5 Trends That Are Draining Your Savings

 

Let’s be honest for a minute.

The social media has definitely brought out and amplified the narcissistic part of our personalities in a very significant manner. While most of it is harmless posturing, things are serious when it affects your income and savings. Here are 5 worrying trends that you should definitely avoid in order to save your finances.

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And log off Instagram while you are at it.

1.) Travel swag

It is no secret that travel Instagram accounts have blown up recently. Staying in luxury hotels and going on romantic getaways sound amazing until you check out the sticker shock.

While there is no harm in taking a holiday or two, it is important to stay within your means.

Platforms like Instagram make it extremely easy to forget that what you are watching on your phone is exactly the same thing as a movie star having a holiday.

Just because you are seeing it on your phone instead of your TV does not mean that it is something you should do as well. Be smart.

2.) Food porn

Another insidious trend on social media is the advent of food photography.

Scintillating photographs of various culinary fiestas that treat both the mouth and the eyes are amazing.

But they are called luxuries for a reason.food

And getting likes on an Instagram post is not reason enough to buy a $100 dinner or a $20 cup of cappuccino.

Again, realize that validation on social media gets you nothing and costs you real money. Leave the food photography to the rich kids and food critics.

Enjoy a nice wholesome meal at your favorite diner or cook at home. That is far better use of your hard earned money.

3.) Fun with friendsWhatsApp Image 2017-01-17 at 5.19.19 PM

The occasional party is harmless, but going out costs money. Money should be saved for better goals and reasons. Limit the fun activities to once a week and your bank account will thank you.

4.) Fashion

This is probably the oldest enemy of all savings accounts. A dress you just had to buy. A pair of shoes that cost you an arm and a leg.

We all have stories of those ridiculous impulse buys. But one thing they are not is responsible. Once again, live within your means.

A fancy set of shoes will do nothing for you if you can’t pay your utility bills.bigstock-Happy-Asian-shopping-girls-on-59670884-1000x600

 

 

 

 

 

 

5.) Internetyoutube

There are a number of things that need to be bought but entertainment is a choice.

While the internet is an essential part of our lives, YouTube is not. Buy a cheaper data plan and discipline yourself.

 

Although there are many killer trends out there that always seem to drain away our money quickly, with better finance management and wealth creation skills, we can still recoup some of our losses.

In order to do so, here are some useful tips which we would like to share with you to promote financial growth:

  1. Get cash-back rewards on credit cards
  2. Set up your own website selling a product
  3. Leveraging on online platforms to sell your very own e-book

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