Do you find yourself asking, “Where did my money go?” a few days, a few weeks after payday? Even if you are not buying expensive stuff, some things drain your money quietly, leaving you with nothing at the end of the month. Following are some budget busters that burn your money insiduously.
- Spending on fake emergencies
Real emergencies are obvious like an unexpected medical bill or auto repair. New linens on sale and new limited edition flavors of ice cream, however, are just wants masquerading as needs.
- Buying the latest
If you feel like you have to have the latest and greatest of anything, be careful – this is hazardous to your financial health. Often, something used or refurbished is enough, even on true big purchases like homes.
- Impulse buying
The grocery is almost always a promise of overspending. Even if you only planned to spend $100, you walk away with a cart with double the amount. Write a list of items that you need and do not forget your coupons. Walk in and out fast!
- Dining out often
Eating out is nice but this should not be a part of your regular diet. Cook at more at home and limit office lunch dates, too.
- Partying with friends
Of course, everyone wants to have fun with friends, but do so within reason. Say no if your bank account is on the brink of going red.
- Going on expensive vacations
When you are struggling to make ends meet, maybe it is time to rethink that vacation, especially if it involves five-star hotels and first-class flights. You can still go on a vacation but prioritize minimizing your costs.
- Splurging on fashion
The wisest thing to do is buy comfortable classics that you can always rely on. Remember: material purchases will never make you happy for long.
- Too much TLC
Pampering is a part of self-care but a weekly trip to the spa can seriously damage your savings. Consider bringing the spa to your home bt buying relaxing items that are a fraction of the price tag!