We all know the feeling of checking our bank accounts and seeing a number that makes us cringe. It can feel like no matter how hard we try, our money just seems to disappear. But often, the culprit isn’t some mysterious force; it’s our own financial habits.
Here are a few things that are killing you wallet:
HELPING BURNING FRIENDS
Repeatedly helping friends who are constantly in financial trouble can be a detrimental financial mistake. It will deplete your resources and drain you emotionally as well.
“Burning friends by asking for ’emergency’ money (based on some fake story) that you will never repay. Yes, oddly specific. Yes, all too common.”
HABIT OF DRINKING
Drinking out regularly can become an expensive habit. The cost of drinks, transportation, and food can quickly add up, leaving you with less money for other expenses.
“I quit drinking but took up a Lego addiction. It was cheaper being drunk.”
BUYING LUXURY PRODUCTS ONLINE
Luxury items often depreciate quickly, meaning you lose a significant portion of their value as soon as you purchase them. This means the expensive watch or designer bag you bought today may be worth significantly less in just a few years.
“Getting into debt to buy luxury products online. Most luxury customers aren’t millionaires; they’re regular people earning below six figures.” says one.
BUYING A CAR
Car purchases often involve significant loans, further increasing your financial burden. The high-interest rates and monthly payments can strain your budget and leave you with less money for other essential needs.
A user said, “Buying an expensive car and modding it when you only got your first minimum wage job.”
MLM SCHEMES
MLMs require a significant upfront investment in starter kits, inventory, or training materials. However, the major concern is low success rates. Statistics show that most MLM participants do not achieve significant income. Studies have shown that up to 99% of MLM participants lose money.
“Signing up for an MLM/pyramid scheme. When you can look at each company’s income report and see 99,7% of the sellers lose money, you must have some critical thinking issues to think it won’t happen to you.” said a user.
BUYING COSTLY ENGAGEMENT RING
The diamond industry has created inflated expectations around the cost of engagement rings, often suggesting a minimum of two months’ salary. This can pressure couples to spend more than they can afford, jeopardizing their financial stability.
“Buying a 3k engagement ring with a credit card and having to open two other cards for balance transfers to pay it off while making $7ish an hour. The kicker was we broke up six months later, and I let her keep it, at least initially.” says a user.
SMOKING CIGARETTES
The cost of cigarettes adds up quickly, often exceeding thousands of dollars per year, depending on your smoking habits. Besides this, smoking is directly linked to various health problems, including lung cancer, heart disease, and chronic obstructive pulmonary disease (COPD). These conditions can lead to high medical expenses and lost productivity, further impacting financial stability.
“Cigarettes are a super poor or super rich people activity.” said one.
MONTHLY EMI
Having multiple EMIs can lead to significant debt accumulation. This can impact your credit score, making it difficult to secure loans for future needs such as buying a house or car. Additionally, it can create financial stress and anxiety as you struggle to manage your monthly payments.
“Having everything on monthly payments. You have a new phone, the best computer, or a nice car, but paying monthly is not a good idea. If you ain’t got the money, don’t buy it.” said one.
VISITING SUPERMARKETS WHEN HUNGRY
While not an established principle, netizens believe hunger pangs can cloud your judgment and lead to impulsive purchases of tempting, often unhealthy snacks and sugary drinks that you may not actually need or want.
NOT TAKING CARE OF TEETH
Dental problems can lead to costly treatments, including fillings, crowns, root canals, and even extractions. Ignoring early signs like toothaches or gum sensitivity can lead to more serious complications, requiring extensive and expensive procedures.
USING DELIVERY APP
Delivery fees, even if seemingly small, add up quickly over time. Regularly ordering food, groceries, and medicine through delivery apps can lead to significant and unnecessary expenses.
A user says, “Using delivery apps like Doordash or Grubhub. The amount you are paying in added fees, tips, and raised prices make it nearly twice as expensive as just going and getting it.”
BUYING FANCY ANYTHING
Fancy brands often come with a significant price markup, often exceeding the actual value of the product itself. You may be paying for marketing, brand name recognition, and luxurious packaging, rather than superior quality or functionality.
A user shares, “Went on a wonderful date with my SO and did plenty of responsible window shopping until we came to a shop that sold honey and tea. They had a bunch of fancy-flavored honey, and since we had been there before, we were just gonna grab a small jar of something new.
Unfortunately for both of our gullible butts, we ended up being persuaded by the nice saleslady into buying over 40$ worth of fancy honey. It was 3 8oz jars of insanely delicious honey for 40+ USD. We are still recovering emotionally from our poor decision.”
BRANDED CLOTHES
Branded clothing often carries a hefty price tag, exceeding the actual value of the materials and manufacturing cost. You’re essentially paying a premium for the brand name and marketing rather than the quality of the garment.
A user says, “Wearing clothing with a big clothing company logo on it. Unless you own that company, you’re a jerk. You paid $49 for that Supreme shirt that costs $0.89 to make. That’s just stupid.”
12 Cities in the U.S. That Are a Total Nightmare to Live In (or Visit)
Looking to relocate? Here are 12 cities in the US where you might want to avoid setting up roots. These cities are plagued by problems like high crime rates, poor infrastructure, and a lack of affordable housing. Read here.
15 Things We All Need to Stop Buying. It’s Total Waste Of Money
To save money, reduce clutter, and help the environment, here are 15 things we can all stop buying.
15 “Non-Religious” Cults That Almost Feel Religious. Are You Guilty Of Being A Part Of Any?
So many fads are turning into some “divine” stuff people follow with an “almost religious” devotion. Here are 15 non-religious cults that feel like religious ones.
15 Physical Traits That Might Make You Less Dateable
Physical attraction is an essential factor in many romantic relationships. However, it’s important to remember that everyone has different preferences. Read here.
The Exodus: Why People Are Leaving Religion in Droves
Religion is a personal and complex topic, and there are many reasons why someone might turn their back on it. Read why people are leaving religion.
This article was originally published on Mrs. Daaku Studio.