My friend recently mentioned to me on how he had no idea where all of his money was going to every month as it seems like he doesnâ€™t really make that many big purchases and yet at the end of the month itâ€™s almost like he has nothing left. The first thing I told him to do was to look at his credit card bill as it is usually a good way to see what your spending habits are.
Aside from things like the credit card insurance, which I personally think is a waste of money, it was interesting to see that he had memberships to places that he rarely goes to such as to certain gyms to justify the cost in keeping it. One membership alone looked like it was costing him almost $70 a month. I guess this can go into other things for people such as subscriptions to magazines that they never read anymore.
For myself, all of my memberships are a yearly deal which makes it a bigger upfront purchase and I guess that helps to enforce it upon myself that if I am going to pay that much money for something that I better be using it enough to warrant it. Like with that $70 example with my friend, Iâ€™m sure looking at it as an $840/year membership can put an entirely different perspective on things. Lose it if you arenâ€™t going to use it I guess.