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Develop Wallet-Healthy Habits
The MMI Online Articles are designed to inform, assist, educate and alert consumers.
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For most people, financial health doesn’t depend on how much they earn, but how much they spend. To find out where your money is going, start carrying a pocket-sized spiral notebook with you at all times, and write down every purchase you make, including the amount. Even if it’s only a soft drink from the convenience store, or a trip to the drive-thru at a fast food restaurant, record it in your notepad. After two weeks, review your notes and ask yourself if you really need all the things you buy.
Upon close inspection, most people are surprised to find out where their hard-earned money is going. If this is true for your case, don’t dismay—almost everybody wastes money to some degree. It’s important to understand that every purchase we make—excluding such absolute necessities as food, rent, and gas for the car—is a choice. Consider the following examples of how changing some small habits can affect your wallet’s health.
If you make it a habit to…
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consider…
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| smoke one pack of cigarettes each day |
quitting. It would save you nearly $1,500 each year. |
| take long, hot showers |
a shorter shower. Water heating is the third largest energy expense in your home. |
| drink 64 oz. of bottled water each day |
purifying your own water. It could save you $60 per month. |
| have magazine subscriptions delivered to your home |
visiting the library or reading magazines online. The average American family spends more than $100 every year on magazines. |
| get a snack from a vending machine each work day |
bringing a snack from home. It could save you an average of $15 per month. |
| leave the air conditioner or heater on all day |
turning it down when away from home. For each 1 degree, you'll save up to 5% on your heating/cooling costs. |
| drive (even short distances) |
walking or biking instead. According to AAA, motorists pay an average of 68.9 cents per mile. |
Making the most of your money means not buying items at a convenience store if they’re available at a supermarket. It means cooking meals at home instead of having them delivered. It means being sensible about credit and not piling up enormous debts. Most of all, it means making smart decisions about your money.
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