It is an irrefutable fact that the cost of living is becoming higher and higher. Not everybody is making sufficed money to keep the roof above their heads. According to financial experts, there are various factors bringing forth financial concerns, and one of them is mindless spending. Various things, such as drinking coffee, you feel are necessary, but they are just wasteful spending.

You often look over your budget and try to whittle down your inessential expenses, but the fact is, most of them are perceived as essential, and you continue to spend money on your vices. This blog discusses five habits you should break to save money.

1. Quit drinking and smoking

Drinking and smoking are bad habits. Occasionally, drinking and smoking are acceptable, but otherwise, they should be treated as an addiction. Alcohol has become a favourite beverage for many people across the world. Whether they want to get it off their chests or they want to bare their soul to their friends, most events do not happen without wine glasses in their hands.

You often do not realise that you spend thousands of pounds every year on alcohol. The amount you spend on alcohol varies depending on how often you drink, what you drink, and where you drink it. Just because you drink occasionally, it does not mean that your total bill will not be whopping high. For instance, if you drink only at weekends with your friends at expensive bars where just one drink might cost you £15 or more, having just two expensive drinks every weekend will cost £120 monthly. The annual bill will be added to £1440.

Likewise, smoking can also cost you a lot of money. How much it costs varies widely depending on how many cigarettes you smoke per day, which brand you consume, and where you live. There are many areas where cigarettes cost twice compared to costs in other areas due to high transportation costs.

Saving tips

1. The most effective way to cut back on alcohol is to simply drink less.
2. If you drink occasionally, you should try to prefer less expensive drinks.
3. Try to go to normal bars rather than luxurious and expensive bars.
4. Drinking at home is also an option. It is the most convenient way to save money on alcohol consumption.
5. It is not necessary to spend a weekend night at a bar. You can do it at home too.
6. The best way to save money on smoking is to cut it down altogether.
7. Try to chew gum or cardamom in order to tackle your addiction.

Undoubtedly, you will save a lot of money when you cut back on drinking and smoking. You may not realise an immediate effect, but you will receive benefits in the long run. Not only will your health improve, but your financial health will also improve.

2. Eating out

You may not realise it, but dining out is the most expensive habit. If you are a gourmet, you will certainly want to explore different kinds of cuisines at different restaurants. Food is very expensive whether you eat it at a restaurant or you want to get it delivered at home.

You cannot believe that the Brits spend about £5,000 on food on average every year. The average cost of the cheapest meal, also known as processed food, is less than £6. It does not seem expensive, but it lets you buy food in small quantities. When you order meals for a family, the cost becomes so high.

Saving tips

1. If you eat out for convenience, you should stop it. Instead, try to cook food at home. Stop hating cooking just because it is a little time-consuming.
2. Food prices vary widely by restaurant. You should compare prices and try to prefer a restaurant that fits in your budget.
3. Once in a while, takeaway is fine, but eating out every weekend is not recommended in order to save money.
4. Home delivery should also be banned because it adds other charges, such as delivery fees. In fact, food prices include hidden fees.
5. Plan meals, as this will make you struggle less while cooking food. Do all preparations at weekends, so you do not have to spend too much time in your kitchen.
6. If you have to leave for work early and you often end up spending on breakfast, you should prepare yourself some grab-and-go breakfast.

In order to save money on food, you will have to be determined to break your habit of eating out and takeaway. It does not mean that you have to ban it, but overdoing anything is bad.

3. Making frequent purchases

Another area where you spend a lot of money is your regular purchases apart from groceries and other essentials. Because you are in a bad frame of mind, you plan to shop online for some clothes or shoes. Sometimes, you feel excited or nervous, and you decide to go to a store to calm your nerves. Impulsive purchases is one of the reasons why your budget becomes so weak.

Apart from impulsive purchases, you also tend to spend money on beauty and personal care. Manicure, pedicure, nail art, there are loads of things you do to enhance your beauty, which are worthless. Beauty treatments are extremely expensive. In fact, some people use bad credit loans with guaranteed approval to meet the gap in savings. Remember that these loans are expensive. As interest rates are high, you find yourself with little money at the end of the month. Some people even fail to discharge the debt and fall into debt.

Saving tips:

1. To some extent, spending on beauty and personal care is justifiable, such as haircuts and taking care of your skin, but you should be very mindful while buying beauty products.
2. Make sure that you do not buy expensive international perfumes and deodorants.
3. While buying anything, you should ask yourself whether you need it. Is there any other alternative which is cheaper?
4. If you need any treatment, compare prices. Chances are, you can get it at lower prices.
5. In order to cut back on impulsive spending, you should make a list of things you want to buy and take at least 48 hours. You will find that you no longer want what you had been desperate for before.
6. You do not need to update your mobile phones, curtains or wardrobe every year.

The final statement

If you want to save money, you should break habits such as smoking and drinking, eating out and making frequent purchases.