MANY OF us make excuses for not saving, probably by using the most popular excuse that we do not earn enough money to save. This is a myth. Everyone can save if they exercise frugal spending habits. Saving is a discipline that results in setting aside money for the future.
If we received a pay increase most of us wouldn't think of how much more we can save, but rather, how many more things we can acquire. Take for example, as a result of the pay increase we can now afford to buy a nicer car, and we do. The newer car will come with higher insurance premiums, more expensive parts, and if we took out a loan, higher monthly payments. In essence, by purchasing the newer car we have just created more expenses for ourselves.
There are two expenses that seem relatively inexpensive, but when tracked throughout the month accounts for sometimes a significant portion of our monthly expenditure. These two seemingly trivial expenses are the phone bill, and the cost of fast food.
THE PHONE BILL
We live in a society where we are constantly on the go. In our busy world we do not have the leisure of time. We often complain that the day is not long enough for all the errands we have to run. In order to communicate, we utilise our phones.
We use our phones everyday, whether it is a cellphone or a land line. Using the phone can be expensive if the time spent on it is not monitored. You may speak for an extensive period of time and not realise that while the minutes are adding up, so too is the bill. The phone bill expense can be cut by simply limiting the amount of time we spend in conversations on the phone.
FAST FOOD EXPENSE
Another expense that can be alarmingly high is fast food. In our busy world we eat out more often than we eat at home. We do not have the time to cook, so we order out. We buy fast food for lunch, enabling us to have a quick meal in our lunch time of usually an hour. Not only do we eat fast food for lunch, but often times may find ones self having it also for dinner. It is easier to eat out, but not cheaper. As this practice becomes a habit, the amount of money spent gradually increases.
The more we make is not an excuse for spending more, rather we should look at it as an opportunity to save and invest a larger percentage of our salary. By cutting the expenses we have control over, and spending less, increased savings will eventually follow.
Increased saving will also lead to increased opportunities for investment. The key to financial security is in making wise financial investment decisions.
To further discuss investing and the many options we have available, contact DB&G at info@mydbg.com or toll free at 1-888-CALL DBG.
Disclaimer: All information contained in this article has been obtained from sources that DB&G believes to be accurate and reliable. All opinions and estimates constitute the author's judgment as of the date of the article. No warranty as to the accuracy, timeliness or completeness of this article and as to the opinions based thereon is given or made by DB&G. DB&G and/or its employees or directors and/or any associated person may have an interest in, or interest in the acquisition or disposal of, the securities or class of securities mentioned herein. Call 1-888- CALL DBG if in doubt about the content of this article. Decisions based on information contained in this article are your sole responsibility.
