6 Things on Which People Overspend the Most

It is quite common that we overspend more on the things which we don’t need than on the things we need. More often than not, this behaviour can be due to any of these reasons – lack of self-control, no savings plan and proper budget, instant gratification, expensive lifestyle, show-off attitude, bad credit availability, lack of planning/anticipation, etc. Not breaking this habit will probably lead you in to debts in long-term.

Here is the list of 6 such things on where you overspend the most.

#1. Eating out: By far, this is the most common area that people overspend the most.

  • Thanks to the hasty lifestyles and mushrooming eateries, many people today prefer outside food to home made food.
  • Some are even habituated to junk food, thus, spend heavily on fast food restaurants.
  • Bachelors or young individuals have this strong desire to hangout with friends and try all new restaurants in the city – for some it becomes a lifelong addiction.
  • Order too much to impress friends/relatives/the people sitting next to them.

Eating out occasionally can be fun and refreshing, but making it a habit costs your health as well as your savings.

#2. Phone and utility bills: Though one cannot completely avoid these expenses, one should keep them in check.

  • Almost everyone overspend on phone recharge subscriptions.
  • Spend money on unwanted caller tunes, phone applications, offers, etc.
  • Moreover, people tend to waste electricity in many ways – they often don’t have the habit of turning-off electronic items when they are not in use.

Check your expenses time-to-time and make an attempt to cut down the bills.

#3. Clothes: Shopping addicts, especially in matters of clothing, lack anticipation and indulge in limitless spending.

  • With the emerging new brands and shopping malls, people are splurging more.
  • Spend unreasonable amount, because they are branded.
  • Buy things that are overpriced – durability, usability is all secondary.
  • Buy clothes even when not needed if the stores announce huge sales/discounts.
  • Purchase online for discounts – later realize the issues with the dress fittings/dress colours.

Don’t ever purchase based on the new stocks/sales/discounts. Need it, buy it!

#4. Transportation: Luxury living leads to increased dependence on vehicles.

  • People unnecessarily use their vehicles even to go to nearby store.
  • Every member in the family tends to have a vehicle.
  • Don’t consider to share vehicle with their family members/friends.
  • Don’t use public transportation – prefer to go by taxi or auto for long distances instead of getting into a bus or train.

Petrol costs eat away your savings unknowingly. Use your vehicle only in emergencies or when you lack other commuting options.

#5. New Gadgets: Tech-savvy generation desperately want to stay updated with the changing trends in technology. What’s more stupid is that, they consider having these gadgets as a status symbol.

  • People are on constant lookout for “new models of electronic gadgets” – which sadly get outdated in a span of 2 months (to the most) – set again in search of “new” gadgets
  • Rush to buy the latest gadget as soon as it enters into the market.
  • Overspend on expensive mobiles, smart phones, iPod, mp3 players, laptop, ipad, home theatres, etc.

Stop buying all the expensive gadgets. Stick to the ones that are functional and are priced low.

#6. Beauty Products: Beauty obsessed youngsters these days fall prey to the ads that are intentionally designed to create anxiety and false belief.

  • With increase in beauty parlours, saloons, high-end beauty products, people tend to overspend on them.
  • Madly try whatever is advertised – spend more on cosmetics like soaps, face washes, hair colours, beauty creams and many more.
  • Overspending on beauty products is commonly seen in young individuals.

Don’t get a product until you are aware that it is of good quality and it really works.

Try to curtail expenses on the things which you tend to overspend. Overcome your wasteful spending behaviour to lead a sensible life.

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