The most common money wasters and how to eradicate them

about 2 years ago

As each day passes, we try our possible best to make life better and see to it that we have a better future. We create businesses, we earn, we invest and do everything in our powers to achieve our goals. Along the line we engage ourselves with lot of money wasters that we don't even realize it. These things have a way of pulling our financial dreams backwards. In order to eradicate this, we need to identify what these money wasters are and treat them accordingly.

First of all, what are money wasters? This is a use of money with inadequate or no return in value. It simply means spending money carelessly on things or services. There are lot of things that we do and pay for that we count as normal routine that isn't necessary. If we look back and evaluate these things we will see how much we are wasting.

The most common money waster is Food wastage. Most of us are guilty of this especially in an African home. We prepare fodd for the family and excess just in case there are visitors. What happens when there is no visitor? These food go to waste. Now, I tend to calculate just the family's mouth and cook exactly the portion we'll be eating. By eradicating food waste, the food will last long which in turn reduce how much we spend on it.

Another common one is Unused subscription like Gym membership, TV plans, phone plans and many others. Sometimes the motive behind this things are nice like wanting to be fit. With this zeal, we might want to subscribe for all the days of the week but most of the times it's not achievable and the subscription goes to waste. Personally, for someone working 9-5 might not get the most value on TV subscription with is 24hours. Because only few hours is available for viewing. Most times its better to go for plans that we'll be able to use fully and cancel the ones that are not useful to us.

Another common one especially in African countries are party clothes. Me for one does not like this at all. These clothes cost thousands of Naira and might be worn on just few occasions. Why buy them? It's just total waste of money and should be eradicated.

Other common ones include unnecessary bank charges, buying of soft drinks, paying extra for a particular item or service and many more. In order to avoid these unnecessary bank charges I for one don't save there. Most of my earnings are in crypto and I use wallets with minimum charges for my transactions. Soft drinks generally are even bad for the health therefore eradicating them shouldn't be a problem.

These are some of the most common money wasters but as we all know there are many others. Its very important to identify them and try our best to do away with them. This will not only help our finances, but will also help our self development indirectly in the long run.