Myth: Quit All Bad Spending Habits Cold Turkey - Deepstash

Bite‑sized knowledge

to upgrade

your career

Ideas from books, articles & podcasts.

Myth: Quit All Bad Spending Habits Cold Turkey

Instantly stopping your bad spending and saving habits may set you up for failure and leave you feeling discouraged and less motivated to improve your finances.

Changing your spending habits should be taken on in smaller steps. For example, if you like to eat out, save it for Saturday night.

3

STASHED IN:

160

MORE IDEAS FROM THE SAME ARTICLE

It makes sense to stock up on non-perishable items such as soap and canned goods.

However, buying wholesale perishable items like fruit and milk might mean it goes to waste if you can't consume it before the expiration date.

While early holiday shopping can snag you discounts and the best selection, you are most likely to get the best deal just before holiday shopping.

Retailers need to move holiday-specific merchandise because they are seasonal items. You can probably score deals 20% and 30%...

Purchasing less expensive items could also mean buying lesser quality, meaning you will have to buy the same article more often.

Knowing how long something should last versus how much you'd like to pay, can balance quality and price.

Your parents were in their prime in a very different social and economic climate. What was good for them may no longer be true.

By managing your money differently to your parents does not make you ungrateful. It acknowledges that your parents managed money in a way that w...

Consumers need to protect themselves when dealing with banks. Don't let the bank make financial decisions for you.

Signing up for a new credit card because you were pre-qualified will not always end in well. Despite good credit scores and money in the bank, only you know y...

Leaving money in your checking account might make you spend more than you planned, simply because the money is available. The money in your checking is also not earning any return.

Instead, lessen the temptation. Try budgeting carefully enough and transfer the extr...

Coupons are sold in lots to allow couponers to stock up on the best deals.

While coupons are great to save money, it does not make sense to spend on coupons in order to save. Coupons vary greatly by geographic location and store, and may not apply to your geographic area. ...

Credit can come in handy on some big purchases. Rather than using your debit card, it may make better sense to pay with your credit card, then settle the amount immediately.

This is because credit cards often offer more protection for larger items, such as extra insurance...

Discover and save more ideas by creating a

FREE

Deepstash account.

Develop a

reading habit

, save

time

and create an amazing

knowledge library

.

GET THE APP:

MORE LIKE THIS

Common budgeting mistakes

  1. Not Tracking Expenses: it's impossible to stick to your budget if you don't know where your money is going.
  2. Buying on Impulse: Impulse buying is expensive. 
  3. Becoming the Victim of Budget Busters.
  4. Being So Frugal It Makes You Miserable: 

4

STASHED IN:

440

Brand name products

You don’t have to spend money on the big brand names.

Your local grocery or drug store might have a store brand or sell a generic version. In most cases, the ingredients are pretty much identical.

41

STASHED IN:

1.39K

  1. Create a Financial Calendar: prevent yourself from forgetting quarterly tax payments and to get credit reports.
  2. Check Your Interest Rate: Pay off loans, open saving accounts and negotiate credit debts based on interest rates.
  3. Track Your Net Worth: The dif...

161

STASHED IN:

3.85K