We are all guilty of spending too much money on things we really shouldn’t.
Financial stability takes a lot of discipline; you need to be willing to make certain sacrifices in order to achieve your financial dream. This can mean cutting down on your spending, letting go of some luxuries as well as few more simple changes to see results.
Here are things you are spending too much money on you really shouldn’t
1. Gym Memberships
Are you a member of a gym? When was the last time you actually went to the gym and how often do you go?
These are all important questions you need to ask yourself to find out whether you are wasting money on gym membership or if it is an investment.
Taking care of your health is very important and regular exercise can improve your health cutting down on medical fees in the end.
However, if you rarely use that membership then you might need to consider a pay as you go plan. Or even better yet, you can work out at home and go for regular jogs and walks instead.
2. Buying Lunch
If you are not careful you might find yourself buying lunch from Monday to Friday, packing lunch is a much more economical and healthy alternative to spending a big chunk of your income on food.
Think about it, how much do you spend on lunch a week? Could this money be used for something else like for example paying for your student loans?
It may not seem like a huge amount now, but if you calculate how much you spend a year then you realize just how much money you are throwing away.
There is nothing wrong with treating yourself; you just need to limit this to special occasions and not make it an everyday thing.
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3. Late Fees
Do you pay your bills on time? Most bills have an added fee when you pay it late, your rent has an additional fee added if you pay past the due date and you will have to pay extra for your electricity to be reconnected if you don’t pay on time.
It might not seem like much but this is money you could have put into your emergency fund or even retirement fund.
Make it a point to pay your bills on time every month so as not to spend more than you should.
4. Brand Name Household Items
Your dream home is probably filled with all these designer brands (whose isn’t?) however, this is not always possible in reality.
You don’t have to buy expensive soap and tissue paper because there are cheaper options that work just fine some even better.
Stick to the cheaper options that are still good until you are in a position to actually afford the expensive stuff without hurting your finances.
5. Going Out Every Weekend
There is nothing wrong with going out with your friends; however, there are ways you can hang out with your pals without breaking your bank.
Try and reduce the number of times you go out with friends and instead come up with cheaper ways to have fun. This will save you a lot of money that you can then out into good use.
6. Trendy Expensive Clothes
I don’t know about you but I would love to have all the trendy designer clothes. But, my finances wouldn’t allow that.
You don’t have to spend half your salary on updating your wardrobe with the newest fanciest clothes. It’s okay to buy less expensive clothes that look just as good. Not to mention you will get a lot more clothes with the same amount that could buy you only one designer dress.
Wait until you can actually afford the expensive clothes before you start buying them.
You need to make a conscious effort to cut out unnecessary spending from your life; you will end up saving a lot more and getting closer to achieving your financial goals.
What are some of the other things you’re spending too much money on?
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