Money is a crucial solution to almost all our problems on earth. Except for a few lifestyle choices where money does not mean much, we cannot simply live an ennobling life without money playing a definitive role. Even when we subconsciously know that neither the pursuit nor the acquisition of money is the real essence of life, we simply cannot deny that money brings the safety, freedom, and clarity of mind necessary to seek a higher purpose.
Given the above fact, the expectation is that money should be prudently used. Ironically, for many people, the reverse is always the case. They spend money without a thought, complain when they are broke, slave to make a quick change, and then burst it all once again. And the cycle continues.
Are you one of these kinds of people, or do you know that colleague at work whose wallet is always empty even when both of you receive the same check? Financial vulnerability is not a place you want to be with your one chance at life.
Here, we will look at the most typical activities that drain your hard-earned money, leaving you empty and bankrupt of the safety, freedom, and clarity of mind you need to pursue a higher purpose. We will also suggest healthy alternative activities or habits you can use to replace the activities that make you waste money.
Alcoholism
While there is nothing wrong with drinking alcohol, there is everything wrong with alcoholism. When you make boozing a ritual, it sets a flame on your budget. Note that like every other fun activity, drinking alcohol could easily become a habit.
Alternative activities: If you drink as a coping mechanism, you could start an exercise routine or learn to enjoy journaling your experiences instead. If you drink as a fun way to socialize, we recommend that you find other ways to socialize that do not involve many expenses. For example, you could join a book club or start one game night with friends.
Gambling
One major problem with gambling is that its very nature is designed to be addictive. When you are winning, you want to win more, so you stake more. When you are losing, on the other hand, you want to recover your losses, so you stake more. The irony of gambling is that it always has a record of more losses than winnings. Although there are codes for responsible gambling, the idea raises the question, how responsible can you be when the game you play depends on chance, and the outcome you seek is one of many equally possible outcomes?
Alternative activities: if your reason for gambling is excitement, you could get as much excitement by playing games with friends where the only thing at stake is the pride of winning or the shame of losing. Through simpler exercises such as video games, you are sure you won’t lose your money even when you lose the game.
At the risk of continued gambling addiction, there are ways to play without real money by claiming no deposit bonuses.
Eating Out
Let’s do quick math. How much would it cost you in a month if you eat out all through? Assuming your regular meal costs an average of $15. If you eat three times a day, as you should, you will spend about $1,350 on feeding every month. What is your income? What percentage of it is $1,350?
Alternative activities: Against grabbing takeaways, learn to make your meals. It is not only cheaper and healthier; it could also be a fun skill to bond better with the people in your life.
Transportation Habits
A car affords many conveniences compared to taking the bus or subway. But cars also give your finances some significant strain in the form of maintenance, parking tickets, gas, etc. The financial strain grows severe when your driving habit lacks the discipline that minimizes these expenses.
Alternative activities: Take the bus or subway if you don’t need a car. It saves you from not having any car loan to pay off, and you certainly have no business paying for gas.
Credit/Debit Cards and Shopping with No List
The idea that you can spend the money you are yet to make tastes like candy. But like candy, it certainly will get your teeth rotten with time. The debit cards come with their costs, especially when you use them at pay points not affiliated with your bank. The danger with these cards is their ease of use, making you lose track of expenses.
Alternative activities: Make a rule to use cards only when you must. Otherwise, use cash at all times. Using cash will save the cost of emotional purchases that come with the possession of these cards. Learn to budget and stick to it.
Spontaneous Purchase and Brand Loyalty
Brand consciousness is a major money-draining activity. This loyalty causes many spontaneous and costly purchases.
Alternative activities: If you obsess over brands, you could channel your energy into building one. That way, your expenses become investments. You can read more about activities that can help you save money here.
Some habits hurt your finances even when there are no benefits attached to them, for example, smoking and drug abuse. We recommend that you join support and accountability groups to help you quit these activities. You could also explore meditation and physical activities that take your mind off them. In their case, it’s more about saving a life than money.
