10 tiny money habits that are holding you back

Before you go, we thought you'd like these...
Before you go close icon

Simple Fixes For Bad Spending Habits

It's so easy to get consumed in your everyday routines and not even realize that you're being wasteful in the smallest ways.

When you get accustomed to small, yet detrimental habits that you develop when it comes to spending and saving money, you can't always see how these little behaviors are costing you big time.

Here are 10 common ways you're holding yourself back financially without even realizing it:

11 PHOTOS
10 common financial leaks
See Gallery
10 tiny money habits that are holding you back

Grocery shopping without a list
 

Photo credit: Getty

ATM fees and late payment fees
 

Photo credit: Getty

Only buying name brands instead of generic brands 
 

Photo credit: AP

Paying for a monthly gym membership and rarely using it

Photo credit: Getty

Savings that barely earn interest 

Photo credit: Getty

Leaving lights turned on when you leave the house

Photo credit: Getty

Overpaying for a cell phone and data plan that doesn't suit your needs

Photo credit: Getty

Paying for most things on credit

Photo credit: Getty

Using different providers for cable, Internet and phone service

Photo credit: Getty

Free trials that have surpassed their period of being free

Photo credit: Getty

of
SEE ALL
BACK TO SLIDE
SHOW CAPTION +
HIDE CAPTION

Everything from neglecting to cancel subscriptions to lazily forgetting to turn off the lights when you leave for work add up in the long run.

SEE ALSO: 9 ways being too responsible can cost you

By making an effort to start creating better habits and staying more on top of the little things, you can make a huge difference in the amount of money you have saved at the end of each month.

So next time you're at the grocery store, put back the box of name brand cereal and test out the store brand. Start paying for things in cash and start bundling your cable, Internet and phone providers.

Your piggy bank will most definitely thank you.

RELATED: Easy ways to put money in your pocket

7 PHOTOS
Easy ways to put more money in your pocket
See Gallery
10 tiny money habits that are holding you back

Automate your finances. 

Set up your finances so that money is taken straight from your paycheck and deposited directly into your savings account or a retirement savings account. You can also set up your fixed bills like your Internet and cable to be automatically deducted from your checking account. Automate your finances to save time and prevent overspending. If you see extra money in your account, chances are you’ll find a way to spend it, leaving you little to invest in your future. Automation helps keep your priorities in line so that as money comes in, it is dispersed to your other accounts immediately.

(Photo: Getty)

Cut back. 

At least twice a year, look at your expenses line by line and see if you’re getting the most bang for your buck. For example, do you read the magazines you subscribe to or maximize that gym membership? If the answer is “no,” consider canceling or negotiating a better rate. Take that money you save, and apply it toward bigger payoffs like debt reduction, retirement or an emergency fund.   

(Photo: Getty)

Get rewards. 

Lots of people use debit cards to make it easy to buy and budget for groceries, gas and other routine purchases. Instead of doing that, look into a credit card with a great rewards program for those daily purchases, and set it up to automatically pay the statement balance from your checking account each month. Over the course of the year, you could potentially pocket a few extra hundred dollars just by using a card with a good rewards program instead of your ordinary debit card (just make sure you’re paying off your credit card every month, so you don’t pay extra in interest).

(Photo: Getty)

Boost your income. 

If you love your job and want to grow your career, it's time to think about boosting your income as well. Make it a goal to negotiate a raise this year. Consider your strengths and look at the value you've provided to your company over the last six months to a year, and discuss it during a performance review. This can feel intimidating, but it never hurts to ask.

(Photo: Getty)

Get a side gig. 

Take advantage of your skills, or turn a hobby into profit. Doing so can help you generate extra income – which you can put toward reaching your financial goals. Etsy, for example, is a great place to sell one-of-a-kind products.  If you have Web design, copy editing or other creative skills, consider offering your services on freelance websites such as Fiverr or Elance. These types of side gigs will allow you to earn extra income while also growing your skills.

(Photo: Getty)

Track your progress. 

You can’t save money if you don't know where your money is going. Every month, track your net worth using a personal finance tool or app that will show you exactly where your money is going. This will make you think about your entire financial picture from income and expenses to investments and taxes. With this focus, you can ultimately make the greatest impact on your finances in 2015.

(Photo: Getty)

of
SEE ALL
BACK TO SLIDE
SHOW CAPTION +
HIDE CAPTION

More on AOL.com:
7 spending trends that speak volumes about US consumers
6 money lessons you can learn from your pets
Millennials are spending their money on 3 major categories

Read Full Story
Credit Card Compare

Credit Card Compare

Whether you're looking for great travel rewards or low annual fees, find the card that's right for you.

Compare Now

From Our Partners