11 Silent Budget Killers You Don’t Notice

 

As a financially conscious individual, weekly or monthly budget is necessary to avoid impulse spending which more often than not lead to being broke before pay day; however, if you stick to your budget but still end up broke before the set period has elapsed, you are encountering a budget killer.

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Budget killers vary from person to person depending on lifestyle and spending habits. Even so, we all have common habits or things that eat into our hard earned cash.

Below is a list of eleven budget killers that you may want to look at before adjusting that budget.

 

Banking Fees

Even with the budget carefully spelt out, many ATM or over the counter withdrawals will certainly create additional expenditure for accounts that attract related charges.

Additionally, some bank account attract “punitive” fee for failure to maintain a stipulated minimum balance. You should budget your wallet in that, withdrawals match the period through which the budget is expected to cover. Also, avoid going below what was agreed as the minimum bank balance as this will add extra costs.

 

Online betting

Over the years, the love for soccer and other games has driven many to the unquenchable desire for quick money through online betting. Understanding the game is one thing but predicting the scores is another. It’s okay to make those bets but out of what is budgeted for the same. Addiction to betting can be a constant budget killer and only your resolve can help quit the habit.

 

House Discipline

Discipline is what helps keep everything in line. If you lack the discipline to ensure all electronic gadgets and water taps are off when not in use, you might face financial dilemma over what is eating into your budget. Leaving electronics on overnight will only add up to your bills, which is not the objective. Also, unattended water taps can run for long hours accumulating unnecessary bills.

 

Paid Music streaming

Music is medicine for the soul but not when it’s causing you financial distress. There are quite a number of platforms even on the Internet that allow free music streaming. Why go for premium streaming at the expense of your budget. You might want to reconsider your option.

 

Gas expenditure

If you frequent roads that are notorious for traffic snurl up, you might want to make alternative travel arrangements like taking the train or cycling to work. Time spent on traffic is not only wasted but leads to unnecessary gas usage. Additionally, unplanned travel over long distances demand sufficient gas amounts which contribute to the unnecessary costs.

 

Digital Subscriptions

Thanks to the Internet our world is totally digital. Information is now being sold inform of digital packets and chances are that you have contributed to the online market. While this adds value to our lifestyle, it’s good to note that you might have active subscriptions that you no longer need. Stop making necessary payments and divert that cash to other requirements.

 

Online Membership

I have a friend that took two years to finally accept his membership on a dating site wasn’t adding value to his financial status. He had quit the dating site but for reasons better known to him kept his membership active. With the auto renew options, his membership was renewed annually for two subsequent years. Might you be suffering from the same fate and will you wait for two more years to stop the charges?

 

Service Bills

Paid TV and Internet are among services that eat into a budget without us really noticing. It’s good to have the leisure of some of these services but it makes no sense to subscribe to the most expensive bouquet if you don’t even have time to enjoy the services. If you work late and leave early for work, cut what you don’t need.

 

Gym membership

The need to exercise for healthy living can’t be emphasized enough. However, if your gym membership is underutilized, you are doing one thing – losing money. Some gym packages are sure right expensive for you to just pay and ignore. If you are missing most of the sessions or are completely absent, put the membership on hold and divert the cash to currently important areas.

 

Eating Out

Why eat out when you can prepare a nice meal for half of the price? The problem with always eating out is one, food prices vary depending on the menu. Since you cannot eat one type of a meal forever, you will spend different amounts of cash on different occasions which may affect your ability to keep up with the budget. Homemade meals are usually cheaper and leftover can be preserved for the next meal.

 

Impulse Buying

Contrary to what we may want to believe, impulse buying doesn’t apply to items that have a certain price value. Anything bought outside the budget falls under impulse category irrespective of the cost. When discounted or cheap items are bought in substantial quantities, without budget considerations, they contribute to financial shortfalls. Follow your budget to the letter to avoid untimely financial challenges.

 

 

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