Are These Two Things Draining Your Finances?
In life, there are many things that can have a less than desirable effect on finances. It’s important that we keep our finances in good condition, and that we identify any drains and leaks that could be causing us to have less money than we really want/need. Here are 2 common things that can easily drain your finances and how you can stop it:
You love your kids, but they can be a huge strain on your finances if you’re not careful. Buying them special treats all throughout the week might put a smile on their faces temporarily, but it’ll leave you broke with nothing to show for it. Happy kids don’t need to be showered with toys and sweets. They simply need quality time and attention. Make sure you have a budget for this kind of thing and stick to it to avoid spending too much. Giving kids pocket money is another great idea, as it’ll teach them financial life lessons early on.
Your car can be a huge source of financial strain if you’re not careful. If you select a car that drinks petrol, one that requires lots of garage visits, or one that you simply cannot afford, you’re going to be struggling. You need to consider what you can really afford when it comes to your car, how much you can afford on insurance, and even how much you drive so you can get a good idea of petrol figures. Leasing and buying can work for different people, so it’s important to know which one is more viable for you. Take a look at the infographic below for advice:
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