Be Aware Of Financial Leaks
Fri Jul 31, 2009, 8:34 am | Leave Comment
Almost everyone has money leaks or spending holes. You must have occasional feelings – especially at the end of the month – that there was a black hole and it sucked in all your income for the month. Well! if you change your mindset and your spending lifestyle, you might or rather will be able to push that black hole further and further away. You would be amazed how you would be satisfied financially and live a debt-free life.
Here are some options available to you to push that black hole away and farther from you:
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Buy pre-owned
Very seldom, folks get a chance to buy a newly built home if it is their first home – what the real estate agent calls a starter home. I would say the same thing for other things in your life like a car, books, toys, exercise equipment and furniture.
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Pay off credit-card balance
You know what the interest is on some of the cards, more than 20%? It’s scary if you really think about it. If you pay your balance every month, you would avoid that extra baggage.
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Avoid impulse-buying
Think before you buy. If you know you cannot pay it back by the due date, don’t buy it no matter how you want. Have clear idea between needs and wants.
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Avoid eating out frequently
A habit of spending $10, $20, $30 per person for dinner can be a huge drain on your wallet. Throw in a $6 sandwich for lunch and a $4 latte in the morning, and you’ve got quite a leak.
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Buy store brand
Some folks say when you buy brand-name at exuberant prices, you are imitating the rich who can afford it and you cannot. Stop doing that.
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Stop overdraw
Overdraw your checking account and you will pay $20 to $30 a pop, so it pays to keep tabs on your balance.
In a Nutshell
You can save money and sometimes big money as in buying a house, car, furniture and more when you think about the logic behind saving money and spending less. Change your mindset and your lifestyle financially and pretty soon you will be debt free.
