Financial Adviser and Life Coach

3 Money Sinkers that You Should Avoid this 2017

sinking money

Money sinkers are things or activities that can pull down you finances. Basically, all of us have money sinkers. Whether this is a hobby or a subscription, a money sinker won’t help you in the grand scheme of your success. This 2017, there are some money sinkers that you must avoid if you want to be successful in few years. By starting today, you can take full control of your financial journey.

 

Fancy Eat-Outs

Eating fancily is not bad every now and then. After all, you gotta reward yourself more. However, once this is becoming a persistent habit, you need to cut down or your finances will suffer. Rather than eat overpriced meals in a restaurant, why not prepare your own meals?

This is healthier and you can select your own ingredients. You should also limit visiting cafes and save your money for other things instead. That money you sank for a Frappuccino could’ve saved you one trip in the bus. Someday, once you are already prosperous, you’d get the chance to buy the fancy meals you want.

 

Low-Value Novelty Collections

People love to collect stuff. From the world’s popular markets, you can buy novelty collections and put them in your room. Admire them for few minutes or hours, then move on with life. Over time, these low-value items will collect dust and won’t generate any ROI.

Worst, they will just take storage space. If you like collecting, you should go for items that have inherent high value – reasonably. These items can be sold someday and you can possibly gain huge profits. Also, if you have many financial problems as of the moment, buying collectible items should be crossed off from your activity list.

 

Mobile Games

Mobile games can help alleviate boredom and pass away time. Some studies have even indicated that several mobile games can improve your coordination and focus. But when you find yourself sinking money for IAP (In-app purchases), then something must be done. Is the virtual item worth your real-life cash? It’s not bad to purchase one item from time to time, but you should monitor your habit. There are other important things at hand.

 

Do you think these money sinkers have affected you in the past months? Well, it’s not yet too late to make a change. Focus on your future so that you won’t spend your money and time for unnecessary distractions. You and your family will be more than thankful in the future.