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Unnecessary expenses to avoid in 2021

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Written by   83
1 year ago

2020 is coming to an end and we all made some unnecessary expenses this year. Now we will run through a quick glance on all the unnecessary expenses and how we can trim them and save money and eventually invest you're saved money. I will not say I covered all the mistakes but most of them are covered here and I hope it will be helpful to us

Disclaimer: I am not your financial adviser and all information available below is for purely educational purposes. Please verify all of the Information before using it and don't make any investment decision except upon the advice of a professional financial adviser. Past performance is no guarantee of future results. The value and income derived from investments may go down as well as up.

1. Avoid unnecessary day-to-day expenses

Try to trim your day to day expenses. life can get hectic and also moves fast but U don't wanna spend that fast your hard-earned money.

Don't have a large amount of cash with u always do keep it in the bank or other places u can't reach or get the cash quickly. (I encourage u to convert your fiat currency into a stable coin and keep it in wallets like celsius and blockfi and also earn passive income from it.)

If u don't have cash with u you cant spend the cash quickly and most ATM charges fees when u withdraw your money after a few times. So u will be hesitant to do that thereby cutting down your expenses.

2. Avoid Unnecessary Online subscriptions

Most of the techs we use nowadays offer some type of online subscription. Even Youtube which we use daily offers an online subscription but it also has a free version. Try using the free version it may have ads but if u are using youtube on desktop u can get over it using adblockers it just one more step that's all.

Don't Subscribe to multiple streaming providers at the same time. Even when u think u will be using it it's just a waste of your money. U can also get those services for free when u bought a bundled service or other offers (for example in India when u get a broadband service it gets bundled with amazon prime so in a way, u are getting it for free. Look for this kind of offer)

One more possible option is crypto.com and their credit cards. They are currently available in the UK, Canada, the US, and all of Europe. If u get their cards they offer most of the subscriptions for free u just need to stake CRO tokens and also get passive income from them U are not buying anything see simple. U just need to work around another way.

3. Put any Bonuses Into Savings

There is no better feeling than finding $ 20 in the pocket of an old jacket or while cleaning your car. Instead of putting that money in your pocket and potentially losing it a second time, pay yourself first by automatically depositing it into your savings account. Then with larger amounts too, like your tax refund or a year-end bonus. The same goes for your yearly raise if you get one at work. Channel the extra amount into your 401 (k) plan to quickly increase your savings.

4. Eating out in Restaurant

Most of us do this mistake regularly. I am not saying u should not eat out but try to reduce the frequency u are eating out.

There are more Online food order apps to order easily from the comfort of your home and as I mentioned above they also provide u with a subscription service. Try making food at home and eat home-cooked food. It gives u two main advantages, first is it is good for your health the first and foremost reason and the sec is it reduces your expenditure. If u don't know how to cook there are now more cooking videos on youtube u can learn in days with the help of it.

Even if u do go to the hotel to eat don't overspend your money thinking that u have not gone to the hotel for a long time and spend what u can afford.

5. Pubs and parties

Yes, this is also a kind of unwanted expenditure. I am not saying u should not go to pubs and parties but as with hotels reduce your frequency of visiting pubs and parties.

Even while u visit try spending less. Don't go overboard always just to impress others.

6. Gym Membership

Yes, we need to accept this. For most of us what we will do is, we will start to think of getting a slim body by going to the gym and immediately get a gym membership worth 1000's of dollars more or less.

My advice here is if u think of going to the gym, first, start by waking up early in the morning do regular walking and jogging for a few days regularly and when u think u are ready and u will be going to the gym every day that's when u pay. Don't go too fast.

7. Traveling

yes traveling what we do when we travel is instead of a regular and less costly mode of travel, we will go with a costlier one and when u reach your destination instead of renting a less expensive room u will go by a costlier one pls do avoid it.

8. Transportation

Having access to public transportation can save you a ton of money on gas, parking, and maintenance over time. You can get from one side of the city to the next for a small percentage of the cost of owning a vehicle. to work and back and to the most important events.

Every time you can leave the car, you save money. And that's exactly the money you would save on gas and maintenance and the like - you will save a lot more if you can do without buying a car altogether. Ridesharing like ZipCar, Lyft, and Uber makes it easier than ever to live car-free in major cities, so you can rent a car or rent a ride for the occasional Costco run, night trip, or day trip to the country. I used that strategy myself :

In my earlier days, I only used public transit to get around and save money, and adding a car to my car was downright painful for monthly finances.

9. Make a Grocery List Before Going to the Store

If you have been to the store without a list or if you are hungry it may be tempting to buy more food than you normally would. make sure you do not forget anything but also avoid collecting extra items you do not need.

The list helps to ensure that you avoid making another unnecessary trip and temptation. Also, it can also help to make prepared meals more affordable.

10. Shopping

Get in the habit of avoiding impulse buying. If you want an expensive coat that you stumbled upon at the mall, wait a day or two and see if you're still thinking about it. And in the meantime, search online for printable coupons or coupon app promo codes that you can apply to save money on the purchase.

There are more online shopping apps now even more than offline stores tempting u to buy products and keep on sending a notification through the app and through email.

What u can do is install the app when u think u need to buy a particular product thereby eliminating app notification and tempting issues. and when it comes to mail unsubscribe yourself from the mailing list (only promotional mailing).

11. Do not take out loans unless u need them extremely

Do not take out loans much often and if u have multiple loans try taking a single personal loan and clr them all in this way u are minimizing your daily expenditure.

And if u do need loans try taking loans from the celsius app they are giving out loans with interest rates of just 1%.

And finally do keep one thing in mind there will be a point when u do need to spend your money in the form of your bday parties or whatever. Dont go overboard with it and only spend what u can afford. Dont mind others.

I hope this article is helpful to u, I would like to hear your thoughts on this. If u have any doubt about investing or if u want my thoughts about a particular project pls comment down below.

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