Having financial freedom a great thing for every young person. But being financially savvy can take you a long way. Cut these unnecessary expenses to save more
Living hand to mouth wouldn’t be a lot of people’s reality if they lived within their means. But with so many financial expectations many of us have, especially from our families it seems impossible to have money left before the next pay cheque. Setting boundaries from the beginning will save you from a lot of headache, especially when you are starting out in your career. Having short term and long term financial goals should be your priority and if you haven’t set a meeting with a financial advisor yet, you should get going immediately because we won’t be young forever. As much as you should rightfully enjoy your hard-earned salary, below are unnecessary things you should avoid wasting your money on:
Going out often: If you eat out on a regular basis or know each corner where you and your friends turn up every weekend then you have a pricy habit. There is nothing wrong with having fun, but calculate how much you could save if you cut back on such expenses.
Buying coffee and lunch at work: I know of a former colleague who used to buy breakfast and lunch each day. She spent almost R100 a day on food at work, it was really traumatising to witness because there is so much one can do with R2000 that they could save if they brought lunch to work.
Paid television: If you barely have time to watch all the channels you are paying for on a premium package, why waste so much money? Rather choose a package that you know you can afford, and make time to watch.
Branded items: There’s nothing wrong with spoiling yourself once in a while with your favourite branded items, but you can save a lot of money if you choose price over brands, especially when it comes to food and clothes.
Gym membership: Unless you are going to the gym regularly rather save your money for other important things. You can keep fit freely, either by jogging, taking your dog for a walk or using stairs instead of elevators.
Unhealthy lifestyle: The lifestyle you choose will catch up on you, especially in your wallet. Alcohol, smoking and junk food might seem fun now but the health and financial consequences aren’t so great. Rather save your medical aid, especially for the future by choosing a healthier lifestyle.
What else do young people waste their money on? We’d love to hear on the comments below