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Episode 44: From Unemployed to Underemployed: How to Cope With It with Jennifer Duggan
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Stop Wasting Money: 8 Money-Wasting Habits to Nip

I'm subscribed to what?—Time to take a closer look at your spending.

If "stop wasting" money is part of your annual resolutions, we hear you!
Arguably, “adulting” is a synonym for “moderation” whether that means maintaining a monthly budget or attaining that (almost) elusive work-life balance. 
So it’s little surprise that when rent comes along, many of us inevitably feel like we’re not doing the best jobs running our lives. Because "real" adults don’t live paycheck-to-paycheck...right?
While a huge part of stabilizing your finances means setting—and sticking with—a budget (including a food budget) as well as setting aside emergency savings, those are long-term goals. The good news is that even small changes can make a huge dent in your monthly monetary discomfort.
Because, the thing is, you’re probably spending money on things you don’t need. Unless you’re a Marie Kondo-level minimalist, there’s probably a forgotten recurring bill or a mindless spending habit that you can go without. Today, we’re breaking down some of the most common culprits. Try cutting a few of these out of your own life.

Table of Contents

1. You’re Getting Overcharged for Something

Fun fact: the last two times my wireless internet provider has increased my bill, I’ve called and threatened to go somewhere else. Both times, they reduced the monthly bill immediately. 15-minute call, major bucks saved.
But there are other ones as well—you might be at a bank that charges tons of fees just because the idea of transferring sounds hard-slash-annoying or you have a credit card with a high-interest rate that you could call about (often companies will give you a break just for asking). 
Better yet, let an app figure it out for you. We’re big fans of Albert, which sends you a push notification when you’re getting charged a hidden fee or when your phone bill is higher than the average in your area—zero effort required.

2. You’re Keeping Up With the Joneses

You and your BFF have a standing date at “your place” every week where you sip on negronis and munch on small plates and usually (OK always) wind up ordering another round of fries because why not right?
Well, according to a recent study by Credit Karma, almost 40 percent of millennials overspend simply to keep up with friends. Why?
For starters, 27 percent of us feel guilty saying “no." According to the same study, out of those of us who go into debt keeping up appearances, 73 percent will also keep it a secret. The result is a terrifying loop of overspending, avoidance, overspending. 
Ask yourself honestly—are you spending at the rate your friends seem to be even though you really can’t afford it?
If so, consider a social detox for a week or two. Chances are that you’ll feel tempted to keep spending if you engage in the same activities. With some social media distance, you’ll get over the FOMO, it’s only for a few days—and watch how much money you save. That should help restabilize your bank balance quite a bit.

3. You’re Not Planning Ahead Enough

You'll wind up spending more when you don’t plan your expenses. Yes, we're looking at you, procrastinators. Waiting until the last minute is like putting an unnecessary tax on yourself—and it all adds up. 
Procrastination Expense Examples
  • Waiting until the last minute to book flights or travel
  • Not enough time to get somewhere and paying for parking
  • Having to pay ATM fees instead of making time to get to your bank
  • Ordering something too late and paying for express shipping
Planning isn't just for Virgos anymore. Plan ahead to save money on completely avoidable expenses. 

4. You’re Sitting on Unnecessary Credit Card Debt

Pay your highest interest cards before your student loans because otherwise, you’ll wind up paying more long-term. 
But there’s another (relatively) easy way to make an impact: call your credit card company.  It's a semi-well-kept secret that credit card companies will work with you to lower your interest rate. Worst-case scenario is that they say no. It's worth a try. Flip your credit card over and call that toll-free number.

5. You’re Buying ONLY Name Brands

In some cases, the name brand really is better, but that's not always the case. Did you know that many off-brand items are made in the same factories as the pricier name-brand items? It's true. 
To name a few:
  • Prescriptions. If you’re spending $50 on medication, ask your doctor or pharmacist if there’s a generic brand available.
  • Sunscreen, face wash, and other drugstore items. Take a second look at the “compare to” products the next time you stop in to buy the essentials
  • Pantry items. Many of the store brand options are the exact same products, minus the recognizable labels. 

6. You’re Not Using All Your Groceries

If the crisper in your fridge is where lettuce goes to die, it’s time to overhaul your approach. Some of us are incredible meal planners, while others actually do better buying groceries for only a few days at a time. This week, commit to using up everything you have in the kitchen. This can be a fun challenge, especially when you’re thinking, “What do I do with cilantro, an eggplant, and this little bit of cheddar?”
If you need some insight, try reading the best book in the world on economical cooking by Tamar Adler, An Everlasting Meal, which will turn you into a use-every-bit-of-it devotee. It completely changed my perspective on eating at home.

7. You’re Not Planning Your Errands

Picture this: you head to the grocery store because you forgot milk on Monday and pick up some other treats. Oh no, you forgot the paper towels, but you like to get those in bulk. On your way for paper towels, you pass the grocery store again so you decided to stop in. 
Do you see where I’m going? All of that adds up to gas you’re going to pay for later and, seriously, those little things count. Especially on weekends, write down the errands you need to run, use our food budget e-guide to take notes on what you need to pick up, and then plan the steps you’ll take to get it all done in the most efficient way possible. Because the buck stops here (pun intended).

8. You're a Fast Fashion Victim

It's tempting to keep up with the times, and target advertising is more ruthless than ever before. There are many harrowing statistics about fast fashion and its ongoing environmental impact. For now, we'll focus on its effect on your wallet. While it feels economical to spend $60 on a cool, fashionable jacket—only to replace it next year—fast fashion is designed to keep you coming back for more and more—and more. 
Reduce fast fashion spending by steering away from trends, buying secondhand (Poshmark is an amazing resource!), and being a more conscious consumer. It's a win-win! 
save 1000 dollars this month

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