Money and savings are topics everyone thinks about often. We need money to live a quality life. We need savings in case of an emergency and to retire. Everyone only has so much money. How do we make sure we are spending it in the best ways possible? Below are some pointers on both good and poor money choices.

Good Choices

Stocks

Stocks are a great way to grow your money. Having an advisor can help, but there are many resources now to invest on your own. Many banks offer investment advisers. There are also apps. If you would like to invest entirely on your own, there are several safe options. For example, clothing stocks from successful, well-established brands are a safe way to invest your money.

Savings Apps

There are a lot of alternatives for financial apps on mobile devices. Some help invest small amounts of money. Others help track spending. Having a mobile app that helps you visually see where your money is going might help to curb some bad spending habits.

Eat at Home

Eating out can add up quickly. It’s one thing if its a luxury once in a while, but eating lunch out every day can place a significant drain on your budget. If you feel as though your meal plan is in a rut, search online for some new ideas. Miss Frugal Mommy has some fantastic recipes to spice up your palette.

Put Yourself on a Budget

Setting a budget is a great idea. Track all your expenses. Seeing exactly where your money goes is essential to saving. Calculate how much of your spending is going to necessities. After that, give yourself a set amount of money for food, entertainment, travel, etc. Using cash instead of cards is a great way to see where your money is physically going. If you have a 200 dollar per week budget for entertainment, put 200 dollars in an envelope marked entertainment.

Avoid Spending Triggers

Everyone has spending triggers. Avoiding these triggers can make a big difference in the amount in your bank account. Avoiding stores where you make impulse buys is a good place to start. If you tend to overspend at stores, try making a list and only buy what is on the list.

Poor Choices

Buying a New Car

Cars are an awful investment. As soon as you drive a car off the dealership lot, it loses value. If you are looking for a newer car, look at used cars with low miles. This can save you a lot of money.

Coffee

A five-dollar coffee five days a week ends up being twenty-five dollars a week. That is one hundred a month. If you are always wondering why you have no savings or money to travel, look at cutting habits like coffee. Simply cutting a coffee habit can save over a thousand a year. There are many options for making coffee at home that taste just as good as a coffee shop. As an added bonus, you will gain back the time you used to spend in the coffee shop lines.

Subscriptions

In today’s world, there are subscriptions for everything. There are subscriptions for movies, clothes, food, and more. Each one might not seem like a significant expense individually, but the money adds up quickly. You might even have some subscriptions you have forgotten about and never use. Make a list of all your subscriptions, and decide which ones you want to keep.

Impulse Purchases

Making purchases on impulse leads to money spent frivolously. It might even cause regret. If you are thinking about making a big purchase on a whim, stop and evaluate your feelings a few days later.

Shopping After Drinking

After drinking, people have lowered inhibitions. This can lead to late-night shopping. Stores have noticed this trend and even have begun offering late-night sales to target drinking shoppers. Try to avoid online retailers after having a drink, and disable one-click checkout to make the process more difficult.

It is essential to save money. To do that, we need to make wise choices. Following these tips and tricks will help you spend money wisely, and keep more in your bank account.