Unnecessary Spending that Can Eat into your Finances

Most of us these days are keen to try and cut back on our spending, with many struggling to make ends meet as it is. However, although we might be doing our bit by cutting back on luxuries such as holidays, subscriptions, and even clothes shopping, there are many other ways in which we might end up spending money that can slowly but surely eat into our finances.

Often, the spending that tends to wipe us out each month is the money that we have not even accounted or budgeted for – small but regular amounts that we spend without even thinking about it. Many of us spend little bits of money on a regular or even daily basis without even realizing it – or we do realise it, but believe the amounts to be relatively insignificant and therefore don't really stop to think of the impact that it might have. Some examples of this include:
  • Buying lunch at work each day: Many of us are guilty of doing a big weekly or monthly food shop – and then spending even more money by buying lunch each day at work. The cost of buying lunch every day can quickly mount up and before you know it you have spent a small fortune over the course of the month. Instead of forking out cash on a daily basis like this, use the items you bought in your shop and make your own lunch to take with you – this is cheaper and more convenient than having to buy lunch at work
  • Takeaways: We all have the odd occasion where we just don't want to have to cook and instead pick up the phone and order something in. However, some people do this on a regular basis – once or twice a week, sometimes more. Whilst the amounts may seem small, this is something that quickly adds up over the course of the month and can end up really eating into your finances
  • Newspapers and magazines: The cost of newspapers and magazines these days is quite high if you add it all up over the course of a month. However, if you have internet access at home or a smart phone whilst you are on the go, you can actually catch up with news, entertainment, gossip and more at the touch of a button, so think carefully whether you need to spend that money on print versions.

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