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Watch out your Budget busters!

Shashikant Singh
/ Categories: Mutual Fund
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Watch out your Budget busters!

While making a budget every month or year, you will notice that a big void has been created at the end of each period.

This void is created by some budget busters, which secretly take away your money before you can even realise like autopilot expenses or hidden fees. Eating out in restaurants or coffee tops this list.

Hence, to avoid this, you need to be a little more attentive after which, you can easily spot those leaks and eventually, eliminate it from your budget. You will find them all over the place, right from your maintenance to savings account to late fees. With a little bit of effort, you can get rid of these tiny leaks that pad your expenses and open up some room in your budget.

In the case of your savings account, you should check the following as some of these items can trigger more fees from banks.

  1. Monthly or quarterly average balance: Non- maintenance will attract a penalty.

  2. ATM Fees: Find out the number of transactions allowed from other banks and what is their charge if you transact beyond this limit.

Impulsive buying is another big budget buster.  There are mobile apps and websites that make it super-easy for you to spend money without even registering it. Paying your phone bill or electricity bill does not really mean spending money, however, one-click online ordering may be counted as unwanted spending. These so-called ‘convenience’ ranks among the biggest budget busters. If you can get hold of your impulsive buying, you can save a lot. Therefore, you should disarm yourself by setting up spending barriers that can make it much easier for you to keep impulsive spending in check.

How can you create spending barriers?

  1. Delete stored debit/credit card information on websites

  2. Removing easy-pay apps from your phone

  3. Ditching your e-tail memberships (such as Amazon Prime)

  4. Turning off one-click checkout

  5. Disabling in-app purchases

Starting with the above points would enable you to spend your money wisely. Spare some moment and give a second thought to your expenses; doing this can actually help you to save your hard-earned money for something that is more important.

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