may not be cheap to hire a lawyer to review a contract, it’s worth the peace of mind knowing that everything is in order. Avoid getting locked into a long-term agreement that you can’t get out of by being diligent before signing anything.

 

Don’t Waste Your Money On Energy Drinks

Risks Involved: Caffeine Addiction

Potential Savings: $100* / Month

If you find yourself relying on energy drinks to get through the day, it may be time to reevaluate your habits. Though having one every now and then is unlikely to do much harm, downing multiple energy drinks on a daily basis can lead to some serious health issues.

For starters, too much caffeine can lead to anxiousness, irritability, and even insomnia. If you’re not getting enough sleep, you’re likely to feel even more exhausted – no matter how many energy drinks you consume. Not to mention, energy drinks are often loaded with sugar, which can lead to weight gain and other health problems.

 

Don’t Be Disorganized

Risks Involved: Replacing Lost Objects

Potential Savings: $1,000+* / Year

If you’re someone who’s always misplacing things, it might be time to consider getting more organized. Disorganization is a habit that is picked up in childhood and sticks with some people throughout their lives. They might not think it’s a problem, but not knowing where things are is a recipe for disaster that usually leads to buying a bunch of new stuff to replace what’s been lost.

It doesn’t matter how well you’ve been budgeting your resources if you’re not able to keep yourself organized. When you add up all the misplaced headphones, cellphone chargers, and house keys, you could be looking at over $1,000 a year of wasted money.

 

Don’t Make In-Game Purchases

Risks Involved: Wasted Money

Potential Savings: $1-$5* / Purchase

There are two types of mobile gamers: those who are happy to progress through a game without spending any money, and those who are willing to spend some cash to speed up their progress.

For the former group, free games that rely on in-app purchases can be frustrating. It can feel like you’re being constantly bombarded with requests to spend money, and it can be tempting to give in and make a purchase just to get rid of the nagging pop-ups. However, it’s important to remember that most in-app purchases can be earned without spending any money.

 

Don’t Buy Pricey Personal Care Products

Risks Involved: Spend More Than Needed

Potential Savings: $5-$10* / Product

If you’re trying to save money, one place you can start is by cutting out expensive personal care products that don’t work. These are usually the products with a long list of ingredients, many of which you don’t recognize.

A general rule of thumb in beauty care is that the fewer ingredients a product has, the cheaper it should be. So, ditch the miracle acne cream and Wrinkle-B-Gone that’s been sitting on your bathroom sink for months and use something simpler and more affordable.

 

Don’t Keep Your Tires Under Inflated

Risks Involved: Wasted Fuel

Potential Savings: $100+* / Month

If you’re looking to save on gas, one of the best things you can do is make sure your tires are properly inflated. It only takes a few minutes to check and inflate your tires, and it could end up saving you more than $100 per month.

Under-inflated tires can lead to a number of problems, including decreased fuel efficiency and increased wear and tear. If you’re not sure how to check or inflate your tires, most gas stations will have air pumps that you can use for free. Simply attach the pump to your tire and add air until it reaches the desired pressure.

 

Don’t Use Banks With High Fees

Risks Involved: High Interest Rates and Hidden Fees

Potential Savings: $1,000+* / Year

When you use an ATM that’s not affiliated with your bank, you could end up paying a fee of $5 or more just to access your own money. And some banks now charge their own customer service fees as well. In addition to the annual fee you pay for their services, you might also see several withdrawal fees on your monthly statement.

The simplest solution is to limit the number of times you withdraw cash each month. But the smarter solution is to get a better deal with your bank or switch to a more customer-friendly institution.

 

Don’t Pay For Cable

Risks Involved: Paying For Something You Don’t Use

Potential Savings: $45-$135* / Month

There was a time when cable television seemed like the only option for watching our favorite shows. But now, with so many streaming platforms available, it feels like cable is just a holdover from a bygone era. For many of us, it’s time to move on.

Sure, streaming can be more expensive if you subscribe to multiple platforms. But with the variety of content available, it’s hard to argue that it isn’t worth the investment. From original programming to classic movies and TV shows, there’s something for everyone on the various streaming platforms.

 

Don’t Buy Disposable Razors

Risks Involved: Spending More On A Lesser Product

Potential Savings: $100-$500* / Year

There are a lot of reasons to switch to a non-disposable razor. For one, they’re better for the environment. Disposable razors end up in landfills, where they take years to decompose. Non-disposable razors, on the other hand, can be reused over and over again.

