Where Does All The Money Go? The Sneaky Tricks Of Habitual Spending
When we think about our finances and expenses we tend to think of the larger things like mortgage payments, car payments, holidays etc. We pay most attention to them because these are the higher ticket items that are most noticeable but many of our expenses are the quiet ones that go unnoticed and the most damaging of these to our finances are the habitual expenses.
So what are habitual expenses?
There are lots of things we buy almost every day without ever giving it a thought. If you are a smoker you buy cigarettes and hardly think about the cost. You may enjoy a drink and think nothing of popping into the pub on your way home for a quick pint and if you are a typical person you probably buy the odd chocolate bar and maybe a bag of crisps with your newspaper or a magazine on your way to work.
None of these are particularly expensive items on their own but when they are habitual purchases they start to add up. If you buy these things every day you are starting to talk about very significant amounts of money over the course of a month and if you start to think of them over a year or especially a lifetime the amounts of money are staggering and all this for non-essential, habitual purchases that, quite frankly, you could easily go without.
When money is getting tight you need to pay attention to these non-essential items and consider whether the cost to your financial situation is worth whatever pleasure they bring. The best way to control your spending is to keep track of it and know where the money goes. This is an essential part of budgeting and I’ll discus that in another post.
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