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Insights on money, career and trading

Habits and Hobbies Not to Have If You Don’t Want to Spend Money

Posted on June 24, 2016 by Daniel at 6:43 pm

Spending money is very easy to do. There are those people in the world who are very good at managing their money and you wonder what they are doing to have so much in the bank because no matter what you do, you feel like you’re always pinching the pennies.

You might not realize it, but there could be some habits you have in your life that are eating up your finances. If you know what not to do in life, you might be able to stay away from those particular habits or hobbies a bit easier and then you might be able to save money like a pro.

If you don’t want to spend money in life and you’d like to put some away for a rainy day, here are things not to do:  

Drugs

There’s no other way to say it. Drugs are expensive. People don’t ever start doing drugs because they have a goal to spend a lot of money, but the way drugs work is they are addictive, illegal, and in short supply. If you’re reliant on a substance and have to use it multiple times a day, depending on the substance, you’re going to be paying a pretty penny for it because it’s either illegal, or it’s taxed highly.

Drugs suck money out of your pocketbook faster than anything else. If you don’t want to be in a situation where you’re paying for an expensive habit and you’re trying to figure out how to afford treatment, just say no in every situation where a drug is offered. It’s not worth the high or experience.

Photography

Though photography is a perfectly healthy hobby to have, it’s a very pricey hobby. Equipment in the photography world isn’t cheap and you have to buy everything separately at an independant cost.

For instance, you have your nice camera which might cost anywhere from $500-$2,000 dollars, but then you have to add in other factors like your lenses, your cases, your memory cards, your computer to edit on, your photo editing software, your lighting, your studio, and every couple years, the technology is out of date, so you want to upgrade. That adds up to thousands of dollars.

Unless you’re passionate about it and the money it worth it to you, don’t get involved. It’s the perfect way to spend money you don’t need to, and if you’re trying to save, it makes zero sense.

Eating Out

Though eating out is fun, convenient, and delicious, you wouldn’t believe how much you spend doing it. If you go out and pay for just yourself every weekend and you decide to drink in addition to having a meal, you could be spending upwards of $50 dollars a meal.

Do that twice a week and you’re looking at $400 a month. That’s your rent for food and alcohol that you probably have at home anyway. If you’re looking to save, skip the parties, skip the casual highs, and refrain from getting into expensive hobbies.

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Insights on money, career and trading