Money often costs too much.
It feels like everyone is complaining about money these days. Some don’t earn enough money at their job and they feel trapped. Some burn their cash at the clubs and don’t save enough. A few lucky persons have the money to invest but fear to make the wrong choice. What if I tell you the key to long-term financial health is look out for the compounding element?
Even bad coffee is better than no coffee at all.
Every recurring factor can work for you or against you. That $5 Starbucks coffee you indulge in every morning? That’s $1825 a year! You could get a round trip to Europe or bring your retirement date closer with that money. Well 5 dollars here and 5 dollars there has big impact on the long run. I’m sure you can think of recurring expenses you could get rid of to fatten up your savings account at the end of the year.
The worse the haircut, the better the man.
An easy offender to spot is the regular trip to the hairstylist. It’s a fact of life that hair keeps on growing and that our haircut is a big component of our personal style. You have a few options: go to the cheapest barber shop near your place, wait as long as you can before making an appointment, and finally grow a pair and start cutting your own hair. Next stop on your list of offenders should be the daily coffee or glass of wine. Now don’t get me wrong, I know how hard it is to stop cold turkey. If you’d rather turn to an inexpensive alternatives than stop completely, it will still have an impact on your savings at the end of the year.
Life is more fun if you play games.
What about entertainment? It feels like cutting on fun experiences is like not living your life to the fullest. What you can do however so to find some cheaper alternatives that will fulfil your desires for adventure and keep your bank account well furnished. I choose to rent a movie with my friends at home instead of splurging on cinema tickets. I seek free shows instead of spending $80 on a fancy play. I’ve even stopped going to the Casino with the transports, drinks and chips it just wasn’t worth it. I’ve started playing on my phone instead and seek great deal on first deposit bonus. I can always compare the best options for me. Now it’s your turn, tell me your strategies to cut back on expenses. Share in the comments below.