Three ways people often spend money mindlessly
An online money transfer can give families a great sense of comfort, as the funds that are sent can be used for a variety of purchases that can help make their lives a bit more comfortable. And while the great majority of immigrants work extremely hard so they can transfer money abroad, they may occasionally not be able to send as much as they would like to because they spent some of it on random purchases. And while these things may have been needed at the time, a few extra dollars may have been spent on impulse buys.
With this in mind, Investopedia recently detailed some of the ways in which consumers spend money in a mindless way.
Cut out trips to the corner store
One of the biggest ways is at convenience stores. Of course, many of the things purchased at convenience stores are for things that are actually needed – such as food, drinks or over-the-counter medicines. But what these shops may bring in time convenience they lack in price advantages, as the 12-pack of water sold at the grocery store for $3 may be double that at a convenience store. That's because small stores like these don't purchase food in large quantities, causing them to raise their prices in order to turn a profit.
Unless it's an emergency, financial experts at Investopedia say shoppers should avoid convenience stores and shop at a grocery store. The savings may not seem like much, but they can add up over time.
Pass on soda
Another way people often spend more money than they need to is on soft drinks. Sodas may be tasty and serve as a flavorful alternative to water, they're marked up in price, particularly at restaurants. Investopedia says that soda pop has one of the highest asking prices for food and beverage offerings when taking into account how much it takes to make them.
Instead of having a soda when grabbing dinner at a restaurant, opt for tap water. Assuming that a soda costs $1.50 per glass, taking that off the menu item translates to $12 saved per week and about $50 per month. That's hundreds of dollars saved in a given year, Investopedia indicates.
Don't purchase magazines one at a time
As with sodas and convenience store items, there's nothing wrong with an occasional magazine purchase. But buying out every month or every week can add up, as the typical magazine costs around $4 or $5 per issue.
Far better to purchase an annual subscription. Instead of paying $5 per magazine, a subscription to a monthly news article will cost a fraction of that. These offers can range in price depending on how frequently the magazine releases the issues, but they're generally between $20 and $50 for a year. That translates into a few cents per issue if the magazine publishes an issue on a weekly basis.
These are just a few of the ways consumers can keep more money in their pockets so it can be put toward an international money transfer.
Leave a comment
You must be logged in to post a comment.