We work for money, money is for spending, however, it is only wise
and in our best interest to spend it smartly. We have long left the age where
money was primarily for food and shelter.
In our world today, so many things need monetary attention. We
have to upgrade our gadgets, pay our rent, pay the light bills and a myriad of
other things that require money to get done.
It has been observed that quite a number of people spend excessively on things they don’t necessarily have the need for; I mean come on, a refrigerator in Alaska?
But this is to point out that there are certain expenses that are a little too much and not obviously stupid either. Take, for example, a man whose entire life revolves solely around his block or neighbourhood at most. He works from home and is super introverted so he’s almost always at home.
Now, this man faces a pressing dilemma of either getting a laptop
which by the way will increase his productivity at work or getting a car which
won’t be useful to his lifestyle. Not such a tough choice if you ask me, yet,
people keep making decision errors.
It will be a financial error if this said man chooses to buy a car. It all boils down to the scale of preference. A car is the last thing this man needs!
People make financial errors mostly because of prestige or lack of
a scale of preference. A scale of preference is a mapped out list of the needs
of an individual by reason of importance.
This list is to help guide you when making financial decisions.
The proper financial budget is enough to make anything achievable.
In as much as I try to drive home the point that certain expenses are not necessary, I am also not disputing the fact that there are some things that are way out of our budget, also not pressing but makes life comfortable. In situations like these, the financial budget, as mentioned earlier is Paramount.
Cut Excessive Spending in 2021
There are different ways to cut down on excessive spending, such
ways are listed below:
A scale of preference cannot be overemphasized. Most times, we
underestimate little spending.
Take, for example, you hand out $1 every day for something completely irrelevant and you’re thinking “it’s just a dollar”. By the time you assemble these dollars after a while, you’ll come to realize that you’ve spent a whole lot of money on frivolities.
Write down your income and every single purchase you make. This
way, you can be accountable and you will be able to trace where your money is
going and cut down the excesses.
Re-evaluate your mode of transportation.
How many kilometres away is your workplace?
Do you really need a car?
How much gas does a car consume monthly?
Do I have other options?
All these are questions we must consider carefully. Like the
example I sighted earlier, your daily activities is a huge determiner of
whether or not you need a car.
If you don’t, you can always cycle to work, it’s no biggie and it
keeps you fit, basically, killing two birds with one stone.
Cuts in Feeding
Walk with me…
Are takeouts more expensive than homemade meals?
Oh, I think we both know the answer to that…
On days when we’re not so tired from work or not feeling as lazy
as we usually do, why don’t we just cook in bulk and refrigerate?
Think about it, you come home from work and all you need to do is
throw a plate in the microwave and voila, dinner is served. Plus, it does a
great deal in cutting down the extra cash you give to food vendors on a daily
Capital and Reoccurring Expenditures
There are some certain expenditures that seem excessive at the
time but turn out to be cheaper and way more profitable on the long run.
These are called capital expenditure!
A coffee maker for example, why do I need a coffee maker when I
could just get coffee at Starbucks across the street?
Yea, very interesting thought but think about it, how does
Starbucks make their money? They won’t run at a loss for you, and they
definitely won’t be at a disadvantage so know this and know peace.
They pay themselves with your money for the services they render, why
don’t you just do the same?
Get a coffee maker, make your coffee at home, save up a whole lot of money and live a credit-free life.
On the other hand, reoccurring expenditures are important but
don’t let them impede capital expenditure. Be sure to make at least one capital
expenditure a month, it’ll go a long way in cutting down excessive spending.
Whatever the kind of situation you find yourself in, cash is not so far away as you think. Most end up exhausting their entire paycheck even before the month runs out due to excessive spending, leaving them with little at hand to work with for the rest of the month.
But here at InstantPaydayNV, you can get cash to keep you going until your next payday, while still using the strategies listed above in re-evaluating the way you spend your monthly earnings.
I’d Love to Hear from You:
Which of the above-listed strategies are you going to be trying out first in helping to cut down on your excessive spending in 2021?
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