10 Senseless Ways You Are Spending Your Money
There are some foolish ways in which we spend our money these days that can be making you fall deeper into debt. You might not realize it but there are some everyday expenses that are not actually needs but wants. These are things your doing that you might think are part of everyday life but are really a luxury.
In order to save money and reduce or eliminate your debt, you need to realize where you are spending your money unwisely so that you can save it. Or you can find less expensive alternatives so that you don’t have to sacrifice all of your wants.
1. Going Out to Eat
An easy thing to cut out of your life especially since you can go buy groceries at the supermarket. Yes, going out to eat is much simpler, convenient, and in some cases tastes better but in the end it’s costing you way more. A $15 dollar meal at your favorite eatery can easily be stretched out to 2-3 meals if you were to buy the same ingredients at the store.
Also by buying food and cooking at home, you could become a better cook and thus enjoy your meals from home more. Not to mention, cooking your own food let’s you customize your food even more down to the seasoning and portions.
2. Buying New Clothes
Trying to keep up with the latest fashions or trends can be a very expensive task. Instead of trying to be the most stylish person, try to buy key pieces that are classic and never go out of style. By investing in quality items in your wardrobe you won’t always feel like you have to keep up with the hot styles.
Not to mention, these pieces in your closet will last you years so that you won’t have to keep on re-buying them over and over again when they start falling apart or get ruined.
3. Buying A New Car
Getting a new car can be a very fun and rewarding. However, getting a nice car just because you feel like it, is not a good idea. You should always be buying a car within your financial means and making sure that you keep your monthly payments low.
Researching cars and models before you go to a dealership is a smart strategy and will be a great way to be able to negotiate with your car salesman. Also you will be more prepared to handle any financial requirements or issues that might come up as you get your car.
Remember that just because a car looks nice on the outside, doesn’t mean that it’s necessarily the car for you. Think about the functional needs you have, where you plan to go in your car, the amount of money you want to spend on gas a week and how easily it will be to fix your car if something were to go wrong.
4. Taking A Car Service
You might be one of those people that just doesn’t have a car or you are out late and want to be safe getting home, which are both reasonable times to catch a cab. However, taking a cab everywhere can be very costly.
Try to plan your days a little better so you won’t have to rely on a car service. For instance, instead of going to the grocery store on the weekend do it while you’re out during the week working. Or if you plan on staying out late with friends, try to see if you can crash with one of them so that you can walk or take public transportation in the morning.
5. Lavish Vacations
Going on a trip anywhere is going to cost a pretty penny but if you plan wisely you can get the vacation of your dreams for half the price or less. Going with a group of friends and getting group rates or discounts can also be beneficial.
There are various travel discount websites that make traveling cost-effective and lavish without wiping out your bank account. Make sure to do your research ahead of time and you could end up on a five-star vacation for a three-star price.
6. Expensive Jewelry
Splurging on yourself every once in awhile is fine but always going to expensive jewelers for everyday pieces is not a very smart idea. Again, choosing key pieces as investments is the best way to go. First off, jewelry never expires or gets “old” so buying pieces that you know you’re going to wear regularly is important.
Also try to buy pieces that will go with multiple looks that way you don’t feel limited to a certain outfit or color every time you want to wear your favorite watch.
7. Going Out All The Time
Going out with friends is a necessary part of not losing your sanity in this crazy world but it is also a luxury and expensive. All the drinks and food that you guys order together can start taking out chunks of money from your income.
Instead of going out multiple days of the week, try spending some days indoors or doing stuff outside that is less costly. Pick only one or two days of the week to go to the club or bar so that you won’t be prone to spending so much.
8. Going to the beauty salon
Looking good translates into feeling good and having confidence in yourself. However, trying to look good everyday maybe costing you a little more than you expected. Try to only treat yourself to a nice spa or a top-of-the-line hairstylist once a month that way you can still feel fabulous and handsome without breaking the bank.
Also trying to visit the same salon on a more frequent but less costly basis could be advantageous as well. Your hairstylist will reward you for being loyal by possibly giving you a discount or treating you to some extra services.
Where you live is important and you want to make sure it’s some place you feel safe but also connect to. At the same time, you shouldn’t be over exerting yourself when it comes to your monthly rent payment.
Keep in mind that you aren’t making payments on a piece of property that you own or even will own one day. You should look for a place that meets all your needs but also is a place you will enjoy and can make your own.
10. Luxury Groceries
Getting organic food and non-processed vegetables and fruits does sound pretty good and tasty but think about the little bit of food you’re getting for the price. You could be getting the same amount but for way less.
Instead of buying organic at the grocery store, try going to a farmer’s market or local farm for fresh produce without sacrificing your health. Obviously, if you have a serious health problem this might be difficult for you to do but you can always find alternatives and non-name brand items that are just as nutritious.