1. Eating out every day of the week

Do you find yourself buying lunch at work or ordering in more than a couple of times a week? Well, let's say the average cost of lunch for you is $10 a day. Multiply that by 5 days a week for one year, and we're talking $2,600 in lunches and take-out!

How to spend wisely: Cut back on buying lunch by a third or by half and put the money you don't spend towards savings or pay off debt. You'll be surprised how much you save when you cut back. Plus, you can free up some extra money for your grocery budget and buy some of the nicer things you've always wanted to try out.

Combine that with meal planning, and you will save a ton of money. You'll also be aware of everything you are eating from a health perspective because you picked it out and made it yourself!

2. Buying coffee every single day

Are you one of these people who needs that quick morning coffee fix? Find yourself stopping at Starbucks or Dunkin Donuts one too many times a week? Or even multiple times a day? Well, depending on where you buy your coffee or caffeine beverage, you can very well be spending an average of $4 a day for a single cup. Over one year, that's $1,460!

How to spend money wisely: Consider investing in your own fancy at-home coffee maker. It might seem like a big investment as good ones can range anywhere from $100 to $400, but if you are a big coffee drinker, you'll actually be saving a ton of money by making your own coffee at home. And over time, your homemade coffee will come out to pennies compared to an average of $4 a day.

You can also try out the free coffee many workplaces offer. Yes, it might taste crappy at first because your taste buds have been conditioned to fanciness, but over time you might just get used to the "ok" coffee at work!

3. Paying ATM fees

Ever taken money out of an out-of-network ATM and thought to yourself - "It's only a $3 fee, it's not that much?" Well, if you do this once a week or 4 to 5 times a month at an average of $3 per out-of-network withdrawal, then we're talking $180 in ATM fees a year.

Wouldn't you rather put that money to better use? It could go towards savings for a vacation, towards your emergency fund, or to treat yourself to something nice.

How to spend money wisely: Open a checking account with a bank that has no ATM transaction fees regardless of what ATM you use or one that reimburses out-of-network ATM fees.

Pull out enough cash from your in-network ATM based on how much you think you'll be spending each week. You can determine that by creating a monthly budget!

4. Paying late fees

While this is not a spending habit, it can be indirectly related to not having enough money to pay bills on time which is directly related to your spending. If you've ever paid a late fee, you know it sucks to pay one. Late fees are usually excessively high and, if unexpected, can cause other issues like bank fees due to insufficient fees, etc.

In many instances, late fees average around $25, and if you are paying a late fee even just once a month, it can add up. $25 once a month multiplied by 12 months is a whopping $300! Yuk!

How to spend wisely: Set reminders on your calendar around your bills and their due dates. Next, you want to become BFFs with your budget, and this includes being aware of all your upcoming bills and expenses and cutting back on bills that you have for things you don't use or don't need.

Call your service providers or creditors and ask them to move your bill due dates to be closer to the dates when you get paid; that way, you can plan to pay your bills as soon as you get paid.

5. Buying clothes you don't wear

Look in your closet right now; how many clothes do you have with the tags still attached or that you planned to wear but never got around to? Perhaps you wore them just one time, but now they are hanging out, not being used.

It is common for people to spend a lot of money on clothes, shoes, and accessories they don't wear. However, if you think you are only spending a couple of hundred dollars a month, it's a good idea to take a step back and do an assessment on the "real amount" you are spending on your wardrobe.

Spending $200 a month on clothes (shoes and accessories) equals $2,400 a year. That can be a big deal if some of that money is put towards your money goals.

How to spend money wisely: Before your next shopping trip, take some time out to clean out your closet to get rid of what you don't wear or don't need. Consider selling these items to make some extra money and then donate or give away what you can't sell.

Next, make a list of all the gaps in your closet. Basically, the things you need but don't have and also the things you wear often but have worn out or gotten too old, and use that list as a guideline the next time you go shopping, so you are buying things you know you will use (think cost per wear).

Finally, build your shopping into your budget and create a capsule wardrobe. Yes, it's ok to shop and buy nice things, but you want to make sure you can afford what you are buying, and it's not at the expense of your financial goals or obligations.

6. Shopping when you're upset or bored

A common bad money habit to watch is shopping when you're bored or upset. They call it shopping therapy for a reason. It's a short-term solution, or so you feel, to avoid or relieve what's truly ailing you. However, it actually causes more problems because you are either busting your budget or racking up debt shopping.

How to spend money wisely: To stop yourself from frivolous spending, start a spending journal. Recording your transactions and the emotions you feel when you buy something can help you learn how to manage money wisely and make you aware of your habits.

7. Not having a monthly budget

If your finances are free for all and you don't have a monthly budget, then it's time to make one. Spending more than you earn because you aren't budgeting your money sets you up for financial doom. Living beyond your means can easily happen if you aren't careful. Having a budget is key to being smart about money.

How to spend money wisely: Budgeting and tracking your spending is how to manage money wisely. Of course, you must find the right budgeting method that works best for you. Everyone's finances are different; find a budgeting method that's easy for you to stick with, so you can become financially savvy.

Spend and manage your money wisely

Learning how to manage money wisely is essential to financial success. Tracking your spending, sticking with a budget, and saving money are key steps to money management.