7 Ways to Manage Undeserable Spending Habits
Mar 8th, 2008 by Kaushik Adhikary
Image via WikipediaMany people dream of retiring with a hefty bank account but few people actually achieve it. This is largely due to lack of discipline in building up their retirement fund and poor spending habits. While building a healthy retirement fund requires time, all you can do to accelerate the process by making positive changes in your spending habits.
Here are 7 ways to change undesirable spending habits:1. Do more walking than driving. If you can reach your destination within ten minutes by car, consider leaving the car behind and walk instead. Use a bicycle if your destination is within 30 minutes by car(of course if you’ve enough time to spare). This helps promote blood circulation in your body and also reduces environmental pollution.You will save money on gasoline and parking fees. This can easily add up to a few thousand dollars a year.
2. Bring your own coffee to office. Many people like to drop by a coffee outlet of their choice and end up spending a few dollars or more on a cup of coffee. You can potentially save many dollars each week just by making your own coffee at home and bringing it to your work place in a thermos.
3. Dine at home more frequently. You can experiment with different recipes and save some money at the same time. In addition, you are sharpening your cooking skills and this could be very useful for the home dining experience.
4. If you are a smoker, start reducing the number of cigarettes you smoke each day or quite smoking forever. Besides saving money by not buying any more cigarettes, your health will also improve and this means a huge saving in your medical bills.
5. Have you ever noticed how much time you spend sitting in front of the television? The longer you sit, the worse it is for your blood circulation. Besides, the time you free up can be used for more useful and productive tasks such as teaching your kids or learning a new skill.
6. If you are an avid reader, use the public library whenever possible. There is no need to buy the latest books from bookstores if it’s available in your public library.
7. If you tend to spend more on shopping or a shopaholic, try to visit mall less frequently than before. You may ask yourself these pertinent question, as you are shopping-1. Is this item something I really need? 2. Do I already have one of these items? 3. How many hours of pay is this item worth? Again, do I really, really ‘NEED’ this item or I just ‘want’?
These seven ways are a good start for changing unhealthy spending habits. However, you should continue to research and incorporate more healthy habits that contribute to the building of your retirement fund. By re-investing the money saved from using these tips, you will be many steps ahead of your peers and closer to your retirement goals
