Top 5 spending habits to avoid if you want to save money, according to financial expert

In a segment on Good Day LA, finance expert Patty Ehsaei, also known as the "Duchess of Decorum" on social media, shared her top five spending habits that are holding people back from saving money.

By cutting out these habits, individuals could save significant amounts over time.

Avoid daily coffee purchases

Ehsaei highlights that the daily coffee run Americans make, which averages an annual spend of $2,000, is a prime candidate for cost-cutting. "Starbucks run every single morning," she said. "Americans spend $2,000 a year just buying coffee versus if you made it at home every $0.27 a day." 

"If you were to invest that money, at the time of retirement, you would have $600,000," she added.

Stop purchasing daily lunch

The financial expert also pointed out that the seemingly small decision to buy lunch every day eats into budgets. "Lunches cost about $15, especially a sandwich. If you bought your lunch, it would be $5 a day. Right. Savings of $10 over the course of one year, $2,400. If you were to invest that money, you would have $700,000," Ehsaei said.

Eliminate food delivery services

Food delivery, though convenient, comes at a steep price. "About 91% more you pay when you get your food delivered," Ehsaei noted. "Pick it up on your way home. Get your butt off the couch. You're wasting so much money."

Stop relying on rideshare apps

Rideshare services are another often-overlooked expense. As Ehsaei noted people spend about "$100 a month" on ride-sharing, leading to an excess of "$1,200 a year." Again, directing this habit's potential savings to investments could return up to "$360,000 you would have at retirement," she explained.

Eliminate shopping hauls from big-box stores

The trend of shopping hauls promoted by influencers is another drain on wallets. "People are spending $900 to $1,000 on these hauls just to make a stupid video about it. It's just such a waste," Ehsaei said.

How to start saving

To those feeling overwhelmed or skeptical about saving money, Ehsaei offered reassuring advice. "You can start with as little as $10 a week," she pointed out, encouraging even the smallest steps toward saving. She also suggested that those unable to save should consider a side hustle to generate additional income. Additionally, she recommended the app Rocket Money for tracking expenses to manage finances better.

Ehsaei's financial wisdom and practical advice will soon be available in her forthcoming book "Never Date a Broke," set to hit shelves this summer. Meanwhile, her prowess in finance makes her a figure to watch for anyone looking to improve their financial health.