Do you know that it’s not your income alone that makes you rich?
Yes, it’s your wise, conscious spending habit that helps put you on the upward wealth building trajectory. So, if you are looking to improve or rather curtail your spending spree, then the first logical step would be to identify where you can stop wasting your money.
Have no clue?
We’ll help you with 4 areas where money gets wasted without your knowledge. Read on to know how you can restrict spending in those areas.
If you are a frequent traveller or an international student or an expats, then you will certainly understand how much of money is wasted or rather lost due to the forex market ups and downs. This is an area where you have relatively less control over money, as the market fluctuations are determined by global factors.
But there is a way you can save money from these rate fluctuations. You can use a prepaid travel card that lets you lock favourable exchange rates for future use. This way when the currency exchange rates skyrocket, you can still use the old favorable rates that were locked by you!
ATM and credit card charges
Using your credit card for shopping and withdrawing cash can result in hefty hidden costs and charges. When the time comes for you to pay your credit card bills, you will be paying heavy interest in addition to these hidden fees. So, to avoid losing money, you can use a multipurpose card, that has no exorbitant ATM withdrawal fee or interest rate.
Paying late fees is a completely irresponsible and pointless behavior. Missing on payments can lower your credit score, which will affect your ability to borrow money for bigger purchases, such as home or car, in future.
So, to never miss a bill payment date again, automate your payment system for necessities such as electricity, home rent, mortgage, school fee, phone bill and so on.
Every time you throw away excess food, grocery, or expired tins from your food cupboard, that’s your hard earned money going down the drain.
So, before you venture out for your weekly grocery shop, try and plan your meals for the week. Write down exactly what ingredients you’ll need to prepare those meals. Don’t get tempted by coupons, offers and end up going on a spending spree!
Now you’ll find that you’ve saved a considerable amount of money that can be diverted into an investment or savings account. As several financial advisers suggest, we need to be more conscious of our spending. It is a powerful tool to build wealth!