5 Things You Need To Stop Spending On Now

Posted in Investment By Deepshikha Nainani - Jan 17,2022
view icon 399 Views like icon 0

Who doesn’t get tempted to spend money on random stuff? Be it that fashion store, a popular café nearby, or simply stepping out for a smoke- truth be told, we tend to spend on some of the most useless things or activities to kill time or satisfy our souls temporarily.

This article throws light on 5 things that most of us usually end up spending upon which have no value in the longer run.

1. Cigarettes

It’s in public knowledge that cigarettes don’t come cheap at all and can burn a hole in your pocket….pun intended!! It’s something that most smokers find difficult with getting rid of. Did you know that smoking as few as five ciggies a day could cost over INR 20-22,000 annually? And the kind of respiratory issues one develops while smoking is another matter of discussion altogether. One can try limiting this habit to few days a week or just restrict it to some social gatherings. Or simply quit. Save health, save money!

2. Upgraded version of gadgets

Let’s not even try and fathom the mania which people usually display whenever there is a latest iPhone being launched in the market. Or say, having the urge to buy chic products from top-notch brands. How about understanding that the upgraded iPhone model that you’ve been eyeing for months now, won’t even be that different from the previous model in terms of functionality or purpose? It might make you popular for some time amongst the crowd, but eventually will be an unnecessary expense that you could have easily avoided. The catch in such situations is that then usually the price of the older models get slashed to pretty low rates. Why not take advantage of that?

3. Ordering through food delivery apps

After a long day at work, millennials simply choose to not cook and order food from popular food delivery apps. Convenient, right? But most of us ignore the fact that this practice eats up a large chunk of our income. Most apps charge a nominal amount for delivery, which adds up to a lot by month end. For instance, you pay a delivery charge of Rs. 30 on an order and order four times a week, then you end up paying approx. Rs. 500 a month just as delivery charges. All of this can be saved if you cook food at home or hire a cook to do the job for you. That way, you’d at least have fresh, organic home-cooked food which obviously will be cheaper.

Bonus Tip: Do not hoard groceries in bulk in your fridge. Most of it goes uneaten/unused which results in food wastage. Spend mindfully here too.

4. Bottled water

My personal recommendation!! Let’s stop spending on bottled water right away. Who knows the water that you’re spending upon is not even safe to drink and is simply filled from a normal tap and sealed? Hence, it is always a better idea to carry water bottles from home which can be refilled. This will not just help in saving a lot of money but also reducing plastic pollution, if done collectively.

5. Fast fashion

Impulse shopping is another hazard we millennials face. We have it all simplified for us- install an app, filter our choices and shop online. Fast fashion is one such problem! We see a model or an actress donning a crazy, new fashion trend on their timelines, stories, reels etc. and there we go! We get caught in the trap of fast fashion and end up buying that item. Where the reality is we wouldn’t even wear it by next year.

Here we can invest in buying durable or sustainable pieces instead, which can at least last for another 5 years, if not a lifetime. Also, we can exercise some online browsing control and steer clear of such unnecessary financial traps.

Try minimising your expenses on the aforementioned products and see how big a difference does it make in your annual savings. What more can be included in this list? Mention in the comments section below.

Loan Offer
Download App