It’s very easy to live-in-the-moment and indulge your ‘wants’ over your ‘needs’ as if to compensate for the stress and toil of modern-day living. And before you know it, that little frothy pick-me-up latte on your way to work or that guilty e-commerce binge, has added up to a substantial sum by the end of the month.
Whether you have a super tight budget to balance through the year or have factored in a generous allowance to tide you through a rough time at work, often it’s these seemingly insignificant daily indulgences that waylay your finances. Sure, that weekly night out is great and that pizza takeaway is nice, but at what cost?
The digital ease of paying for indulgences with a tap of your card or a click on your favourite shopping sites, makes it tough to keep track of your purchase history. But if you want to keep a check on impulsive buys and unnecessary expenses, you need to start by reviewing your spending patterns to understand where your money is going, every single day. Here are some ways to do this:
Unless you are aware of exactly where that AED 5 is going each morning you will have no clue where AED 5,000 has gone by the end of the year. By saving yourself from spending on frivolous stuff, you can actually end up with more money to spend on something valuable for yourself. It could be that designer bag you thought was out of your budget or a new class you want to enroll in to upskill yourself.
The treat could be a bigger ‘Live for the moment’ budget for the next month enabling you to indulge in what is truly priceless – yourself.
The views shared in this podcast are for general information and educational purposes only and do not constitute financial, investment, legal or tax advice. Listeners should seek independent advice from a qualified professional before making any financial decisions. Emirates NBD Bank PJSC accepts no liability for any loss arising from reliance on the content discussed.