If we do a bit of retrospection, we will find out that we make a lot of impulsive purchases. When we go shopping, armed with a credit card, there is an increased likelihood that we end up buying things on a whim. Eventually, our whims and impulses become a habit, which like other bad habits, take a toll on our financial health. Thus, it becomes very important that we get ourselves out of the mire of unnecessary spending.
Also, it is important to note that unnecessary spending comes in many forms, only one of which is shopping. Services - like a gym membership that goes unused, or an extra DirecTV connection, are also forms of unnecessary spending.
In the following paragraphs, we give you a few options and suggestions which can help you to save, and fatten up that rainy day fund.
- Brown bag your lunches and cook dinner at home. Not only will you be saving a good amount of money, but this will also reduce the instances of eating junk food.
- Check what you are paying for your phone contract, data plan, and cable. Analyze whether you really need all the services that you are paying for. By expending a few extra, unused services, you will be able to save some money.
- Given the ever-increasing costs of gasoline, a significant portion of our monthly expense is spent on transportation. Try to minimize the use of your personal vehicle and give public transport a try. If you have colleagues in your locality, see if carpooling can be an option.
- Many people like to pick up a cup from the drive-through at Starbucks, but you can save considerable money if you brew your own coffee at home.