Are You Falling into One of These Wasteful Spending Traps?
Money. Let’s be honest for a minute; you need it.
More specifically, other people need it from you for most of the essential things in life. And while money shouldn’t define your life, it can control your life if not managed correctly.
When you look at your budget, it’s a pretty simple formula — there’s the amount of money gained from income, and there’s the amount lost to your spending. In general, you want your income to be as high as possible and the spending to be as low, leaving you with as much money in your pocket as you can.
In real life, it’s pretty difficult to increase your income on demand. Jobs will only pay so much, and your time and skills can limit you from finding other income streams.
But you do have control over your spending.
Most people will focus on their large expenditures; moving to reduce their rent, going out to eat less, stuff like that. Targeting your highest expenses is a great way to trim your spending at the start, but eventually, you’ll find you can only cut back some costs so far.
That’s when you need to look deeper and find other places to reduce your expenses. Today I’m going to share some of the common traps you might be falling into, things that are siphoning away small dollar…