Another reason to switch is that non-disposable razors are simply better quality. The blades are sharper and will last longer before needing to be replaced. This means you won’t have to buy new blades as often, which can save you money in the long run.

 

Don’t Buy Snacks At The Gas Station

Risks Involved: Creates Bad Spending Habits

Potential Savings: $5-$10* / Day

Paying at the terminal next to the pump is one way to avoid going into the gas station and save money. For some people, going to the gas station is more than just filling up the car. It’s a ritualistic event.

First, they pump the fuel. Then they go inside to pay. On the way to the till, a stop at the fridge is in order — to get something cold and refreshing, of course, then a snack from next to the clerk, and it’s go time. Breaking out of this ritual can save hundreds of dollars annually.

 

Don’t Forget Your Reusable Coffee Cup

Risks Involved: N/A

Potential Savings: $100* / Year

Disposable coffee cups are a huge problem for the environment. Every year, billions of them end up in landfill sites where they take many years to decompose.

Reusable coffee cups are a great way to reduce this environmental problem. They are relatively inexpensive to buy, and they last for a very long time. Many coffee shops will give customers a discount if they bring in their own reusable cup.

 

Don’t Skimp On Health And Hygiene Habits

Risks Involved: Expensive Medical Bills

Potential Savings: $10,000+*

Many people find it difficult to stick to a dental hygiene routine. They may forget to brush their teeth after meals, or they may avoid flossing altogether. However, proper dental hygiene is important for maintaining healthy teeth and gums. In addition, it can also save you money in the long run.

Dentists recommend brushing your teeth at least twice a day. However, many people find it challenging to brush even once a day. If you are one of these people, don’t worry – there are ways to make dental hygiene less of a chore.

 

Don’t Pay Someone Else For Simple Car Repairs

Risks Involved: Paying For Service You Don’t Need

Potential Savings: $100+* / Repair

Despite the high cost of car ownership, many people find it necessary for their work or lifestyle. However, there are a few ways to offset these costs. First, it is important to shop around for a reliable and affordable vehicle. Second, you can save money on repairs by doing some of the work yourself.

Finally, regular maintenance will help to extend the life of your car. Proper dental hygiene is essential for keeping your teeth and gums healthy. Remember to brush and floss regularly, and see your dentist for professional cleanings and checkups.

 

Don’t Buy Pre-Sliced Or Individually Packaged Anything

Risks Involved: Paying Five To Ten Times More

Potential Savings: $1,000+* / Year

If you’re looking to save money, one area you may want to focus on is your lunchtime spending. Non-homemade meals can be one of the biggest daily expenses for people, so making your own lunch at home can help you stretch your budget further.

One way to make your packed lunches even more affordable is to avoid buying pre-sliced cheese. Buying a block of cheese and slicing it yourself can save you a significant amount of money over time. Not only will you be able to control how much cheese you use, but you’ll also be able to customize your sandwiches or salads to your own taste.

 

Don’t Pay Full Price For Clothes

Risks Involved: Overpaying for Clothes

Potential Savings: $100* / Item

There are a few different ways to score popular fashion brands for less. One way is to wait for sales or price drops. This can be difficult if you have your eye on a particular item that isn’t currently on sale, but it’s definitely worth checking online and in store periodically to see if any items have been marked down.

Another great way to save money on clothing is to shop at thrift stores. You might have to sift through a lot of stuff, but you can sometimes find hidden gems at places like the Salvation Army.

 

Don’t Go Grocery Shopping When You’re Hungry

Risks Involved: Impulsive Buying

Potential Savings: $50+ / Grocery Trip

If you’re one of those people who always seem to end up buying more food than you need when you grocery shop on an empty stomach, then it might be time to rethink your approach. Shopping when you’re hungry is a surefire way to end up with unhealthy and impulse purchases that can really add up over time.

Instead, try to make a grocery list in advance and stick to it as best as you can. This will help you avoid those tempting items that always seem to call your name when you’re standing in front of them at the store. It’s also a good idea to eat something before you go shopping, so you’re not tempted by all the delicious (but often unhealthy) snacks that are available.

