Money management is a sensitive topic for most. What is classified as a need for some is an unnecessary expense for others, so in reality, it becomes quite difficult to create a formula of how people should spend their money. If you earn a normal income, you are most likely to know the repercussions of not managing your money appropriately. In this article, we discuss things which make you lose your money fast, sometimes without even noticing!
How many times have you over-spent just because, the thought of what your friends say about you matters? You may realise that the difference between a smart shirt and a branded shirt maybe double in price? Many times we find ourselves purchasing items we could not afford just for the sake of ‘what people say about me’ and that is just plain stupid! You may realise, that once you put aside all the irrelevant pressure, you may be able to save 35% on your overall spending.
A pleasurable culinary experience comes second to none in terms of a relaxing night out. Whilst we may feel that it is the natural course of action following a hard week at the office, think again! Overindulging in expensive meals may easily drain your savings, leaving you behind for a number of days until your next pay. Whilst we are not stating that you should avoid eating, we highly recommend that you choose your dining options smartly and go for alternatives which are compatible with your savings.
A holiday has become classified as a need in today’s modern lifestyle. We are constantly enticed by Instagram photos showcasing our friends visiting different places and by constant ads with cheap flight prices. When planning your holidays, you should do so smartly by seeking cost-effective options. There are various ways how you can do this. Compare the accommodation prices of different countries during various timeframes. Also consider different months which may help you save money, whilst still enjoying a holiday.
Whilst we may dub cigarettes and wine bottles as petty and small expenses, when one considers the money spent across one whole year, it becomes quite substantial. Quitting or minimising on cigarettes and alcohol will help you trim down your losses with an added bonus of improving your health!
Buying branded clothes can create a hole in your bank account. It might be best to consider other options, especially if you are looking to buy clothes for less special occasions.
Buying latest models
Do you really need the latest iPhone? Buying a new phone or gadget when your current one is working out great is a swift way to burn your money. In this regard you should consider investing your money more wisely.
Trimming down expenses related to the above will help you manage your money better.
“Too many people spend money they earned to buy things they don’t want, to impress people that they don’t like.”