I may not be completely wise with my financial management, but I strongly believe in spending prudently. Hence, basic finances are focused to ensure a sustainable lifestyle.
It’s not easy to earn nowadays – I bet you know that by now. As prices go up on a rapid basis, our income doesn’t seem to have that similar momentum.
And that’s when we hear phrases such as, “I don’t have enough money, it’s the government’s fault!” or “My company is not paying me good enough”.
But the question is this – is it possible for us to dictate what the government or the company does? Chances are very, very slim.
So instead of pointing fingers at them, let’s look at ourselves. Are we in control of our money, or is our money controlling us?
Many are oblivious, but here’s the ugly truth – many of us are not spending wisely. We don’t have budgets to begin with, we spend more than what we earn, and we don’t know what the money was spent on.
So in this entry, I’m gonna share 5 basic things that make us waste our money and why we should avoid that.
But wait, if you’re from a well-to-do family and have no issues with not earning big (you have family support, I know heh), what’s coming up is not meant for you. In fact, just continue with your everyday life. ;)
Still here? Ok then, here we go – 5 things you’re probably wasting your money on…
1) Clothes that you’ll only wear once or twice in a year.
It’s fun to splurge on new outfits. But more often than not, we tend to buy nice and cheap ones from online boutiques. The fact is, these purchases will eventually go “missing” in the closet.
We’ve not even gone into the branded purchases yet.
Let’s be practical – we only need clothes for work, recreation, sports, and sleep (unless you sleep naked). There’s no need to be all Barbie or Ken (eh, that’s me!) and buy clothes to fill up the wardrobe.
2) Dine out food and snacks.
This is really common. Eating out is extremely expensive.
Doing so once in a while is fine, but learn to cook and prepare your own food at home. It’s both a cheaper and healthier option for you.
Snacks aren’t cheap as well. It’s convenient to get them at the convenience store, but they don’t do justice to both your wallet and health.
3) Frequent dose of coffee and/or cigarette.
We all know someone who complains about not having enough money, yet they go to Starbucks (or any hipster cafe) every other day to get their dose of coffee.
I call these people the Coffee Quality Assurance Executive, one of the 10 types of interesting colleagues.
Cigarettes are also another money-spending habit that is slowly killing you, but expect to pay even MORE on medical bills later on in life. Kick the habit, and do yourself a short term favour – saving money, and a long term favour – keeping the body healthy.
4) Gadgets and technological devices.
How fast can you keep up with the constant technological advancements? First, an iPad, then the iPad 2, and after that the NEW iPad. Soon after, you’ll get tired with the big-screened iPad, and get yourself an iPad Mini.
And what do you do with the iPad? Social Media Management. Yeah, right.
Such instant gratification costs loads of money that could have been used to fuel your daily necessities like food and transportation.
5) Using credit card and paying its interests.
Why pay extra for owing the bank for items you’ve purchase? If you don’t have the cash, don’t swipe that credit card.
Spend within your means, or better… spend below your means. That’s one of the factors to achieving financial stability.
There you go – expenses that you may not realize (you should have realized by this point) that could save you some money in the long run. So shut up ’nuff with the whining, and start spending wisely.
On a related note, I’ll keep being a cheapskate, but apparently I have RM2billion in my pocket…
Phew… I feel damn rich now!