Many people wonder that their bank balance is always running low despite the fact that they don’t spend money on the big purchases, exotic vacations or dinners in luxurious hotels. Below mentioned are few expenses to watch out for that might be hurting your cash reserve.
Not paying your credit card bills on time.
Not many people realize that credit card companies charge a lot of amounts in the form of interest once you fail to pay the entire due amount on time. And if you choose to not pay the due amount for few billing cycles, the financial dent is massive. You can choose between setting up calendar alerts or go for automatic payment.
Always buying branded products
While brand recognition provides an ego boost, it may hurt you a lot financially if you decide to buy brands for all the things needed. Many generic products such as food items, casual clothes, household items are as good as any fancy premium branded offer. You need to be wise and strike a good balance between branded vs unbranded purchases.
Wasting packed food items
Sometimes we buy few edible items out of excitement or experimentation. Later these lay in the kitchen shelves, mostly unused and expired. Be mindful while buying such items, like evaluating whether you will actually use it or buy smaller SKUs. The same applies to food orders; only buy what you can consume to avoid wasting money!
Buying a gym subscription and skipping it
Mostly buying a gym subscription is an emotional decision. Many people buy long term subscriptions and just go to the gym for a month or two. If you decide to not go to the gym regularly or skip entirely, you will burn a lot of cash. Alternative, either go with a monthly plan or start with few trial classes to evaluate your probability to hit the gym regularly.
Avoiding essential repairs
One of the prime examples of this can be vehicle maintenance. Ignoring that dirty or low-level oil or other fluid or damaged or worn-out filters, belts, and hoses can cost a fortune if not addressed on time. The same applies to household items or more expensive items.
Frequent eating-out or ordering-in
Although you might eat out or order in from a rather not so expensive restaurant, it all adds up to a big amount when done quite frequently. It may sound very convenient, but it hurts both your health and bank balance.
All these and many more are small behaviours that you can alter to experience a positive effect on your cash reserves.
