You get it; don’t think you spend it, yet you have nothing to show for it. Where does it all go? If you’ve ever found yourself with not enough month at the end of your money, here are 3 ways you may be losing it.
You may not realize how much of your money leaks away to your favorite restaurants every time you clean your plate, but if you dine out regularly, your restaurant tab is costing you. The average restaurant tab for two can easily range from between $50 to $150+ if you add cocktails. Multiply that range by 4 weekends in a month and you could be dishing out between $200 to $600, or more! If you’re unsure of where your money goes, check your most recent bank statement and look at your restaurant charges. Don’t forget to count Starbucks!
Remember that new years resolution you made on January 1st to lose 30lbs? Remember how you rushed out to your nearest gym and signed up because you were committed for about 8 days? As your commitment and dedication wore off, but your gym membership continued to auto-debit, and the scale continued to climb, your money is the only thing being lost. Be honest with yourself, if you haven’t been to the gym in the past 30 – 45 days, chances are, you’re just not that into it. Cut your losses, accept that you’re throwing away your money and find alternative, free exercises without commitments.
20% off sales are your favorite! You eagerly check your emails for the latest update from your favorite designers, and your payment method is auto-filled when you click on “checkout”. Your preferred payment method is credit, over debit or cash, and your credit card balances are constantly climbing. You make the minimum monthly payment, which doesn’t make a dent in your balance; yet you keep swiping. As interest continues to accumulate on your purchases, you are losing more money than you could imagine. If you’re unsure of what your interest is, and how that affects your credit card balance, check the fine print. Grab a credit card statement and look at the page you’ve probably been avoiding, and look at how many years you’ll be paying off your balance if you continue to make the minimum payment. Shocking, huh?
By no means do I suggest not doing the things you enjoy. The key is to actually do the things you want to do but with a clear, pre-defined, budget and guideline. Examine your day-to-day purchases; do they fall into your budget? Do you even have a budget? If you don’t that could be the root of your problem.
Don’t cheat yourself, always treat yourself, but do it the right way! If you need help with creating a budget and sticking to it, we’re here!