5 Unnecessary expenses that keep you from saving
Saving can be challenging as the prices rise and a comfortable lifestyle becomes more expensive yearly. However, separating a percentage of your income for savings is necessary and will be useful in case of emergencies and for your retirement. Studies show that 84% of elderly people are broke and 8% still work, how can you be part of the 8% that has a comfortable and worry-free retirement? Here, you will find five unnecessary expenses that most likely represent more than 10% of your monthly income:
1. Streaming services:
Have you ever wondered how much you spend on streaming services? Let’s do the math. Between movies, tv shows, music, events, video games, and sports, an average household in Mexico spends $550 Mexican pesos a month. This may not sound like a lot, but if you sum it up you’re spending almost $7,000 pesos yearly.
2. Fast food
Seems obvious that if you stopped eating out, you would be able to save a lot more money weekly. Still, many people with really hectic and busy schedules, don’t plan their meals ahead and end up spending money everyday for at least one meal. Invest one or two hours of your week to prepare meals with the food you already have at home and you’ll be surprised with how much more money you have left.
3. Online impulse shopping
Online shopping can be your finances’ worst enemy. Most online purchases are unnecessary and we make them out of impulse because of how easy and tempting it is. Most adults spend at least a portion of their day online, which means that no one is exempt from the constant advertisements tailored specifically for them to be persuaded, that’s why you need to be very intentional with everything you decide to purchase.
4. Buying high end or branded products
As nice as branded products may seem, sometimes we overspend on very basic products that could easily be purchased for a fraction of the price at generic stores. This applies to clothing, food and even medications.
5. Commute costs
When you have a daily commute, you’re probably overspending on gas. An alternative to save money can be carpooling with some colleagues, biking or considering public transportation.
If you are ready to stop overspending and start saving for your future and your family, contact us! At AIR Insurance, we are ready to help you at any time and build a custom plan that fits your financial situation with our “360º Insurance Guidance”. For more information, call +52 55 4444 6043 or send us an email at info@air.com.mx
The information in this article is subject to terms and conditions applicable at the time of writing. If you have any questions about the current applicability of this information, please contact an AIR Insurance Brokers advisor.
