Saving a large sum of money can be a real accomplishment, but it’s not uncommon to hit some bumps along the way. For some, saving money comes easily, but for others it can take great effort. Roughly 26% of adults have no savings for an emergency, and about 36% have not even started saving for retirement, according to personal finance website Credit Donkey.
This isn’t surprising, considering many consumers are struggling with high-interest debt and mountainous student loans. Consequently, many Americans are living paycheck to paycheck. This is a recipe for disaster because a financial emergency could strike at any moment. All it takes is a job loss, major illness, or divorce to significantly impact your financial well-being.
If saving doesn’t come naturally to you, this might have caused you to look for shortcuts, so you could stash more cash in your bank account. You’re determined to save a few dollars by any means possible. If you’re looking for ways to save money, good for you. However, there are some methods you should avoid when it comes to keeping cash in your wallet. If you’re not careful, you could harm your finances and even your personal life.
Here are seven of the worst ways to save money.