Money, and Being Responsible
Dealing with money in our daily lives we always aim to be more responsible with our spending. Nevertheless, sometimes we go off track and spend more than we really should. This is where the role of money wasting habits come in.
If you continually spend money on “Luxuries” and futile things, then you miss the chance to invest in something more permanent and long-term. Such is the concept of opportunity cost – the loss of other alternatives when one alternative is chosen. There are a lot of meaningful things you can and should do with your savings by getting rid of wasteful spending.
How You Can Stop Wasting Your Money
Let’s look into some of the biggest wastes of money. Avoid these few things if you want to have something to show for all the hard work you do.
Your small savings become a huge chunk at the end of the day.
Brand Names
Brand Names have lost their importance nowadays. It may seem like branded things make you look “cool” and respectable. But look around. People’s interests are changing. Youngsters are rejecting brand names because they promote materialistic attitudes. One of the habits against the money wasting attitude, won’t you agree?
Example – Nike
Basically, today no one cares what brand are you wearing. Same goes for high-end self-care products. It is
Impulse Shopping
Before you go out shopping, make a list of things that you need at the time and stick to it. IF you are able to stick to a list of essentials, you will see your spending go down a bit. Thus, a good control on money and the money wasting habits.
Then move onto the next step. What is it? Try to get the best deal for your money. There may be a few items on which you can not compromise on, But still try to make a list shorter instead of longer.
Not Using Cash
Debit cards and Credit cards are very convenient for daily use but whenever you pay with a card don’t you feel as if you did not spend any money? Alternatively, If you pull cash out of your pocket, it’s the real deal. Money management experts say that if you’re using cash for daily buying, you end up spending less.
The best thing to do is to take weekly cash out of the bank and use it during the week for your daily purchases.
Eating Out
Sometimes we feel too tired to cook something, so we go out to eat. But making a habit out of it is bad for your bank account. Eating out may seem like a hassle free thing to do, it does seem like a good solution, but restaurant bills include the cost of labor which means you are paying for the things you could have done yourself if you chose to eat at home.
Try to eat at home as much as you can, while going out every once in a while or for any occasion.
Being Disorganized
Being disorganized is a very expensive way to go broke. Think about it; If you are careless and messy, you must lose your things very often. Now think of it in terms of money, every time you lose something, you lose the money you put in to buy that thing. One of the money wasting habits indeed!
Being organized is hard, but you can always do a few things to reduce your losses. Allocate a separate spot for all the things you keep losing and keep those things in their designated place. It may take you a little time to get organized, but once you’re done, you will be able to find your things instead of buying new ones.
Conclusion
Spending money is quite easy. Making it, on the other hand, is not that easy – and you need to realize this if you earn your money by yourself. The money will play an important role in your life, and you need to become responsible for your spending so that you can control money wasting and start investing in your future.