 

Don’t Let Your Credit Score Cost You Money

Risks Involved: Higher Interest Rates / Lower Loan Amounts

Potential Savings: $10,000+*

A credit card is not a toy to be played with. Although they won’t be realized until later in life, there are consequences for overspending on a credit card and even harsher ones for not paying off your balance promptly.

Your credit score is what banks and mortgage companies use to help them determine the amount of a loan you are eligible to receive and the specifics of the mortgage contract you’ll be offered. Obviously, the better the credit rating, the more like you are to get what you’re asking for.

 

Don’t Live In A Drafty Living Space

Risks Involved: Running Up The Electric Bill

Potential Savings: $1,000+* / Year

If you’re like most people, a drafty living space is the last thing you want. Not only is it uncomfortable, but it can also wreak havoc on your power bill. Unfortunately, many homeowners believe that the only way to fix a drafty home is to replace all of the windows and doors with new, more energy-efficient models. However, this can be a very costly investment – one that may not be necessary.

There are several cheaper and just as effective ways of insulating your home against drafts. For example, you can use weatherstripping or caulking to seal up any gaps around doors and windows.

 

Don’t Buy Brand Name Products

Risks Involved: Wasting Money

Potential Savings: $100+* / Shopping Trip

When it comes to purchasing products, many people automatically assume that they need to buy from a recognized brand in order to get good quality. However, this is not always the case. In fact, you can often find generic versions of brand-name products that are just as good – if not better – in terms of quality, but which cost a fraction of the price.

This is true for a wide range of products, from clothing to groceries to medication. Many supermarkets have their own brands of products that are often just as good as the more famous brands, but which cost much less.

 

Don’t Forget To Take Advantage of Qualifying Discounts

Risks Involved: Missing Out On Discounts

Potential Savings: 5% – 25%*

Being a student, a member of the military, or a senior citizen all come with perks that qualifying persons don’t usually know about. Just because an establishment doesn’t promote discounts doesn’t mean they don’t offer them. Before buying a shirt, ask the retailer if you qualify for any savings.

Likewise, before paying for lunch at a restaurant near campus, let your server know you’re a student — maybe flash your student card. When saving money is involved, it’s not the time to be bashful. If you work for a subsidiary of a vast conglomerate, don’t forget to check about discounts at the other businesses in the group.

 

Don’t Make More Than One Trip To The Grocery Store Each Week

Risks Involved: Overspending

Potential Savings: $100+* / Month

If you find yourself making multiple trips to the grocery store each week, it’s time to start making a list. Having a list will help you to remember everything you need and avoid buying things you don’t need. Plus, it will save you time and money on fuel costs.

Attach your list to the fridge or somewhere else that everyone in the family can see. That way, everyone can add items as needed. If an item is forgotten, it can usually wait until the next trip. Of course, there are always exceptions!

 

Don’t Only Use Credit And Debit Cards

Risks Involved: Spending Too Freely

Potential Savings: $1,000+* / Year

As cash becomes less and less popular, it’s easy to find yourself in a situation where you’re not really sure how much you’re spending. When you use a card, it’s easy to just tap and pay without thinking about it, and before you know it, your account balance is surprisingly low.

To avoid this, try leaving your credit and debit cards at home when you go out for walks or to run errands. You can also give yourself a daily or weekly allowance in cash so that you’re more aware of your spending. By regulating the amount of cash you have on hand, you’ll be less likely to overspend.

 

Don’t Coupon Irresponsibly

Risks Involved: Spend Over Budget

Potential Savings: $1,000+* / Year

Saving money requires making choices. Sometimes, those choices are easy, like deciding to drink water instead of soda. Other times, they are more difficult, like deciding whether or not to use a coupon.

If you have a coupon for $5 off your purchase of $50 or more, you may be tempted to spend more than you would otherwise in order to get the discount. However, if you only need a few items and the total cost of your purchase is less than $45, you may be better off not using the coupon.

 

Don’t Take Expiration Dates As Law

Risks Involved: Throwing Away Good Food

Potential Savings: $100+* / Month

If you’re like most people, you probably pay pretty close attention to the expiration dates on your food. After all, you don’t want to risk eating something that’s gone bad. But did you know that those expiration dates are often more of a guideline than anything else? In many cases, food can still be safe and delicious long after the expiration date has passed.

For example, take a box of Frosted Flakes. The cereal in this case is not perishable, so even if the expiration date has come and gone, the flakes will still taste just as good as they did when they were first manufactured.