Smart Spending: Life Hacks For Spending Money on Things You Don’t Need
Have you ever sat down and made a list of where your money goes? If you haven’t, you really should, and make an honest list too! Don’t just write down the major things like your car note and insurance or your rent or mortgage… make an honest list of everywhere your money goes in a month. In writing that list, you’ll see that your money is being spent on some of the most ridiculous and useless things ever. Probably plenty of things you don’t need. Once you write your list and don’t like what you see, that’s when you know it’s time to make some changes as to how your money is being spent and what it’s being spent on.
If you think about it, it’s actually pretty easy to overspend without realizing it. There are so many things for you to spend your money on that it can become quite overwhelming but the reality for so many people is that we spend money on things we don’t even need. The sad part is that these unnecessary expenses can totally be avoided but we choose to spend our money on them anyway.
This is a major problem when your budget is tight and you really can’t afford those items or services but you spend money on them anyway. US News recommends their theory on how to make smart financial decisions. It says to first weigh out the pros and cons of the purchase and then ask yourself why you’re making the purchase. If you don’t have a valid reason as to why you’re making the purchase, then you probably shouldn’t be spending money on it.
Now, there are services and gadgets that will improve your quality of life… there’s nothing wrong with spending money on those items if they’re really adding something to your life but things that don’t add to your life or take away from it, you have to let those things go. Let’s dig a little deeper into useless spending and see if you have a few things on the list… if you do, well, you’re going to have to take a look at your personal finances and see which financial decisions to make. Hopefully, you make a smart one.
Unnecessary Expense: Gym Memberships
Okay, so with gym memberships, you might be scratching your head wondering how a gym membership is an unnecessary expense. Well, gym memberships are an unnecessary expense for two major reasons:
Reason 1: Gym memberships are pointless to have if you’re not using them
So many people make the mistake of joining a gym at the beginning of the new year in hopes of working out and achieving their fitness goal. In most cases, people will join a gym and consistently workout for a month or two and then slack off and not go anymore. All while they’re going month after month without going to the gym, that gym is taking money out of their account every month.
Gym memberships can range anywhere from $10 a month to well over $100 a month and if you’re not going to the gym, you’re simply throwing money away that could be saved or put towards something else more beneficial to your life.
Reason 2: You don’t have to join a gym to get in shape
People tend to forget that the gym isn’t the only place you can go to, to get in shape. You can go walking or running in the park (for free!). If you live in an apartment complex, you can use the fitness center there… it’s not exactly free because you’re paying for it in your rent but still, use your apartment gym and put your rent money to use!
Unnecessary Expense: Expensive Cell Phones
With the advancements in technology, cell phones have gotten smarter and smarter but with cell phones getting smarter and smarter, that also means that cell phone prices are getting higher and higher. Phones prices have risen to be thousands of dollars now, and for what? A fancy camera or new apps? That’s financially very irresponsible, especially if your budget won’t allow it!
Just because Apple comes out with a new phone every two weeks doesn’t mean you have to buy it or pay the insane price of it. There are affordable used phones you can buy that are in like-new condition. So don’t give in to the temptation of “new” because it will have you in a world of debt. You can have a very nice phone with all the technologies of a new phone without spending nearly as much on it…
Remember, it’s all about making smarter financial decisions and avoiding spending money on things you don’t need. Sure, you may want the new iPhone or Samsung but do you really need it? More importantly, can your budget afford it?
Unnecessary Expense: Eating Out
There’s nothing wrong with eating out every now and then but eating out every day is completely unnecessary, especially when you have a kitchen at home. You might have the excuse of “I can’t cook.” Well, in today’s day and age, not knowing how to cook is completely unacceptable. There are so many apps and cooking videos on YouTube that will show you step by step how to prepare and cook meals from start to finish.
The amount of money most people spend on eating out is the equivalent of enough groceries for three to five meals! If you’re seriously trying to work on your spending habits, you’re going to get a huge return on cooking at home instead of eating out. What people don’t realize is that you’re paying for the food, of course, but what you’re really paying for is the convenience… imagine how much you could save by inconveniencing yourself for a couple of hours to make a few meals that will get you through the week!
