The year, 2018, means different things to several people. But financial advisers urge you to ensure you explore opportunities that come your way to take charge of your money, career, future, and be in the spirit of financial resolutions.
If you want to build more wealth in 2018, the experts ask you to start by identifying where you wasted money in 2017.
If any of the purchases below sound familiar, you need to avoid them and redirect your savings toward your financial resolutions or retirement account, where it could grow significantly over time.
Late Fees
Late fees are a pointless money and avoidable, because there is more to late payments than simply paying a fee. Missing payments can also lower your credit score, which affects your ability to borrow money for bigger purchases, like a home or car, in the near future.
Never miss a bill again by setting up automatic payments online for fixed costs such as cable, internet, and insurance. For expenses that can’t be paid online, such as rent, set up calendar reminders and pay them at the same time each month, so it becomes a routine.
Missing payments can also lower your credit score, which affects your ability to borrow money for bigger purchases, like a home or car, in the near future
Underused subscriptions
While you’re doing some deep cleaning and purging at the start of the New Year, also go through all of the subscriptions you signed up for.
Look over your last couple of credit card statements and figure out exactly what you’re paying for, whether it be subscriptions to magazines, software or online services. Also, ask yourself of the ones you can eliminate, and cancel them on the spot, to save a couple hundred of naira in 2018.
Buying lunch every day
Dining out can add up quickly. The more food you can prepare at home, the better off your food budget will be. Skipping lunch occasionally could be helpful to your waistline.
Though it is good to give yourself a treat on a meal-out sometimes, if you’re aiming to hit major financial goals in 2018, don’t be a foodie.
Bottled water
While you’re getting into the habit of packing your lunch, start filling up a water bottle too. Whether it is bottled water or grabbing a coffee on your way to work, it’s all too easy to spend mindlessly. But that money leaving your pocket could be directed toward your 2018 savings goals.
Unused gym membership
If you are a gym rat, great, but if you can’t remember the last time you went inside the facilities, it may be time to cancel your membership.
If you’re ever itching to work out, there are many ways to do it without a gym. Try following free YouTube workouts at home, walking, biking, making the most of training apps.
Excess groceries
Collectively, we waste a lot of food. Every time you throw away excess groceries, that’s money down the drain.
Before you visit the grocery shop, think about the meals you’re going to make for the week and write down exactly what ingredients you will need to prepare those meals. When you actually go to the store, stick to just the ingredients on your list.
Brand-name products
Going generic for certain groceries, toiletries or pet supplies, is an easy way to save money over time.
You don’t have to buy generic for everything. Identify what’s really important to you and what you’re willing to sacrifice. Then buy brand-name for the stuff you care about and go generic for everything else.
Impulse buys
From grocery stores to department stores, retailers have a way of tricking you into spending money mindlessly. One tactic is loading the checkout aisle with tempting products: cold sodas, candy bars, and 99-cent knick-knacks.
Make it a 2018 resolution to skip the candy or magazine. Chances are, you won’t miss it, and your bank account will thank you.
