7 Things I Will Never Spend Money On Again — HOW TO SAVE MORE MONEY IN PRACTICAL WAYS

What if I told you there were seven things you could eliminate from your budget right now that would save you a significant amount of money each month, allowing you to reach your financial goals much sooner?

Have you ever considered whether you could spend your money more wisely? Do you find that no matter how hard you try, at the end of the month, you have next to nothing to show for all of your efforts?

7 Things I Will Never Spend Money On Again — HOW TO SAVE MORE MONEY IN PRACTICAL WAYS
Photo by Sasun Bughdaryan on Unsplash

What if I told you there were seven things you could eliminate from your budget right now that would save you a significant amount of money each month, allowing you to reach your financial goals much sooner?

I’ll tell you about seven things I’ll never spend money on again.

Item #1: Banking Fees.

Have you ever looked at your bank statement and wondered where all these small charges were coming from?

These charges are most likely convenience fees, and they are similar to someone taking money out of your pocket on a monthly basis. These are typically charges for withdrawing, transferring, or exchanging money, and while a few dollars here and there may appear insignificant, paying $5–10 per month adds up over time.

Consider this: that is the monthly cost of a Netflix subscription that you are freely handing over to the bank. When I realized how much my bank was charging me, I knew I had to do something about it.

So, in order to avoid these fees, I spoke with my bank representative and told them that unless they waived these fees, I would move my money elsewhere, and guess what? The fees were waived that same day!

Item #2: Gambling

When I was of gambling age, my favorite thing to do on a Friday night was going to the casino. I’d sit at a slot machine, insert my money, and hope to strike gold and win the jackpot.

At the time, I had more money than brains, which resulted in me losing hundreds of dollars on each visit, the money I only wish I could get back. Unfortunately, I had no idea how slim my chances of winning were. In fact, the odds of winning the jackpot on a slot machine are one in 49,836,032, so my chances of retiring on a big casino win were slim to none.

Unfortunately, many people succumb to the dangers of gambling. Whether they play to win big or just pass the time, gambling is never in the player’s favour, which is why the saying “the house always wins” exists. When I discovered my odds of winning, I vowed to myself that I would never gamble again!

Item #3: Interest Charges on Credit Cards

Americans now owe more than $1 trillion on credit cards, up from $850 billion just five years ago. Aside from having exorbitant amounts of debt, these people collectively pay billions of dollars in interest each year.

While credit cards can be a useful tool when used correctly, many people become trapped in a vicious cycle of only paying the minimum balance.

Paying the minimum balance, you see, only gets you so far. Sure, it can help you avoid ruining your credit score, but each dollar of debt that isn’t paid off will be subject to interest charges, with the average being 19.24 percent, which means that your original purchase just became more expensive.

For example, if you have a $1,000 balance on your 18% interest credit card and only pay the $100 minimum each month, it will take you 11 months to pay it off, with nearly $100 of that being interest.

To avoid paying credit card interest in the future, only charge your credit card for amounts you know you’ll be able to repay. Set up automatic credit card bill payments because, even if you have the money on hand, failing to remember to pay your bill will cause the interest to compound.

There is still hope if you already have credit card debt and are paying exorbitant interest charges every month. To avoid paying these high fees, ask if you can transfer your debt to a lower interest line of credit, which will immediately reduce the interest expense associated with your debt and allow you to focus on paying the principal amount instead.

Item #4: Cable

When was the last time you watched a show at its scheduled time? Paying for cable is simply not worth it for most people, making watching live television a thing of the past. As of 2018, more than 33 million Americans had cancelled their cable subscriptions and instead spent the money on less expensive entertainment options.

For example, more than 150 million people watch Netflix every month, with 90 million watching Amazon Prime and 55 million watching Hulu. Using these streaming services is not only less expensive, but they frequently have better original content than most television stations, making the transition to streaming a no-brainer.

But if you want to cut your entertainment costs even further, I have another great suggestion: YouTube! YouTube has an endless supply of quality content that can keep you entertained for hours while also helping you build up your bank account!

Item #5: High-Priced Gym Memberships

You’ve probably seen it before. As the new year approaches, someone becomes ecstatic and signs up for a premium gym membership, hoping to make this the year they get in shape. Then, after a few months, they’re back to their sedentary routine, and their gym pass is gathering dust.

According to statistics, roughly 80% of people who sign up for a gym membership quit within the first 5 months, and many of them are too embarrassed to admit defeat, so they continue to pay for a service they’ll never use. This problem is exacerbated when aspiring gym goers pamper themselves by signing up for expensive gyms in the mistaken belief that it will motivate them to work out more frequently. Obviously, a gym membership isn’t a waste for regular gym goers, but even they should consider whether they’re paying for more than they really need. Nowadays, many expensive gyms imitate the feel of a spa and charge you accordingly.


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