5 Expenses That Can Quietly Drain Your Wallet22 Dec 2021
We’ve all heard “save more, spend less” for a healthy wallet. There are obvious things that drain our wallets like rent or vacation, and then there are the little expenses. If the little expenses frequently go unnoticed, they will eventually cause a surprise when you check your bank balance.
Eating outside food too often
It can be difficult when Malaysian food is so good! However, we should try to fully utilise the hundreds of Ringgit spent on groceries. Use them for cooking. If dining out becomes a daily routine, even regular dine outs can quickly add up. With food delivery apps, you may save time and petrol, but you will still have to pay delivery charges that can quickly add up.
To avoid this, try meal planning! Most of us decide our meals daily. It’s good for our stomach but not good for our finances. Meal planning helps not only our physical health but our wallets too.
Source: The Ringer
Spending on phoney emergencies
“My furniture looks old-fashioned. I need to replace them before my friends visit.” “Oh no, I’ve run out of my favourite snacks. I need to stock them up immediately.” We’ve all had those kinds of thoughts. But genuine emergencies tend to announce themselves rudely and loudly. For example, a computer breakdown, medical emergency, or passing away of a loved one. In such instances, our wallets will usually take a big hit.
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Buying the latest gadget trends
It feels like every week there’s a new gadget to buy. Whether it’s the latest and greatest smartphone or tablet, gadgets are already expensive one-time purchases. Sometimes the latest purchase is not the best one. An older and cheaper gadget could be more reliable and longer-lasting. Also consider used or refurbished gadgets. Sometimes, products are returned due to damaged packaging or minor blemishes. Other times, it’s just buyer’s remorse. Trends will always outpace wallets.
Not watching your credit card expenses
Having a credit card has a lot of perks such as building credit, getting rewards, and increased purchasing power. They’re easy to overspend because they’re easy to use. By getting carried away with credit card spending and not paying it off immediately, you will be charged interest, making all credit card purchases more expensive.
Doing groceries without a plan
A grocery list not only works as a memory aid but also to make sure you don’t overspend. With so many items in the grocery stall, it can be easy to get carried away. Making a plan also allows you to go through what you have at home before going to the grocery store.
When it comes to being aware of the things that drain our wallets, it’s hard not to mention hospitalisation and medical bills. They could come as a huge drain to our wallets that could even cause financial ruin. Get your hospitalisation and medical bills covered with i-Med that includes surgical and outpatient benefits. For a quick quote, visit gibraltarbsn.com/i2u/i-med