Starting saving is among our top goals every new year. However, after saving for a few days, we slip back into the old habits. Trimming your budget is one of the effective ways of saving money and moving closer to financial health, but it is not easy. The reason you are unable to shrink your budget further is that you are not ready to let go of some old habits. They may be satisfying you, but they are not worth keeping if they are swallowing up all your income. Below are some of the lifestyle changes you can make to meet your saving goals.
Reduce alcohol intake
On average, American families spend about one percent of their annual income on alcohol. It's even more tempting to overspend on alcohol nowadays as you can order online and have it delivered to your door. You don't have to worry about coming back home late. Alcohol is one of the items you can remove from your shopping cart to save money. If you are addicted or you have high tolerance levels, consider going in for alcohol detox treatment. Besides improving your financial health, reducing alcohol intake will enhance your bodily health.
Unlike alcohol that eats into your finances slowly, irresponsible gambling can make you poor overnight. While many people are able to participate in betting without getting carried away, others suffer from gambling addiction, a condition which makes them unable to control their desire to gamble. For example, if you find yourself gambling with money you cannot afford to lose, you are probably a gambling addict. Treating a gambling problem begins with identifying what causes it. Compulsive gambling is associated with mental conditions such as depression and anxiety. It is also related to substance abuse. After identifying the underlying psychological conditions causing the gambling addiction, seek help. Also, join a peer support group such as Gamblers Anonymous to learn from others who overcome the addiction.
Use public transit more
Driving your car gives you convenience; you have control over the speed and where to branch off. But have you ever considered the cost of the convenience in terms of fuel and garage costs? Another way of reducing transport costs is carpooling with your schoolmate or workmates.
Fight off technology addiction
Technology can erode your wallet, especially when you are addicted to gaming. Most gaming apps advertise as free apps, but they have a clever way of getting money from you. For example, after getting you hooked, they will require you to pay to unlock the next level. Others have the option of using real cash to buy virtual players and other items you need to continue playing. You will save a lot if you fight off the addiction to such games. Also, go through your technology monthly subscriptions to see what you no longer need.
Change your smoking habits
Smoking is expensive. The daily spending on cigarettes may not look like much, but if you calculate the monthly and yearly expenditure, you will realize a considerable portion of your income is going up in smoke. A light smoker takes less than ten cigarettes a day while a heavy smoker may take up to 20. A pack of cigarettes costs around $6.24 in the USA today. If a moderate smoker takes ten cigarettes a day, it means they will save around $93.45 per month and $1,136.98 yearly if they quit smoking. These savings would undoubtedly apply to smokers in the UK and Europe as well.
You don't have to implement the above saving strategies all at once. Instead, you can apply them gradually until you hit your saving target. Start by exercising control over your finances and resisting the urge to spend.