Money Management

5 Common Lifestyle Choices That Are Total Wastes Of Money

By | Monday, September 09, 2019

Every choice we make affects our money — full stop. From where you decide to live, to the hobbies you invest in, to whether or not you bring your lunch to work every day, every single choice you make will make an impact on the money you have in the bank. But that doesn’t mean you should live by the route that makes the lowest financial impact possible. Money isn’t something to hoard. The trick is simply to balance your major lifestyle spending with your everyday spending so that you can live the life you want while still setting yourself up for a financially stable future.

We so often hear about the financial dangers of indulging in that daily latte, but let’s face it — many of us are making money mistakes in much bigger, but less obvious, ways. In our most recent episode of The Lifestyle Fix, Tasha delves into some of the most common lifestyle choices that waste our money the most. For example: rapid debt payoff. While it’s always a great goal to pay off debt, sometimes, paying it off as quickly as possible isn’t the best money move in the long run. The earlier you start investing, the better — but if you’re putting off investing because you’re focusing on paying off your student loans first, you’re not giving your money as much time or room to grow. Of course, everyone’s financial situation is different, and paying off debt quickly may very well be the best decision for you. Just don’t assume that it’s always the best option in the long run.

Be sure to head over to the TFD YouTube channel to hear the rest of Tasha’s insights!

Image via Unsplash

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