How To Stop Money Wasting Activities

[Spencer]

Money wasting activity is any kind of activity that takes money from you and do not benefit you in any measurable way or so, this could be splurging on luxury or drinking in the weekend or other wasteful habits.

1) Automate your savings: Saving in an account you don't have access to can save you from this wasteful habit and can help you save.

2) Change your circle: Sometimes it's the people around you that trigger you to behave this way, you can change the people you hang out with to help you save money.

What other way can one stop wasteful spending?

 

[Mika]

You need to stop spending money on things that you do not need and only spend on things that you actually need. But sadly a lot of people have difficulty in identifying what is important and what is not. If you drink coffee, you might consider it important expenses as caffene gives you mental clarity, but some people might consider it a wastage. Based on your own priorities you will have to make a difference between necessity and unnecessary expenses.

 

[Spencer]

Yes, it's mostly relative and what works for me might not work for you, you have to be able to learn how to budget and prioritize what is important to you and what's not, this will help you cut down on a lot of spending, sometimes looking at your receipts also gives you that clarity.

You can keep receipts for a week to have an idea on what you spend on and how you can prioritize based on the order of importance and the value you get by spending on such activities, spending is relative and due to this one's formula won't work for the other.