Advertisement Banner

Tips & Advices

6 Things That Are Slowly Draining Your Finances & You Aren’t Even Aware!

Written by MKTLIST Blog Team Published On : January 12, 2018 652
6 Things That Are Slowly Draining Your Finances & You Aren’t Even Aware!

Have you ever thought why can’t you keep a check on your budget? Why does the money slip from your hands? Why at the end of the month your money sucks? Where does your money actually go? Check your phone bills and perceive why it is growing in number day by day. Or perhaps you have been a member of a gym and you don’t even know because you don’t feel like visiting it on a regular basis. Maybe you have subscribed a monthly magazine but you don’t read it.

Jordann Brown once said, "The reason many people don't stop money drains is time. It takes time to pack your lunch and make coffee in the morning. It takes time to track your spending. Time is a valuable commodity, and it can be difficult to prioritize a boring financial task over (watching) Netflix."

This year, add it to your resolution list that you will surely find the rooting cause of the draining of your finances and eradicate it completely. The experts summarized few fundamental causes of your drowning money and jotted their solution on how to overcome them. Read and execute!

1.    Insurance and Mobile Phone Bills:

 

This one is first on the list. And I am sure many of you are facing their loss of money through insurance and mobile phone bills without even realizing.

How to fix it?

Roam around to compare your insurance bills, mobile phone bills and such other things to know the actual rates and help save yourself from giving thousands of dollars. This will be easily done with online rate comparison websites. Just visit your mailbox on time and know your actual amount of bills rather than indulging in a concept of blind billing without checking by yourself too. *if you know what I mean*

2.    Rent:

 

The second root cause is rent that is slowly and painfully sucking your finances. Don’t worry I have a solution for it too.

How to fix it?

Before signing your rental papers, make a habit of asking anything you like or anything you want. Yes, you can also ask your landlords for a low price as well. There is no shame in this. Initially, it looks a bit difficult and sore but, don’t give up on yourself too quick as negotiating is a good thing. 

3.    Your Mortgage:

 

It is good to own a property and a sense of owning something that is purely yours is a blissful feeling. But before anything see, if it is cutting your expenses or not.

How to fix it?

Everyone wants their dream home but before deciding which mortgage you will be buying, just think with your mind, not with your heart. If the mortgage is killing your savings and it looks like your children might suffer difficulty in their education in future and you will be left with no money after retirement then drag the stake in your dream because it is not worth than your family and sake of your mind. It is recommended to spend only 25 to 30 percent of your monthly income for owning property like; mortgage payments, property taxes, and insurance.

4.    Readymade/Dine-out Coffee, Lunch, or Dinner:

 

It is good to spend some time out with your friends and family. But if it is occurring too often, it might suck up your savings and left you with nothing.

How to fix it?

Start screening your meal plan for the entire week. When Sunday is a holiday, make a list of things you will be needing for the preparation of healthy meals. Make sure in your meal plan there are much of green vegetables as they keep you fit and fine. Try making the everyday sauces and grains that will be good for the whole week. Try to make coffee at home or at work and stop depending entirely on readymade coffee (or tea for some people). If it is difficult to make coffee, at least evaluate the costs you spend on such things at the beginning of the month. And after a month, see if you have succeeded following the entire outline of meals and drinks for the month. Don’t forget to share the meals with your friends and colleagues.  

5.    Cable or Satellite Television:

 

Kick out the lazy old soul inside you and stop wasting your time in front of the television because the bills could blow your mind.

How to fix it?

Start spending minimum hours in front of the television. Watch it for important talk-shows or programs to get a minimum of cable or satellite TV bills. And when everything is available online, though broadcasters only provide you on-demand, you won’t miss any episode of your new drama series. 

6.    Your Line of Credit:

 

Credit cards provide you ease but when alarming sounds start ringing near your ears indicating that the bills are going to suck, everything eventually vanishes.

How to fix it?

Stop depending on your credit card completely because it is not your bank account. The problem is without even recognizing you keep spending money with your credit card and when you get your credit card bills, you get a mini heart attack. You then make use of your LOC (line of credit) and it is not much effective because you will only be drowned in the bank debt.

As a short advice, keep yourself away from the things you can’t afford and if you don’t make maximum money, don’t spend it in a flow. Happy saving! 

Subscribe our page MKTLIST to receive weekly blog newsletter.

Be the first to Comment

Never Miss Anything Important!

Stay updated with latest property news:
News, Prices, Listings, Brokers, Index, Trends & Articles
We Don’t Like SPAM Either!

Recently Added PropertiesView All

Amazing Ready-To-Move-In Semi/ New Kitchen/ In East End Toronto, Toronto, Ca
Beds: 3
|
Bath: 2
$ 699,000
31-Jan-2019
Stunning 4+1 Bedroom In The Highly Sought After Wychwood Toronto, Toronto, Ca
Beds: 5
|
Bath: 2
$ 1,049,000
31-Jan-2019
3beds/1 Bath/2storey Wonderfully Spacious Semi In Toronto, Toronto, Ca
Beds: 3
|
Bath: 1
$ 799,000
31-Jan-2019
Homes For Sale In Bathurst, Toronto, Ca
Beds: 1
|
Bath: 1
$ 499,000
30-Jan-2019
Homes For Sale In McCowan/Finch, Toronto, Ca
Beds: 3
|
Bath: 1
$ 650,000
30-Jan-2019
Homes For Sale In Junction, Toronto, Ca
Beds: 2
|
Bath: 3
$ 790,000
30-Jan-2019
Homes For Sale In Derry/Atwood, Mississauga, Ca
Beds: 3
|
Bath: 2
$ 614,500
29-Jan-2019
Well Maintained & Move In Ready Condition Freehold W/ 3 Bedrooms, Brampton, Ca
Beds: 3
|
Bath: 3
$ 749,999
29-Jan-2019
Spacious Free Hold Luxury Townhome With Big Backyard, Brampton, Ca
Beds: 3
|
Bath: 3
$ 599,000
29-Jan-2019
TODAYS HOT DEAL

Never Miss Anything Important!

Stay updated with latest property news:

News, Prices, Listings, Brokers, Index, Trends & Articles

We Don’t Like SPAM Either!
Advertisement Banner
MKT List

Classified Platform For Property

MKTLIST.ca is Canada’s No. 1 real estate platform that has marvelously structured the way property is bought and sold in the country. Find the best place to live your moments!