Credit Card EMIs: Today, getting a credit card is not an issue, you make a call to the bank and they will provide you a credit card at your doorstep without any hassle. And we feel that we have gotten a genie to fulfill our desires. But we don’t realize misusing the genie could be expensive until we find ourselves in a trap of paying heavy EMIs with very high interest rates. The problem is not genie; the real issue is most of us can't able to control the desires.
Impulse Shopping: Impulsive buying is a reason of over-spending. Nowadays, we see hefty discounts from our social media sites to roadside hoarding which prompt us to visit online retailers and malls and we end-up buying stuff which we don’t require or we’ll hardly use. Impulse shopping is buying stuff which we desire but they are not our need. So, when are shopping next time always differentiate what you needed/necessity and what you desired.
Grocery: Everyone wants to live a luxurious lifestyle and to fulfill that desire we spend a lot on grocery. Controlling grocery expenses is one of the most difficult as we believe they are a necessity not a luxury. But we can buy non-branded cereals and pulses which a cheap compared to the branded ones from the same store. Besides, not everything in a grocery store is a necessity. So, the next time you go out to buy groceries better make a list of items you needed and buy accordingly.
By controlling our desires and prudently spending on items we needed, we can significantly reduce our expenses.