Most of the people do care about their own well being. One of the aspects of someone’s well being is the financial well being - Money Wallet. So what is necessary for health of your money wallet? More income? Yes, that may help. But earning more money is not the only thing that will influence the content of our money wallet.
It is also important how we spend our money. Since you can always spend more money than you can earn, spending becomes very important for your money wallet. This mean that if we want to improve our financial well being, we must not just try to earn more, but we must also take care about our spending.
In order improve our spending habits, we must check the current status first. How smart do we spend money? How much do we spend on things that are necessary? Do we think enough about money wallet? What are our spending that are not improving our life quality?
Now we come to money wallet leaking. This type of spending is more spending in vain than meaningful spending that contributes to quality of your life. We come to several typical examples of money wallet leaks that happen too easily, without too much thinking. You may even try to justify some of these budget leaks, but essentially, they are only pure waste.
Smoking Cigarettes costs you a fortune. Do you even try to think about how much money you ruin during your lifetime, because smoking cigarettes is more habit than real pleasure? Smoking cigarettes of €5 daily will cost you €73.000 in 40 years trough you wallet. With minimal investment, that figure goes up to more than €200.000. Are you really that rich to waste that much money? Are you really aware about this money wallet leak while you are smoking cigarettes?
Shaving – Electric shaving vs. razor shaving. Most of the people shave during their life. Having electric shaving or razors shaving can be a matter of personal preference. But have you ever wandered about financial implications of razor shaving. Single shaver will take €1 to €5 from your money wallet. These shavers serve you 2-10 times. If you add up the shaving foam, you need €0,5 per single razor shaving.
If you shave 6 times weekly for 50 years, you are spending €7.800 on razor shaving. If you invest that money it can give you back €20.000. This is the value of a mid class car. On the other hand the electric shaver cost €50 average. If you replace electrical shaver every 5 years, it will cost you €500. Do you care about this difference, €7.800 compared with €500 in your money wallet? Are you still the fan of razor shaving?
Traffic Ticket penalties are very easy to add up if you do not care. How many times you have seen somebody that drives like a crazy on the road, but you found that both of you came at the destination at almost the same time. Even if you save 10 minutes on every hour of driving, what this time saving represent to potential traffic ticket that will ease your money wallet for, say €50-300. If you are paying this traffic ticket only once per month, try to calculate how much money that makes in 30 years.
Dinner Out is an important part of our social life. But having dinner out too frequently can make you de-monetized. Price of restaurant meals is 300%-1000% more expensive than the cost of meal prepared at home. The difference of price goes to restaurant owner, tax, etc. Are you aware how big this money wallet leak is if you dinner out too much.
Newspapers / Magazines are the source of information. They give you the fun. They educate you. But do you really read thoroughly all your magazines, or you just buy it because of habit. Do you really need this burden on your money wallet?
These are only some of your Money Wallet leaks. Try to analyze your other spending and try to validate them. Are all of them bringing a real value for given money, or they are just a leak in the budget?
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