When it comes to saving, we are our worst enemy. Making a budget in today’s economy is easier said than done. With constantly rising prices of basic necessities and very enticing advertisement, we sometimes deviate from our purest intentions of spending less in order to save more.
If you want to regain full control of your expenses, we urge you to look at this helpful research conducted by the comparison site Mozo., which shows the 10 biggest money wasters that are draining Aussie family budgets.
As shown below, Tobacco is the biggest culprit in terms of unnecessary expense, among average households spending an extra $1,734 per year. It is followed by gambling, credit card interest and bank fees making the top five.
If you believe you are shelling out a large chunk of your budget on unnecessary purchases mentioned above, it’s time to reassess your spending habits and make wiser choices.
You don’t need to cut off completely on credit card purchases for example, you can instead start gradually removing items on your cart that you don’t really need every time you go to the grocery or go online shopping.
Once you mastered the habit of smarter spending, you will increase your chances of retiring wealthier and happier.
What unnecessary expenses are you guilty of?