|budget (Photo credit: 401(K) 2013)|
Normally, we do not think of the situations and possibilities when we spend a lot of money but soon we realize that we have made a mistake that is leading us towards major monetary losses. Some of the ways we spend without thinking are:
· Physical Shopping vs. Online Shopping:
Suppose you go to shop physically and like something. You decide to purchase the items you want. You hurry up, take your wallet out, and purchase them instead of thinking just for a second that they might be useless to you. Later on, when you go home you search for the same product on the internet and find that these products are available cheaper. It's best to search online first before making your purchase because you may find it for less online.
· You Do Not Use Services You Paid For:
Sometimes, we purchase services that we want to use but do not get the time to use them. For example, you have purchased the HyperOffice app for your iPhone, as you have plans to do your office work at home and for this, you need to use you smartphone. Keep in mind that you are paying $7 for this app on monthly basis but you did not find time to use that app on your phone. What is the purpose of paying for this app? Just think, $7 may not be a big amount to pay on monthly basis but on annual basis, it is a lot of money.
· Waste of Perishable Food:
If any of your family members are a diet conscious person, they will prefer to have organic food. To save time, you stock up for a month without considering the fact that fruits and vegetables are perishable in nature. As a result, you have to buy them again in the same month, which is why your monthly budget fails to save anything. Buying fruits and vegetables is not expensive but buying them again and again will cost you a lot of money in the long run.
Just think for a second that you are moving from one place to another. For your convenience, you did everything possible for you to save money. For example, you hired a home mover. It may benefit you at this time to sell many of your possessions you do not need any more. Less possessions may lead to a smaller living space needed
If you don't, you may have to rent a larger house to place your belongings, which will effect your budget.
These are a few areas which will help you understand that by spending less you can help in making your income stretch further.
Husain joined Opendoorloan as a Finance Consultant in June, 2011. He is accountable for all aspects of payday loans online. Visit his website to see how it works.