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 10 Money-Saving Mistakes You're Making and How to Stop!

10 Money-Saving Mistakes You're Making and How to Stop!

October’s start signals the beginning of the year’s fourth financial quarter. For those of us who made financial resolutions at the beginning of the year, this quarter is a good reminder to check in on how we’re meeting our goals.
If you’re struggling to reach your financial goals, there is still time to make a difference this year. As this fourth quarter kicks off, we’re sharing a few common money-saving mistakes. If you recognize any of these errors in your daily life, take the knowledge and turn your financial situation around before another new year is here.
Here are 10 money-saving mistakes you could be making:
1. Not setting goals.
Saving money is much easier to do when you have a purpose. Of course, everyone wants to save for retirement, but setting short-term goals can be more effective when it comes to building your savings. If you don’t have a specific goal, like saving for a vacation, set a savings amount that you’d like to reach and put your efforts toward getting there!
2. Only focusing on saving.
While saving money is important, if you also have debts to pay down, you need to work on that task at the same time you’re trying to save. It is great to build up your money, but if you still have outstanding debts, your financial situation won’t change much.
3. Cutting all spending.
Going cold-turkey on any task is difficult and spending is certainly no exception. Instead of aiming to simply stop spending, cut back a little at a time. It will be easier for you to stick with your savings plan than if you try to cut out all spending at once.
4. Not separating your spending money from your savings.
When you’re trying to save money, it is helpful to be able to see that money adding up. Instead of keeping all your money in one account, where you may pull from to pay off certain debts, create a specific account for your savings. And get inspired as you see the funds adding up!
5. Not making direct deposits into your savings.
Even if you have a goal of saving X amount each week, it can be difficult to force yourself into stashing that money away when the time comes. Make saving easy on yourself by having funds directly deposited into your savings account when you get paid. Just think—if you cannot see the money, you will be unable to spend it!
6. Not increasing your savings amount when you get a raise.
Even if you’re on a good track when it comes to saving, getting a raise is a great reason to increase your efforts. Having extra funds may entice you to spend more, which could derail your savings plan. If you get a raise, make sure you are saving additional money to account for the extra funding!
7. Keeping memberships you don’t use.
At some point in our adult lives, most of us sign up for a gym membership. It seems to be that sometimes merely a few months later, we lapse on using those memberships. Instead of keeping a membership that you don’t use, cancel it and put that money toward your savings goal. 
8. Going to happy hour or for coffee runs on the regular.
If you’re in the habit of attending daily coffee runs or weekly happy hours with your coworkers, you may consider cutting out a time or two to focus those funds on your savings. Instead, make coffee at home in the morning or host a happy hour at your home to save some money.
9. Not reviewing your monthly account statements.
We’ve brought up a few extra spending points like gym memberships, coffee runs and happy hours. But do you know where all your money is going each month? If you’re not familiar with your account statement, you could be setting yourself back when it comes to your savings plan. Know where your money is coming and going on a regular basis.
10. Refusing to ask for help.
You don’t have to hire a professional to get some help when it comes to reaching your savings goals. There are many financial apps to turn to that can help you create a budget or savings plan. Use the technology that is available to help you reach your savings goal!