If you are struggling to meet your financial goals, and want to make more money but simply find you are falling short, then there may be a number of things that are holding you back. Many times, people do things that prevents them from being as wealthy as they want, and they don’t even realize the impact it is having on their finances. When it comes to building wealth, it is all about the little things and about saving where you can to build money.
People who save $5 a day every year for 40 years with 10% interest would have $1,000,000 in the bank. This is just five dollars a day, so imagine what doing more to spend a little less can do for your wealth portfolio over time. Here are some of the little things that can be keeping you from being wealthy.
You Buy More Just to Get Free Shipping
We have all seen the offers. You go online to buy something and realize if you just buy a little more you can get free shipping. While yes, you do end up buying $50 more worth of products, you are not spending an unnecessary $10 just to ship one item, right? Wrong. Even if you have convinced yourself that this is a smart move, in the end, you are still spending $40 more than you intended to, which means you are going over budget. Imagine if you did this every time that you went shopping for something online, in the end this can add up and lead to some major money that you could have been saving or investing.
You Pay the Minimum on Your Credit Card Bills
This is something that a lot of people do. After all, why pay more on a bill if you don’t have to, right? Wrong again. The more you have in that account, the more interest is accumulating. You could have been paying off that balance and end up paying far less interest. This interest can add up to hundreds of dollars per year that you could have been using for other things, if you just paid a little more down on your balance. This is why credit cards are such a slippery slope for so many people.
You Think “Retail Therapy” is a Good Idea
There are many people who think that the only way they can get over a bad day or a bad situation is to indulge in some “retail therapy.” Spending unbudgeted money just because you are in a bad mood, isn’t a great way to manage your finances and it isn’t a great way to start building wealth. Imagine if you could have done more with all of the money that you spent on shopping whenever you have had a bad day. This shows a lack of control, and ultimately, if you want to build wealth, you need to start having more control in your life.
Keep these simple tips in mind during your everyday money management approach. Saving a little here and there by avoiding these things can lead to you saving a great deal of money over time and can help you start building the type of wealth you have always wanted to have.