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1. Your budget is too tight
You know when you follow a super-strict diet and eventually end up indulging in the foods you’ve been craving for months? Something similar happens when you follow an unrealistic budget. Following a budget is great. But following one that prevents you from spending money on an occasional indulgence isn’t healthy.According to Affordable School Online, you’ll be more successful implementing small budget changes over time, while working toward a larger goal, such as cutting down on monthly expenses. Strict budgets limit your opportunities, meaning the chances you may have to experience something great or purchase something you need or want at a deep discount. You don’t want to get to the point where your budget feels like it’s causing you to miss out on once-in-a-lifetime purchases and opportunities, per Affordable School Online. Use your budget to prevent yourself from going on shopping sprees and impulse shopping – don’t let it control your life.
2. You buy items just because they’re on sale
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A sale, which is typically thought of as a budget-friendly word, can actually be extremely dangerous. The worst can be clothing sales, which lure buyers to pick up stuff they don’t need just because items are labeled as half off. To fight tempting sales, unsubscribe from store newsletters and catalogs. In addition, don’t approach sales as being good for your wallet unless something you need has been marked down.
3. You buy more to get a discount
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Free shipping is great if you actually need the stuff you’re buying. It’s not nearly as good if you’re buying items you don’t need just to take advantage of the “deal.” Yes, paying for shipping is annoying. But spending more than necessary just so you don’t have to pay for it isn’t a good financial move.
4. You buy a coupon to save money later
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5. You commit to a long-term gym contract
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“Signing a long-term commitment for a gym membership can be a bad move,” Clare Levison, author of Frugal Isn’t Cheap, explains to The Street. “You might save $5 or $10 a month by signing up for a year. Then you don’t use it — so it really wasn’t a better deal. It might be a better idea to pay more monthly until you’re sure you’re going use it. At the end of three months if you decide you’re going to quit going to the gym, you can just stop. You haven’t committed yourself to a year’s worth of payments.”
6. You over save
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Should you save? Yes. But it’s a balancing act. Set aside money, but let yourself enjoy those savings occasionally. And make sure as you’re saving, you’re working toward rewards, such as a vacation or even a down payment on a home.
7. You buy the cheapest of everything
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Do your research before buying an expensive item. Take the time to ensure it’s a quality product, and then tell yourself it’s worth the extra money because you won’t be replacing it in the near future. How do you know when to cut back and when to splurge? For office supplies, a visit to the dollar store is fine. But when it comes to a nice TV or laptop, it’ll pay to invest in quality, per Daily Worth. It doesn’t need to be the most expensive product on the market, it just shouldn’t be the cheapest either.
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