Top 10 Ways People Are Throwing Away Their Money
If you're wondering why your saving and budgeting efforts aren’t paying off, you're not the only one. Across the globe, people are finding similar difficulties in controlling their spending and increasing their savings, especially over the past year, where bank accounts everywhere are taking hits. Between the COVID-19 pandemic and the general economic state of the country, it’s never been more critical to make sure money is spent wisely. While many of these hits are the fault of the pandemic, have you ever stopped to wonder if there are things in your budget that are hemorrhaging your money?
1. Expensive gym memberships
Investing in your health is important for your mental and physical wellbeing, especially in stressful times like these, but are you using your gym membership to its fullest? Measure the cost of your membership against the number of times you find yourself going. If you aren’t visiting the gym frequently enough, let it go.
2. You don’t have a budget
Living beyond your means is a sure way to land up broke or in debt. If you can’t afford to pay for luxuries outside of your monthly budget, then make other plans. Make note of how much money you make with your paycheck before taking note of how much money your expenses are. You should aim to make more than your expenses.
3. You’re throwing away food
American households waste a scary amount of food through wastage, which adds up from week to week. If you plan to make a meal, portion and freeze a section of it’s too much, or prepare your meals according to a budget.
4. Bank chargers
Make sure that you are using a bank card that does not charge fees for essential services. If your bank charges high service fees, shop around to find a bank that offers a better deal. A little research can go a long way to saving money.
5. You’re eating out too much
You can save a small fortune over time by making your lunches for work instead of buying them from restaurants and fast food joints, no matter how cheap the initial cost is. Likewise, your morning Starbucks coffee adds up over time, think of bringing a homebrewed coffee.
6. Expensive cellphone contracts
Trying to keep up with the latest mobile phone models is a never-ending chase, and you are paying a small fortune just to upgrade when your old phone is just fine. Instead of upgrading to a new phone, keep your old handset and pay only for data and calls.
7. Subscription services
Having a membership to all of the streaming services can be tempting, especially with most of them coming with a low price point, but these costs add up over time and can easily become unmanageable. Scale back to just one if you have many or cut them out altogether if you find your budget is stretched too thin. You can always add them back when times aren’t as lean.
8. Impulse spending
Tempted by sales and by the ease of credit card use? Cut up those clothing account cards and credit cards or leave them in a safe place when you shop to avoid overspending.
9. Buying on credit when you have cash
Don’t pay on your card to keep your money handy; at the end of the day, your monthly payments mean you will have less cash to spend anyway.
10. Wasting money on utilities
Utility costs add up over time, so you should be frugal with your water and light usage and ensure proper HVAC systems installation.
If you’ve done all of these things to try and free up some money in your budget and come face-to-face with a financial emergency, don’t panic. When you’re in a pinch, finding a Texas car title loan is easier now than ever before. No title? No problem. Payday loans are also an option. Here’s how they work.
Texas Title and Payday Loans
Title loans are a short-term loan option type that allows you to leverage the value of a title that you own in order to secure a loan of up to $15,000 depending on the condition of your vehicle. They’re fast, secured, and aren’t based on your credit score to determine your approval. This means that, even with bad or even nonexistent credit, searching for title loans near me that are right for you is easy and you only need to supply a few documents in order to secure one:
- Your driver’s license
- The title to a vehicle that you won
- Your car for inspection
- A blank check to your bank for the direct deposit
The application can be completed in as little as 30 minutes and we come to you. No store visit is required.
Similar to title loans, payday loans are a short-term loan that allows you to leverage your state of employment to secure up to $1,200. The loan process can be completed online or over the phone and you’ll only need to supply a few pieces of information, which include:
- Your driver’s license
- Your most recent paystub as proof of income
- A blank check from the active checking account in your name
Butting financial corners is hard and creating a budget that you can stick to is even harder, especially in an emergency where you don’t often have the time to make these adjustments. When you’re in a pinch, Texas Car Title and Payday Loan Services, Inc. has your back for any emergency.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.