Avoid these common lifestyle mistakes that can empty your pockets
In the fast-paced rhythm of modern life, it's easy to fall into habits that, unknowingly, have a significant impact on your finances. From small, everyday choices to larger lifestyle practices, certain behaviors can act as silent money-drainers, leaving your wallet lighter than you would like. Keeping away from some of these common practices could actually save up a large amount of money.
Eating from outside quite often
The average cost of a quick meal is Rs 200. It adds up whether you dine out twice a week or every day. Reserve dining out for exceptional events and opt for lunchtime leftovers. Prepare a lunch and store some snacks in your backpack for your weekend errands. You will definitely make healthier eating choices and waste less food.
Choosing a low data plan
Selecting a mobile plan with the least data isn't always the best option, particularly if you consistently go over your monthly limit. The cost of data overage varies from company to company but is typically quite substantial. Turn on alerts, use Wi-Fi whenever possible, or get an unlimited plan to prevent using more data than you have.
Paying the minimum for your credit card
You are headed straight for financial disaster if you treat your credit card as free money. The best way is to treat your credit card in the same way that you would a debit card. Try to pay off the entire amount each month to avoid incurring interest fees, or look for a credit card with a lower interest rate.
Paying for too many subscriptions
Subscriptions for streaming services, magazines, and other recurring expenses may seem small individually but collectively can become a significant drain on your finances. Regularly assess and trim unnecessary subscriptions, and declutter your phone frequently. Carefully examine via your memberships, services, apps, and subscriptions. Unsubscribe from any subscriptions that you haven't used in the last couple of months or more.
Mindless brand loyalty
Avoid filling your cart with just branded products. Blindly sticking to specific brands or premium products without considering alternatives can strain your budget. Remember that price and product quality does not always go hand-in-hand, be it food, cosmetics, clothes or any other item. For each category, there will be affordable options with the same quality. Make sure to try them and make the switch.
