Money Pits that could Be Sabotaging your Finances

Money Pits
Views: 15
Read Time:2 Minute, 35 Second

Do you feel as though you never quite have enough money? Maybe you want to make a change but just don’t quite know where all of your current income is going. Either way, the first thing you need to do is take the time to understand your current situation, as well as making sure that your income isn’t being wasted on these top money pits.

Your Car

Your car could be a huge money pit. Every time you go to the gas station, you will see cars that are money pits. Sure, it can be tempting for you to go out and lease a brand-new car but this is a major mistake. Cars depreciate very quickly. Sometimes they lose half their value as soon as you drive them off the lot. If you want to stop this from happening with your car then the best thing you can do is buy one that is used. Look at any car sales that could be happening in your local area and secure a great deal. If you can do this then you will soon find that your money pit turns into a good investment.

Eating Out

You don’t have to stop eating out at all, after all, eating out is a great way for you to expand your social group and it means you get some time away. With that in mind, if you always eat out, or if you overindulge when you do go out then this can drain your finances. Ideally, you need to get yourself in the position where you eat out less, and cook more at home. Cooking bulk meals can be very cost-effective, not to mention that it could save you a great deal of money.

Expired Food

Expired food is a major money pit. You may go shopping and find that some meals you have bought go out of date before you can use them. If this is the case then you will be throwing your money down the drain, which is the last thing you need. One way you can work around this would be for you to take note of the date and then put them in the freezer. This means you can pull the meal out at a later date, and stop yourself from wasting money.

Unused Subscriptions

Another major issue would be unused subscriptions. It may be that you have signed up with a free Hulu trial or that you took out a gym membership impulsively. Either way, if you are not using your subscriptions then you are making a huge mistake. Every time you put down your credit card information, you need to take note of your transactions. You also need to put a reminder in your phone so you remember to cancel it at a later date. This will help you to remember about your subscription while ensuring that you cancel it in enough time, so you don’t waste money. Little things like this are notorious when it comes to eating away at your budget, so keep that in mind.

About Post Author

Alison Wolf

Helping you to build an online business so you have an extra stream of income or quit the day job. Don't forget to follow me on social media using the handle @heyalisonwolf
Share via
Copy link
Powered by Social Snap