There are several ways we can all reduce our spending habits, but when it comes down to peer pressure or uncertainty, anxiety might kick in and our spending decisions can get a little stupid. The following Unlock Your Wealth Radio Top Three Stupid Money Decisions highlight what you need to avoid when it comes to spending money and how to turn those stupid money habits into a financial future.
1. Extended Service Plans. Don’t get suckered into the sales person trying to sell you on an extended service plan or warranty of electronics, appliances or other merchandise. Most of the time the merchandise comes with a manufacturers warranty so don’t pay for something that’s already yours.
2. Dry Cleaning. So often we think our nice clothes can only be cleaned and steamed with the professionals. But do you really check your tag? Few garments are really required to be dry-cleaned; hand washing them in cold water and air drying them is actually preferred by most fashion designers (not to mention double bonus on saving hot water or electricity).
3. Lottery Tickets. Take your fun, exciting and waste-of-a-money entertainment and put it back in your pocket because let’s face it, you might have won $10, but it took $50 just to get that one win!
Now that you’ve cut those costs out of your budget you can start focusing on building your financial future. Set aside the money you would have spent on these wasteful costs and open an emergency fund or savings account to use later on in life when an emergency or investment opportunity arrises.
Now, we want to hear your thoughts. What is the top stupid money decision you’re making and wish to quit? Would you like to share your thoughts on the Unlock Your Wealth Radio? Please leave your comment or questions in the space provided below and share this article with your friends and family on Facebook and Twitter. Your comments or question could be chosen as our featured Money Question Monday and a phone call by financial expert Heather Wagenhals could dial your way to be live on the Unlock Your Wealth Radio Show.