Stop spending on these 5 money-wasters to save extra money.

When I was at school or college, nobody taught me how to manage my finances. In fact, one of the most ignored topics of formal education is managing one’s own money.

Belonging to the finance background myself, our syllabus had subjects which taught managing finances and decision-making techniques of big corporates and companies. But our own finances?? Naah!!!

Society teaches us different mediums to earn money, but who will teach us to manage them effectively?? For generations and ages, money management has always been a self-taught skill. From our great grandfathers to us this very present day, advises may have been passed on – but what’s the right way to do it?

Needless to blame the education system, you and I can still learn to manage our finances better. Ask me how? Yes – the internet. There are tons and dozens of videos and blogs by professionals purely teaching on managing finances better. With just one click, we can learn more than we ever knew in our lifespan.

Keeping this aside, let’s talk about today’s blog. I am highlighting one paramount ingredient to financial management – SPENDING. Yes, you read it right.

“It’s not your salary that makes you rich, it’s your spending habits”.

The first step you can take towards effective financial planning is cutting down on the unnecessary expenses you are making. Below are 5 expenses 80% of the Americans agree to be wasteful and regret spending on.

1. Unplanned grocery bills:

Supermarkets are attracting customers with their ‘so-called best saving offers’, ‘buy one get one free’, ‘freebies for purchase over xxx amount’ etc.… Having rational brains, we are always drawn towards such stores and offers. We don’t understand that these are mere mouse-traps to draw the mouse in.

Instead, try this – Go with a grocery list and budget. Pick only those that are on the list and nothing else. My advice would be not to visit a supermarket. Choose your nearby retail store instead. Give them the list and you literally end up paying only for the essentials on your list.

2. Costly Branded Products:

Branded products are everybody’s proud possessions. The name of the brand is what captivates us. Would we buy a mobile phone from a completely unknown brand? Definitely not.

Yes, brands do have their pride, but there are also local products with uncompromising quality at a lesser price. Sometimes, we could vocal for local and not hunt on those big swallowers.

Few local purchases you can always consider buying are;

·        Locally made organic cosmetics,

·        Bakery-made biscuits,

·        Naturally scented perfumes,

·        Handmade gift articles,

·        Homemade food products.

All of these not only save you money but also encourage local businesses.

If you are looking to purchase 100% homemade cooking powders – Yes!! My mom runs a small business of preparing, selling and operating them under the brand name – KITCHEN NATURAL.

All of the ingredients are 100% natural and freshly sourced. They are sun-dried and roasted traditionally to bring that zing and flavor to your curry and cooking. 

Supplying authentic and unadulterated food products has been the intent behind this initiative. Check the Instagram page from here. 

If you’re someone who believes in quality cooking, send me a message so that I could tell you more about our products and prices. 

3. Coupon redemptions:

Coupons and vouchers are everywhere. I received a few on Amazon, Gpay, Flipkart, Airtel thanks, etc… Why does Gpay have to give you a coupon, when you’ve paid money to somebody else?

Companies enter into a tie-up to market their products on these top platforms. We, being the rational customer, is always drawn towards words like DISCOUNTS, FREEBIES, and COUPON CODES, etc.  

These coupon codes drive us to websites, where we ultimately end up spending on things we don’t even need.

4. Unwanted memberships and subscriptions:

E-commerce sites, mobile applications, OTT platforms, etc…keep sending mails, urging us to pay for their premium packages. Of course, paying for valuable subscriptions will be worth the money, but paying in a hurry and never logging in is a hassle.

Gyms attract customers by flaunting with ‘New Year offers’, ‘Pay for 6 months & get 6 months free’, ‘Seasonal offers’, etc, only to make customers continue to visit them. If your fitness goal at the gym has been accomplished, better end the subscription and move out.

You can still continue to workout at home and challenge yourself.

5. Cable TV subscriptions:

After the arrival of these over the top (OTT) platforms, traditional means like Cable TV and satellite providers are losing their viewers. Programs on televisions are also being streamed on OTT platforms these days.

If you own a smart TV and are looking to reduce cable TV expenses, it is better to stop paying for them and invest in some OTT subscriptions.

Yaay!! Those were the top 5 money wasters you should probably ditch spending on.

Financial wellness can’t happen overnight. Learn to take small baby steps each day and I’m pretty sure you’ll excel with your finances.

Until next time. Ahh yeah...Don't forget to ask me about Kitchen Natural.