12 Things that Drain your Money

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12 Things That Drain Your Money – Most times, you have money, and before you know it, you are left with nothing. In this article, you will be enlightened on some things that can drain your money if not well-checked.

1) Betting and Gambling: Betting and Gambling is one thing that once it becomes a habit, getting rid of it is always very difficult. You will always look forward to winning; even though you don’t win on your first bet or gamble, you are always assured of winning the next day. And when you eventually win, you will focus on hitting the jackpot and quitting. Still, quitting is always challenging because of the urge to win a bigger one. Many people have put much money into this and have gotten little from it. And this is one of the things that drain your finances, which you must be watchful about.

2) Fast Food/Eating Out: Eating Out most times and enjoying the fun is always right, but when it becomes a habit, that’s where the problem is because it drains your income. And if you take out time to calculate how much you spend on those fast food when you can use that money to cook in the house and still have some left, you will find out how much you’ve lost.
Let’s do a countdown, assuming you are earning 50,000, and you spend 2,000 for a plate of rice, chicken and possibly a soft drink just for breakfast and repeat another for lunch and dinner, and for a week before the month runs out, you’ll realize how much you’ve spent on only fast food.

3) Multi-Level Networking: when you have little or limited resources, and you are involved in multi-level networking, for instance, an online game that will require you to put in a certain amount of money and bring a given number of people, that on its own is not a bad thing but when you have little resources, you must ask yourself if you will have the money to be able to invest in it and also gain from it. Many people get involved, but only a few can boast of achieving their goals, contributing to a drain of your income. So, you must be careful and watch how much you invest in multi-level networking/ marketing.

4) Attending Too Many Social Events: Attending too many occasions/events is another thing that drains your finances that you must be watchful about. The amount of money you spend on preparing for the event you attend is one thing you may not necessarily note: the new shoes, clothes, hairstyles, etc.. Most of these new things you purchase will be fine after the event. And suppose you envelope the cost of all these materials and give it to the people who have this occasion and apologize for being unable to attend. In that case, it will go a long way in assisting them. And with that, you’ve been able to cut costs because you will be amazed at how much you spend attending birthdays, parties, etc.

5) Buying Retails All The Time: purchasing retail always is another thing that helps drain your money. Buying a bag of rice, a cartoon of noodles, a pack of soft drinks, a cartoon of biscuits, etc., is a habit that, if you cultivate it, will help you save up some money. When you buy in retail, you are also paying a profit to the seller, and when you calculate the money you spend retails, you’ll find out how much it has drained your income compared to purchasing in bulk.

6) Taking Loans: Taking loans, especially online loans, is another thing that drains your income non-stop because the interest rate always needs to be more friendly. Life will always come with pressing needs, but if you try as much as possible to resist the urge to take loans, you’ll help save up your income. And you were taking loans to solve problems that could be business-wise drains a lot. For instance, you will realise how much you’ve drained your income by taking loans to buy clothes, shoes, or other daily needs. The best reason to take loans is for businesses that can repay you the money.

7) Dressing To Kill: it’s not Wise to spend all your money on dressing to impress because no one has ever been recorded dead because of another’s dressing, no matter how fantastic it may be. So spending all your money on dressing can save you a lot; doing anything to impress will put you at a loss. The dressing should be done according to your income and, better still, dress to look smart, clean, presentable, etc. And if you are dressing expensive, you should be sure it correlates to your income.

8) Watching Irrelevant Online Videos: sometimes, you need to take the time to analyse how much you spend on data. If you have a thousand friends on your contact list or any of your social media platforms, and you watch all their statuses, you’ve spent a lot of gigs on it and imagine how much that is when you calculate it up.

9) Excess Subscription: subscribing excessively is one thing that you may have yet to take note of, but it’s one thing you do that drains your money a lot. Let’s say you have four decoders, 3 Android phones, Netflix, etc., in the house, and you subscribe to all of this simultaneously; if you gather up all of this, you’ll realize you’ve spent a lot on subscription alone. Having an internet plan based on your income flow is best to differentiate between the critical and less important things.

10) Cheap Items That Need To Be Replaced Always: why buy cheap things that will get faulty when you can purchase quality ones? If you always add up the cost of replacing a particular item, you’ll find that you have genuinely drained your finances, so it’s not best to buy quality items.

11) Launching And Freewill Donations: Launching at an event or occasion is good, but you must check that you need to have your finances. For instance, if you have 10,000 to launch in an event, and others are launching 100,000 or more, the tendency to increase is always there, but you must be careful to avoid accommodating debt, thereby draining your income. It’s best to plan your income and set out the ones for free will, charities, etc.

12) Lifestyle Inflation: Lifestyle Inflation is another thing that drains your money, mainly once your income increases. You will always want to get new things that might not be necessary, creating waste and drain on your money. It is best to invest your income and, most of all, put a check on your lifestyle to avoid a drain on your money.

Read: 5 Special Benefits of Opening an Account Online

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