The end of the year is approaching, which always causes me to reflect on my finances. Lately I’ve been thinking about mistakes I’ve made with my money in 2023 and things I want to do differently going forward. Even as a personal finance writer, I still make financial blunders sometimes and waste my money. Here are four spending habits I regret that I plan to change in the new year.
4 Money-Wasting Habits I Want to Avoid in 2024
Missing The Return Window for Online Purchases
I live in a pretty rural area where there aren’t a ton of shopping options, especially when it comes to clothes. As a result, I often order clothing online when I find a gap in my wardrobe. Unfortunately, shopping for clothes online without trying them on doesn’t always work out. Although I only purchase items from shops that allow returns, I missed the return window a few times this year and got stuck with ill-fitting clothing.
This year I’m going to try to shop in person more often so I can try items on. Walmart clothes are less trendy and stylish than online items, but they usually fit me better because I can test them out before buying them. If I have to order something online because I can’t find it locally, I’m going to try it on immediately.
Sometimes packages will sit in my closet unopened for a week or two, making it harder to meet the return deadline if the item doesn’t fit. If an online purchase doesn’t work out, I’m going to make a reminder in my calendar to send the item back so I don’t miss the return window. Hopefully taking these extra steps will prevent me from getting stuck with items I don’t want.
Overstocking the Fridge and Pantry
One of the bad habits I developed during the pandemic was overstocking my fridge and pantry. Because of the grocery store shortages, I felt like I had to stock up and buy extra whenever something I wanted was available. This practice doesn’t serve me now that things are back to normal, so I’m going to try to only buy what I need in 2024.
A new rule I plan to implement is to only go grocery shopping once the fridge is bare. I want to clear out my produce and deli drawers before I head to the supermarket to reduce food spending and waste. My grocery budget for my household of two is $400 per month, which isn’t bad. But I think I could do even better if I make it a point to use up everything I have before buying more groceries.
Buying Drinks and Snacks While Out and About
Perhaps my worst money-wasting habit of 2023 is forgetting to pack snacks and drinks when I’m leaving the house. I live 30 minutes away from the nearest town, so running errands can sometimes take half the day.
I know that I’m likely to get hungry and thirsty while I’m out and about. But I sometimes forget to grab a granola bar or fill up a reusable water bottle before I run out the door. Since I have a health condition that makes me prone to fainting, I can’t just ignore my hunger or thirst until I get home. So if I forget snacks, I usually have to stop at a coffee shop, grocery store, or fast food drive-thru to refuel.
Although forgetting a snack only costs me a few dollars each time, I know that small expenses like this can really add up. So I’m going to make a concerted effort to carry an emergency bag of chips and a bottle of water with me at all times in 2024.
Not Downgrading or Canceling Subscriptions
Anyone who lives in a rural area knows the cell phone coverage and WiFi can be pretty spotty! When I first moved here, I was frustrated by the frequent dropped calls and internet outages. Since I work from home, I need reliable and consistent internet and phone access. So I decided to splurge on an AT&T cell phone plan to give me better coverage and enough data to operate a hotspot during internet outages.
However, our internet situation improved drastically when Starlink became available in our area. We made the switch and rarely have internet outages now. I’ve even been able to use WiFi calling inside the house to avoid dropped calls. After our WiFi improved, I realized I no longer needed a premium $100 per month phone plan. But it took me a few months to get around to downgrading my coverage.
I finally got on my partner’s family plan and reduced my phone bill to $15 per month earlier this year. But I cringe when I think about how much money I wasted by procrastinating on switching my phone plan, which I should’ve done immediately.
This year I’m planning to manage my recurring expenses much more closely. I’m going to do a monthly check-in to see if I’m still using my subscriptions enough to justify the cost. If I determine that I need to cancel or downgrade a subscription, I’m going to do it right away instead of allowing myself to delay and procrastinate. No one likes administrative tasks, but they have to be done!
Wrapping Up
Do you have any bad habits that caused you to waste money this year? How do you plan to avoid making the same mistakes in 2024? Let me know in the comments!
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Vicky Monroe is a freelance personal finance and lifestyle writer. When she’s not busy writing about her favorite money saving hacks or tinkering with her budget spreadsheets, she likes to travel, garden, and cook healthy vegetarian meals.