We all know the feeling of checking our bank accounts and seeing a number that makes us cringe. It can feel like no matter how hard we try, our money just seems to disappear. But often, the culprit isn’t some mysterious force; it’s our own financial habits.
Here are a few things that are killing you wallet:
HELPING BURNING FRIENDS
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Repeatedly helping friends who are constantly in financial trouble can be a detrimental financial mistake. It will deplete your resources and drain you emotionally as well.
Besides this, you will be worrying about their finances, whether or not they can return the money, which can ultimately put strain on your relationship. Setting boundaries and encouraging them to seek professional help may be beneficial for both parties.
HABIT OF DRINKING
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Drinking out regularly can become an expensive habit. The cost of drinks, transportation, and food can quickly add up, leaving you with less money for other expenses.
BUYING LUXURY PRODUCTS ONLINE
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Luxury items depreciate quickly, meaning you lose a significant portion of their value as soon as you purchase them. This means the expensive watch or designer bag you bought today may be worth significantly less in just a few years. It is the same with cars.
BUYING A CAR
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Car purchases often involve significant loans, increasing your financial burden. The high-interest rates and monthly payments can strain your budget and leave you with less money for other essential needs. If you need a car, buy one that can fit your budget instead of what fits your wants.
MLM SCHEMES
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MLMs require a significant upfront investment in starter kits, inventory, or training materials. However, the major concern is low success rates. Statistics show that most MLM participants do not achieve significant income. Studies have shown that up to 99% of MLM participants lose money.
BUYING COSTLY ENGAGEMENT RING
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The diamond industry has created inflated expectations around the cost of engagement rings, often suggesting a minimum of two months’ salary. This can pressure couples to spend more than they can afford, jeopardizing their financial stability.
SMOKING CIGARETTES
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The cost of cigarettes adds up quickly, often exceeding thousands of dollars per year, depending on your smoking habits. Besides this, smoking is directly linked to various health problems, including lung cancer, heart disease, and chronic obstructive pulmonary disease (COPD). These conditions can lead to high medical expenses and lost productivity, further impacting financial stability.
MONTHLY EMI
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Having multiple EMIs can lead to significant debt accumulation. This can impact your credit score, making it difficult to secure loans for future needs such as buying a house or car. Additionally, it can create financial stress and anxiety as you struggle to manage your monthly payments.
VISITING SUPERMARKETS WHEN HUNGRY
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While not an established principle, it is popularly believed (and, is logical) that hunger pangs can cloud your judgment and lead to impulsive purchases, often unhealthy snacks and sugary drinks that you may not actually need or want.
NOT TAKING CARE OF TEETH
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Dental problems can lead to costly treatments, including fillings, crowns, root canals, and even extractions. Ignoring early signs like toothaches or gum sensitivity can lead to more serious complications, requiring extensive and expensive procedures.
USING DELIVERY APP
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Delivery fees, even if seemingly small, add up quickly over time. Regularly ordering food, groceries, and medicine through delivery apps can lead to significant and unnecessary expenses.
BUYING FANCY ANYTHING
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Fancy brands often come with a significant price markup, often exceeding the actual value of the product itself. You may be paying for marketing, brand name recognition, and luxurious packaging, rather than superior quality or functionality. Next time you buy a $40 jar of honey because it’s insanely delicious or rarely found or is pure, make sure it is so.
BRANDED CLOTHES
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Branded clothing often carries a hefty price tag, exceeding the actual value of the materials and manufacturing cost. You’re essentially paying a premium for the brand name and marketing rather than the quality of the garment.