I was surfing the web recently and an article in Yahoo finance caught my attention. The article emphasizes the need to curb spending on the miscellaneous things in daily life. These are things that some of us may consider to be a must while others see it as useless or needless spending.
A personâ€™s spending is influence by a lot of things. Some people spend when they are feeling down and going shopping is one way to brighten their day. Some people spend due to learned habit and it has become a way of life for them. Others may spend because they envy people who have a lot of material things and they crave the same things. Whatever the reason for spending, it is advisable to do so within oneâ€™s limits.
The following spending traps are extracted from the article. Check to see whether you have fallen into any of the spending traps.
Fast food or “convenient food”
People are getting lazier to cook and the abundance of food supply everywhere makes it easier to spend money on prepared or ready cooked food. You have the choice of going to coffee shops, restaurants, fast food joints or road side stalls. In the morning, it could be a packet of nasi lemak plus a glass of teh tarik. In the afternoon, you may choose to go to KFC, McDonalds, Secret Recipe or to one of the many food courts. For coffee break, thereâ€™s pisang goreng or banana fritters straight from the wok or other delicious snacks. Then before heading home, it is easy to grab some food or â€œta pauâ€ from a restaurant or food stall along the way. Do this everyday and you can see that a big chunk of your money is going towards ready cooked food. If you also tend to purchase bottled mineral water and other drinks, this is another frivolous spending. Water or other beverages can easily be brought from home in your own bottle container saving you money and reducing waste.
An obvious way to cut down is by bringing prepared food several times a week from home. It does not take much preparation to bring fried rice, noodles, salads, sandwiches or fresh fruits from home.
There are people who constantly like to upload new ringtones and even games to their cell phones. It may not seem like much each time but once accumulated, it can be considered as frivolous or thoughtless spending. Changing or swapping cell phones often is also common especially for those who enjoy using or playing with it.
This gadget also has some people addicted to calling and talking or texting excessively. It is so convenient to get in touch with a friend or person anywhere and anytime. If you are one of these people, try to get a good service that does not overcharge you. At the same time, learn to control your usage.
Credit card balance
Paying for interest fees on your credit card balance is like giving away your hard earned money for nothing. It only makes the bank richer while you become poorer. Therefore, clear off your monthly debts to avoid paying for the interest fees.
Gym or health club fees
The idea of being healthy and keeping fit appeals to a lot of people. So, paying for gym membership or health club fees is considered justified. However not many people manage to attend or to show up for all the training sessions and actually end up paying for nothing. It makes more sense to go to the park, playground or beach with the family and workout for free.