MONEY MATTERS: HABITS TO GET RID OF
A lot of individuals may think they are making use of their funds wisely by simply allocating monthly savings, but a breakdown of daily expenses can reveal a lot with how someone handles money. Unconsciously, the little things that people purchase on a daily basis may be taking a lot of what could be useful cash in the future. Below are the most common types of wasteful buys/activities.
Convenience store goods The huge markup imposed on products in these kinds of stores is often neglected, as many are used to obtaining their needs here. However, prices here tend to be much higher because unlike groceries, they do not buy their supplies in large quantities. So unless it’s urgent, it would be best to avoid shopping here; you might be surprised at the annual addition to your extra money if you cut your spending here.
Mobile Plans Develop the practice of checking your monthly cellphone bills because you might be paying for more than what you need. If you happen to notice that you are using fewer time than your plan allows, replace it with a lower-rate one. Also, reassess your phone company’s offerings to familiarize yourself with which offer gives you the most value based on your preferences.
Soda Softdrinks in restaurants are cost way too much, and is definitely an addition to your total bill, plus lowers the value of your money. For example, if a family of four eats out twice a week and consumes $1.50 for a bottle of softdrink, it will sum up to $48 a month and $624 a year. This amount can be used instead for more important matters such as retirement and education so while it is not wrong to dine outside your home sometimes, it's wiser to opt for water instead of other beverages.
Bank fees Some people are unaware of unnecessary payments they provide for their banking activities. The key here is awareness of the rules regarding your accounts. This pertains to as simple as ATM charges for using another bank, which can go as high as $3.
Magazines If you like to occasionally buy these things, opt for an annual subscription. You may not fancy every issue provided, but you’ll be paying the same by casually picking out a couple of them on the newsstand.
Credit card fees There is no reason to pay an expensive annual credit card charge unless you have a poor credit history. The most important task here is to duly pay your monthly dues even to a minimum extent, as these tend to accumulate interest along with your present balance.
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