How to Manage my Money Wisely?

 You are probably here if you are reading this because you are all about spending money wisely. That being said, we are all guilty of slipping up at one point or the other. GO URL

It's easy to fall into the habit of buying expensive coffee every day. Many of us eat out or order in every day, and we've all bought groceries that we've ended up throwing out. Sidebar, did you know that Americans waste almost 40% of the food they buy? Yikes! And then there's the money we spend buying clothes that we never wear and more.

I'll be the first to admit that I've had a couple of not-so-great money habits in the past.

But what are the true costs of these habits when it comes to your finances? Finding out can be all the motivation you need to break a bad money habit. But first, let's go over what it means to spend money wisely.

What does it mean to Manage money wisely?

Spending money wisely basically means getting the most for your money in line with what matters to you. This, in turn, helps you save more and puts you on the path to achieving your financial goals.

Living a frugal lifestyle by using savvy ways to save money is an example of spending wisely. Tweaking a few habits and setting intentions for your finances can make you a wise spender.

How to manage money wisely by watching these habits

It's much too easy to spend money, and sometimes we do it more than we think. Watch out for these 7 habits and learn how to combat them so you can spend more wisely and save more money!

Eating out every day of the week.

Do you find yourself buying lunch at work or ordering in more than a couple of times a week? Well, let's say the average cost of lunch for you is $10 a day. Multiply that by 5 days a week for one year, and we're talking $2,600 in lunches and take-out!

How to spend wisely: Cut back on buying lunch by a third or by half and put the money you don't spend towards savings or pay off debt. You'll be surprised how much you save when you cut back. Plus, you can free up some extra money for your grocery budget and buy some of the nicer things you've always wanted to try out.

Combine that with meal planning, and you will save a ton of money. You'll also be aware of everything you are eating from a health perspective because you picked it out and made it yourself! GO URL

Buying coffee every single day

Are you one of these people who needs that quick morning coffee fix? Find yourself stopping at Starbucks or Dunkin Donuts one too many times a week? Or even multiple times a day? Well, depending on where you buy your coffee or caffeine beverage, you can very well be spending an average of $4 a day for a single cup. Over one year, that's $1,460! GO URL

How to spend money wisely: Consider investing in your fancy at-home coffee maker. It might seem like a big investment as good ones can range anywhere from $100 to $400, but if you are a big coffee drinker, you'll be saving a ton of money by making your coffee at home. And over time, your homemade coffee will come out to pennies compared to an average of $4 a day.

You can also try out the free coffee many workplaces offer. Yes, it might taste crappy at first because your taste buds have been conditioned to fanciness, but over time you might just get used to the "ok" coffee at work!

Paying ATM fees

Ever taken money out of an out-of-network ATM and thought to yourself - "It's only a $3 fee, it's not that much?" Well, if you do this once a week or 4 to 5 times a month at an average of $3 per out-of-network withdrawal, then we're talking $180 in ATM fees a year. GO URL

Wouldn't you rather put that money to better use? It could go towards savings for a vacation, towards your emergency fund, or to treat yourself to something nice.

How to spend money wisely: Open a checking account with a bank with no ATM transaction fees regardless of what ATM you use or one that reimburses out-of-network ATM fees.

Pull out enough cash from your in-network ATM based on how much you think you'll be spending each week. You can determine that by creating a monthly budget!

Shopping when you're upset or bored

A common bad money habit to watch is shopping when you're bored or upset. They call it shopping therapy for a reason. It's a short-term solution, or so you feel, to avoid or relieve what's truly ailing you. However, it causes more problems because you are busting your budget or racking up debt shopping.

How to spend money wisely: To stop yourself from frivolous spending, start a spending journal. Recording your transactions and your emotions when you buy something can help you learn how to manage money wisely and make you aware of your habits.

Not having a monthly budget.

If your finances are free for all and you don't have a monthly budget, then it's time to make one. Spending more than you earn because you aren't budgeting your money sets you up for financial doom. Living beyond your means can easily happen if you aren't careful.

How to spend money wisely: Budgeting and tracking your spending is how to manage money wisely. Of course, you must find the right budgeting method that works best for you. Everyone's finances are different; find a budgeting method that's easy for you to stick with, so you can become financially savvy. GO URL