Are you unable to make your paycheck last till month end? Do you often indulge in retail therapy? Managing money doesn’t come naturally to everyone, but it’s certainly something that can be learned over time. If you’re serious about turning around your spending habits and building a secure financial future, here are the things you need to stop spending on.
Eating Out & Ordering In
Dining in a fancy restaurant because it’s your birthday is absolutely justified. But eating out or ordering food five days a week isn’t the best use of your paycheque. You don’t have to be a MasterChef to cook meals for yourself. Start cooking lunches and dinners at least four or five days a week and watch your savings grow.
Overpriced Utilities
When was the last time you evaluated your phone plan? Are you paying a reasonable amount for electricity? We know that checking your utility requirements isn’t the most fun activity for your free time. But it’s necessary to ensure you’re not overpaying. If you’re on the market for a competitively-priced energy plan, check out AGL electricity rates.
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Artisanal Coffee & Bottled Water
$5 on a morning coffee may not seem like much, but it adds up to $150 a month! Is some artisan coffee really worth that much? You can easily make a variety of beverages at a fraction of the cost. Similarly, stop buying bottled water and instead get a water filter and reusable water bottles. This is also an excellent way to reduce single-use plastic waste.
Fast Fashion
If you’re a fashion enthusiast, then fast fashion is an accessible way to get your hands on the latest trends without spending a fortune. But the thing about fast fashion is that it’s not made to last. You should explore thrifting, which is much more sustainable as well as a cheaper option.
Taxis
Taking an Uber once in a while is alright, but it’s perhaps not the best financial choice for everyday commute to work. Make the most of public transportation in your city for extra savings.
Branded Products
A branded product is not always superior to an unbranded version. There’s hardly any difference between store brand and name brand grocery staples. So stop being a brand snob and broaden your options.
New SmartPhones
Apple has some of the most dedicated fans in the world who are not afraid to line up to buy the latest iPhones in dreary weather. But do you really need the newest smartphone if your old one is working just fine? Try to buy a new phone only if you actually need it.
Streaming Subscriptions
Do you really have the time to watch every show on Netflix, Amazon Prime, Hulu, Quibi, Apple TV, and other streaming platforms? Rather than paying monthly subscription fees for multiple streaming services, stick for one or two that you like the most. The same is applicable to music streaming platforms.
Pricey Cocktails
If you enjoy partying on the weekends, then save some money by making cocktails and pregaming at home.
Gym Membership
If you’ve not gone to the gym for months, then don’t lie to yourself that you will go next week. Cancel your gym membership and try out home workouts to get your fitness back on track. You can also try running, which doesn’t cost a thing.
Dry Cleaning
Not every piece of clothing needs to be dry cleaned by a professional. Reserve dry cleaning for special outfits and use the good ol’ washing machine to wash the rest.
Simple Household Tasks
From hanging up a bookshelf to assembling furniture, there are several household tasks that you can do on your own.
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