There are some unnecessary things people spend money on which actually they can do without or find an alternative for them.
Spending on unnecessary things has a way of affecting our finance and savings which might be bad for your financial goals.
1. Brand name products
Buying products because of a brand name is so unnecessary.
Popular brand name products are always more expensive than alternative products.
Popular brands don't sell the product but the brand name after a while because there is always a high demand for their products, which makes them increase the product price.
Instead of buying brand name products which are mostly expensive, find other alternative brands that are reasonably affordable and stick to them.
2. In-app purchases
Though it seems you download apps on whatever store doesn't mean you won't pay for these apps after downloading.
Ever wondered why candy crush saga is worth over 6 billion dollars? People buy lives to continue the playing the game.
The amount spent on buying extra lives on mobile games might look so little, but it amounts to a lot of money over time.
This also applies to other phone apps apart from just mobile games. It’s not that these small purchases cost a lot, it’s that they’re so completely senseless. Why waste money on unnecessary mobile apps?
3. Eating out
You are hungry and you need to eat something quick, the first thing that comes to your mind is eating out or getting junk food at a fast food joint.
What you don't know is eating out actually eats out of your finances over in the long run.
The only best time to eat out is when you have no choice but to get something at a fast food or restaurant.
If you keep eating out, it is an unnecessary waste of money, that will definitely affect your income.
Cooking at home and packing your lunch to work saves you more money and you can also eat to your satisfaction.
Another unnecessary thing people spend money on is lottery. Lottery and gambling are quite similar.
You keep spending the little money you have to hit a jackpot which you might never be lucky to get in your lifetime.
Lottery companies, telecommunication companies and other brands are fond of telling the public to play some lottery games to win big by just texting a code to a number.
The thing is it might look you just need to spend a little. How much is 100 naira that you can't forfeit but the truth is you keep spending the little you have until it amounts to a lot. And guess what, you still don't hit the jackpot.
This is another unnecessary thing people spend money on.
Cable subscriptions, gym membership subscriptions, internet subscriptions are all subscriptions that eats a lot into our finances.
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You subscribe to the best and most expensive package and you really don't use half of it.
It is quite unnecessary. If you can't quit such subscriptions and you want to stop wasting money on them, look for affordable packages or services you would really maximize.