Everything around us is trying to sell us something, convince us of the merits of a product or service, or outright try to scam us.
While there are many things you need to buy to live a normal life, there are many more you don’t really need or for which a cheaper replacement can be found.
When you think about all the different ways that are a drain on your finances, you start picking up on a pattern… Or you might not, which is the motivation behind today’s article.
We’ll examine 5 things you didn’t know that waste money and leave you broke in the middle of the month. Hopefully, by the end of this article, you’ll start to understand what these things are and how to live your life free from their influence.
Credit & Debit Cards:
Without a doubt, the number one contender for the biggest money waster in modern society.
I mean, how convenient is this one? You simply pull out a nice, coloured card, move it over a fancy machine, and poof! You have your money! The problem is not with credit and debit cards themselves, but rather with how people rely entirely on them to pay for expenses.
These things give you money, but they don’t show you the number, and it’s really by design. If you saw how your wallet was shrinking right before your eyes, you’d think twice before buying the latest iPhone with your magical money card.
Debt and loans begin to pile up, and before you know it, you’re knee-deep in paying off these accumulated expenses for the next decade, or in some situations, for the rest of your life.
The remedy for this one is to have some app on hand to manage your finances. If that’s not an option, you can make a habit of going to your nearest ATM, checking in on your current amount of money, and making fixed withdrawals that don’t break your bank balance.
In-game Purchases:
Oh look! PubG just released the latest skin of Thor from Avengers! I HAVE to buy that! I’m sure a lot of people relate to this one.
Games, after all, are a great way to pass the time. They’re also a way to show off how rich you are by buying all the endless skins, tokens, trophies, useless weapons, mediocre loot, lacklustre maps, and whatever else. You get the idea!
Games, especially the ones released over the past decade, are all designed to squeeze as much profit out of you as possible.
It’s good to be wary of how developers put these things on purpose. Usually, it starts out with you wanting to explore more of the game’s world, and you run into some closed spaces where it’s only available to premium players.
This is how they get you. One thing leads to another, and you’ve suddenly spent $600 on things you find out later weren’t worth much in terms of improving game quality. Game in-purchases are insidious because they add up quickly and are justified by how the game creators present them to you (i.e., there’s always more you’re not doing).
The problem here is compounded if you’re into MMORPGs. Those types of games will take over your life, not just your money, if you’re not careful.
Buying from Big Brands Only:
Yes, the market is saturated. Everyone and their grandmother is trying to profit by selling you something, and that’s why established brands exist.
For some reason or another, these big brands, whether they’re Hugo Boss for your perfume, McDonald's for your fast-food needs, or AT&T Mobility for your wifi, have established themselves in their respective industries, and they charge a lot of money.
We get it. You want to appear your best in front of others by putting on the latest Louis Vuitton handbag, but it’s not really a sound economic decision.
Big-name brands charge big money, and if you’re not careful with your budget, you’ll soon find yourself selling all that you bought from these brands to make ends meet.
Even worse, you might find that the big brands are all flash and no substance, offering no additional value compared to buying from somewhere else.
There’s really nothing wrong with going for cheaper options over the long term. It helps you save a lot of money, and surprisingly, there’s usually no marked drop in quality when buying from lesser-known brand names.
Paying Someone Else When You Can DIY:
This one goes over the heads of a lot of people. There’s nothing wrong if you don’t know how to fix the kitchen sink. However, if this extends to other daily chores, like wanting to hire someone to wash your car, then you need to change things up a little.
People would love nothing more than to take your hard-earned money in exchange for giving you a quick service, but these small services handicap you in several ways.
For one thing, they make you reliant on others, which takes away from your ability to handle yourself. They are also hard on your bank account. If the guy mowing your lawn every day asks for $20, that’s $600 a month.
If every time you need someone to come over and repair your broken furniture, you’re also bleeding money. The simple antidote to this is to rely on yourself more.
DIY skills are handy when it comes to saving money and teaching yourself basic life skills. You can watch a couple of YouTube videos on how to mow your lawn, and you’ll be golden. The same logic applies to other everyday chores.
Not Taking Care of Your Health:
Health is wealth, but you already know that. The question is, why aren’t you acting on it? If you don’t take care of your health, someone else will happily for a price.
Healthcare expenses are the highest of all. If your teeth are in bad shape, guess how much the dentist’s bill is going to be.
Even the mere act of paying for your health insurance is a big investment, and it’s one that requires a lot of finances and careful planning.
If you’re impulsive and you engage in risky activities, any accident is going to put you in serious jeopardy. We’re not even discussing chronic illnesses, irregular sleeping patterns, and physical ailments.
All of these things will hit you like a brick wall if they happen, so it’s best to take care of your health by changing your lifestyle and habits.
This will prevent some, if not all, of the above-mentioned health problems and leave you happy and rich for a long time.
In Conclusion:
Today we discussed 5 things that waste money people might not be aware of. Some of them might be familiar to you, but you were always making justifications for them.
At any rate, the message is the same. Be aware of the things that waste money and do your best to limit unneeded expenses.
Falling into bad habits, being addicted to video games and buying in-game loot, and wanting to spend a lot of money for the sake of appearances are all things that cost you a lot over the long term or right away.
Hopefully, this article shed some light on how to deal with these evil money-wasters, and how to take back control over your finances.
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