There are no areas that are left out when it comes to being wasteful. We all know that it is possible to waste the things we buy but few of us realize that we might be spending wastefully. Even fewer realize how much wasteful spending can hurt us.
Wasteful spending is spending that is done without thought or consideration. The money is spent on things that you can neither use nor need. The result is a houseful of useless junk and money that goes unaccounted for as bills pile up amounting to debt. The effects of wasteful spending can be felt in both the short and long term of your life.
The short term effects are felt when we have an emergency that we can not cover because of the money that we spent elsewhere. Things such as not paying attention to how many drinks we buy out of a vending machine can be wasteful spending that leads to finding ourselves in a bind during the week. On any given week people will spend at least $5 a week sometimes a day in vending machines just because it’s convenient for them to do so. The thought of taking their own drinks never once occurred to them as a method to save that bit of money.
Long term wasteful spending can be the reason that we have little to no savings to fall back on in the event that we find ourselves out of work or sick. The expenses for these occurrences add up quickly and we can find ourselves in debt before we know it. Soon the bills begin to fall behind because of the additional expenses and all the wasteful spending begins to catch up to us.
Wasteful spending can affect the ability to get financing for a car or a home. When spending is done wastefully the chances of having savings toward down payments on these purchases is slim. Without a down payment there are few people that will take the risk of giving long term financing. The chances are that there isn’t enough money to replace car with cash due to wasteful spending.
When times really get tough and income is reduced there might even be the effect of having to do without seen as a result of wasteful spending. There might not be enough money set aside to cover the basic needs such as food and shelter. Not only will you be at risk of having everything reposed but you’ll be in danger of being hungry as you watch your possessions leave as well.
The goals that you have set for yourself are harder to meet when wasteful spending is participated in. Even if the goal is simply to save a total of $20 a month chances are when you are spending wastefully. That $20 a month is probably gone on something that you can’t even remember buying and you know that you could have used it for something else.
Wasteful spending can cause unforeseen stress when you notice the bills piling up and the income not meeting them. There are numerous effects to wasteful spending and all of them are negative when it comes to how they affect your life. Finding ways to stop wasteful spending can make your life much better.