5 Things That Are Destroying Your Set Budget
27 February 2019
Students are the target audience for all sorts of booming and trending industries. They are considered the most influenced as well as influential. The world of “savings” is a bang on opposite personality to “trending”. And the harsh truth is that every young person has to one day transition from one fancy world to the bitter world of trending to saving. The journey is tough but brings along a lot of brownie points of wealthy, healthy and prospering lifestyle! Here’s some pointers listed of where your budget could possibly be seeing its downfall and an opportunity for you to fix and get out of this tangled situation:
- Ordering In for Meals: Think about it, will a 20% discount from a nearby restaurant still prevent you from making a hole in your pocket? If you step down from your house to fetch groceries, you will realise that at least 3 days of supplies equals to 1 meal you were about to order in from apps like Zomato and Swiggy, most of the time even after applying coupons. On top of that, cooking is a skill that you will need throughout your life and there is no better time to learn the basic culinary skills than your student years.
- Unnecessary Monthly Subscriptions: So many shows that doesn’t exist outside Netflix or Amazon Prime! Lot of pressure to stay up-to-date? Monthly media subscriptions is one of the most frugal expenses for a student. Remember the time when you used to say “I don’t even watch TV” and now binge watching is the only extra-curricular on your resume? These expenses are not only destroying your budget but also keeping you from using the same time and money in better things like gym subscriptions, buying a book or even buying a fruitful birthday present for someone. Other ideas to still keep up with the trend of “Netflix and chill” could be dutching with 3 people or more in 1 account, use up free trial subscriptions, or wait for a few extra days for shows to come on free streaming websites and on TV!
- Overlooked Expenses: Events such as birthdays, anniversaries, or any other celebration are often not considered when creating a budget. Overlooked expenses are the primary reason why you are not being able to stick to your budget. If not all, you have to consider the birthdays and anniversaries of close relatives. Such occasions come with an expense attached. Even if you decide on not giving a gift, there will be an expense some way or the other. Most of the times, these expenses turn out to be not the minor ones which can be overlooked. Therefore, you need to ensure that you consider all the overlooked expenses when creating a budget. If you avoid doing this, you will find it difficult to stick to your budget and end up destroying the entire flow of the budget.
- Pricey Memberships: Memberships such as gym or exercises classes can take a hefty sum out of your budget, especially if you are not a regular. Instead of having pricey gym memberships, you can always opt for free trial classes or local club memberships which are comparatively cheaper. A tough solution could be to completely avoid this expense by starting a home-workout regime. This really is beneficial financially, also allowing you to stay fit and do your exercises according to your own schedule. If you are not going to the gym regularly, then you are not getting the value for your money. In this case, it is time to stop the memberships and increase your savings.
- Transportation fares: With the growing trend of booking comfort right from the tip of a thumb, addictiveness like booking an Uber or Ola is a massive downfall of not just budget but habits also. Apps like these comes up with attractive offers and price slashes but still can be way expenses than taking other public transportation like metro, auto or bus. With just some extra minutes in hand, public transportation has the capability of compressing your budget. What’s more? You get great navigation skills, knowledge of area, active lifestyle and extra bucks to in hand by the end of the month!
At GAFA we give an enhanced career experience to students who are willing to learn and study more than everyday finance. We aim at getting to the depth of financial markets and spreading financial literacy in the country. Our full placement assistance at the end of professional course gives an edge to an individual’s life texture and sets a high standard for them to achieve more and more for the rest of their lives.
Visit www.gafaglobal.com today to know more.