By Damilola Faustino
One of the most challenging aspects of getting a grip on your finances is finding your money leaks and plugging them up. If you do not find these leaks, you will continue to spend money indiscriminately. We share ways for you to fund money leaks and permanently plug them:
Save all receipts and review
You can discover your money leaks by saving every receipt and reviewing them afterwards. If the receipt is unclear, you can write what exactly the receipt represented behind it. At the end of each month, go through them and figure out which receipts were essential and which ones weren’t. Looking carefully at the non-essential receipts often unveiled the worst of your spending mistakes.
Use a budget
Having a budget means putting a cap on your free spending. In other words, unless an expense is absolutely necessary, that is when you should spend. Without a budget, you will never find your leak.
Avoid leaky places
Whether you can afford it or not, it is better you avoid places that where you spend a fortune weekly or daily. So, instead of eating at exquisite restaurants, you can go to simple and affordable places. There are always cheap alternatives if you exhaustive.
Budget for expenses before you go
Sometimes, you find yourselves going to events and places where you know that you’re going to spend money. If this is the case, attach an estimated price to your expenses before you go so that you won’t be tempted to spend beyond the budgeted amount.
Adopt smart food rules
A smart food rule you should probably adopt is to avoid buying food or drinks from convenience stores. This is because they are overpriced. If you compare the price of a typical bottled drink from a convenience store with the price if you buy it at your everyday store, the difference will shock you. The same thing is true when it comes to individually packaged snack foods.
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