Skip to content Skip to sidebar Skip to footer

Don't Do These 3 Wasteful Habits So You Can Save and Invest

Living in an age of cashless transactions is profitable. For example, since there is a digital wallet application, we no longer need to bother carrying large amounts of cash in our wallet or keeping the change.

Non-cash payment options now range from debit cards, credit cards, to digital wallet applications. All of them offer easy transactions when shopping online and offline.

But behind all these conveniences, you can become wasteful if you are not able to manage your finances properly. For example, monthly expenses have swelled due to the frequent top-ups of digital wallet balances and pay later installments that have not continued to increase.

Being wasteful is definitely not a good thing. Don't let frequent cashless transactions leave you without savings and investment. Don't let expenses go out of control and debt pile up because of frequent non-cash transactions for consumptive purposes.

Don't let your salary just pass by every month because it is used up or just barely enough for living expenses and paying installments. It's time for you to turn wasteful habits into good habits so you can save and invest.

Financial control is yours. Slowly change, make sure you are intending to have healthy finances, debt-free, save lots of savings and investments.

Next, consider a review of three wasteful financial habits and their solutions, as quoted from

1. Reduce Online Shopping for Consumptive Needs
One of the extravagant habits that often occur is the frequency of online shopping. Honestly, during this pandemic, how many times did you shop online for consumptive things?

No doubt, online shopping is fun. But, prioritize shopping for necessities that are important. Refrain from being tempted by e-commerce promotions which are now competing to provide discounts, cashback, 0% installments to free shipping every day.

Learn to distinguish between need and want shopping. Consumptive spending is allowed, as long as it's not excessive. It would be better if you have your own budget for consumptive shopping posts.

Next, force yourself to save and invest at the beginning of the month or as soon as you get paid. Don't be the other way around, after payday, hurry to check out the online shopping cart.

2. Reduce Buying Snacks / Food Online
This habit is not easy to reduce, but if you do it too often, it can clearly lead to waste. For example, suppose you love coffee, during WFH (work from home). Check how many liter bottles of coffee you bought?

The price of 1 liter of coffee milk is around USD 8, plus a delivery fee of USD 2, a total of USD 10. If within a month you order coffee 15 times, the total expenditure for coffee is USD 150. This expense does not include snacks or other contemporary foods.

The ease of shopping for food/drinks online clearly makes you feel good. However, you should reduce this so that the contents of your account are not getting thinner. The solution you can do is limit the frequency of buying food from outside.

Make gradual savings. Learn to cook your own food, consume more healthy foods such as more vegetables and fruits so that your body is healthier. Then, you can allocate the money from the savings on buying food online to your savings and investment accounts.

3. Don't Change Gadgets
For lovers of the latest technology, you will definitely feel that if you don't have the latest gadget, you will feel left behind. Technology will continue to evolve and every year there will be new gadgets released. For example, smartphone gadgets. When observed, less than a year, at least one well-known mobile brand will release one new product.

Whether we realize it or not, today's people prefer to change gadgets like smartphones because they follow the latest trends. This is clearly a waste and falls into the category of consumptive needs.

You'd better be wise before deciding to buy a gadget. Make sure the reason you buy it because of need not want. Understand that gadget is not an investment asset because the value of the goods of a technology (gadget) will decrease.