Best tips to prevent yourself from a bad investment & Money wastage

Are you one of those who save a lot of money for the thing you want to buy and have desired to own it for so long and so deeply? Or are you that person who does not care about money wastage until and unless he or she gets the right branded shoes? Have you heard about good or bad investment?

But if you are neither and you do not care about how much money you have in your hand, you should still read the below article. And if you’re not employed yet but a child who is dependent on his parents’ income and has saved his pocket money to buy that one branded phone like his peers have then you should definitely need to do learn more about money control. It will help you in the future as well as in the present. Learning about your good and bad investments is a must so as to control money wastage.

Money is a powerful tool which when comes into one hand can inculcate the feelings of greed and jealousy. Rich wants to become richer and the poor want to have at least the daily meal.

But how do you take care of your money? Financial literacy is a very underrated topic that regularly needs to be discussed with family and friends. Then in fact, if you don’t care about your money despite being the richest family in the world you can come to a stage that is not even enough money to get you food and shelter.

Many big families start spending so much on their dream destination wedding, foreign honeymoon trips, on business conferences and swimming pools in their villas, that they forget that money is a very liquid instrument and can flow out easily from their hands.

What’s the point of doing so much hard work and gaining plenty of financial income for you when you don’t know how to spend the correctly.

What is a bad investment?

For a good investment, you can always contact your installer or a broker or any bank that can help you with appropriate guidance. They will help you learn all about mutual funds, stocks, insurance, etc. But who will tell you where not to invest? Following is the list of things you should not buy, but you do and you  don’t realize the extreme money wastage you do:

1. Grocery Shopping

Grocery shopping becomes very expensive if you go there hungry. A hungry mind seeks and desires even more which is why if you are hungry and you are buying grocery then your pocket is at risk. Start with cutting down your grocery visit by only one per week and whenever you go there make sure that you or your company are not hungry. Switch grocery stores if other stores are offering sales or discounts do not miss out.

2. In-app purchases

In-app purchases are made on apps or games now this social media, games, and technology has taken upon our world and we don’t find any of the solutions. But apparently, these exciting games get so much of our attention that our minds become trapped and to go to the next level increases. In-app purchases can truly be a bad investment and a sign of money wastage.

3. Pricey cosmetics

Many people waste money on buying expensive skincare for themselves believing that they are the only good skincare products but in fact, there are many uprising manufacturing units that produce very well cosmetics. They haven’t yet gained enough market to be established as a renowned cosmetic manufacturing unit because of the already settled and popular cosmetic brands that take so much of your money that you don’t even realize that your regular foundation is now 1.5 times expensive than last year.

4. Buying brands

Especially with young more than adults, brands have a good psycho impact on an individual’s mind. When you see a known brand, you feel that this brand is one of the only quality material providing companies and you start finding ways on how to get them but in fact, the brand is only a label on clothing, watches, and anything else. Brands provide you the same material that many local markets give you without a tag. After the introduction of Atma Nirbhar Bharat idea, one should focus on the local manufacturing unit to buy the same quality product.

5. Books that you wouldn’t read much

Many people buy books when they do not have the time to read them. They like to collect books and the thing that they would complete it on their trip or on Sundays but apparently what happens is that these books are just leftover at the corner of the room and don’t get good attention. Money and time both are a waste on such purchases. Furthermore, if you wish to resell an old book, it becomes difficult to maintain its quality an get a good price.

More Things especially the Rich should not buy to avoid money wastage:

1. Cars

Do you know the depreciation rate of a new car? A car depreciates 11 % of its original price just a minute after you’ve got it. Now, imagine spending lacs, even crores on it, and then having its value that depreciates so much so early. Instead, choose a car that is enough for you and your family or your friends and also keep in mind your budget so as to choose a car that can give you a long time beneficial ride.

2. Phones

Yes, you read it right! Phones can depreciate almost 78% of the value in 1 year. A study told us that when iPhone 7 was launched, it depreciated 34 % in just one month. Now, if you buy that iPhone to have a good “image” amongst your peers let me tell you, that your saving has fetched you a phone that is so expensive but the will not help you if you want to resell it or shift to another one. Every time you going buy an iPhone, do consider this point that how much are you getting and in what cost and how much will you be able to recover if you don’t want it anymore.

3. Wedding Dress

We all plan to have a great grand wedding. Especially in India, the trend is to have a big family wedding which has become a necessary tradition now. All brides and groom imagine getting ready to be the wonderful self. Everybody feels as if marriage is a one-time life-changing experience and they have to have the perfect wedding.  This is the reason why brides like to wear an expensive and top-notch lehenga and dream about getting perfectly dressed at their wedding. A bride can go extra miles spending their pockets just to have a good Manish Malhotra type designed lehenga, just to look like the perfect bride.

4. Expensive Cutlery

Yet another thing people waste money on is to show off by buying expensive Cutlery. When your guests come home you get worried of the kind of impression they are going to draw about your home. You must have seen your mother taking out forever hidden expensive glassware at that time. From glassware to steelware, from knife to spoons, people do waste money on their designs as well. Cutlery can be a bad investment and can create wastage of money, so be careful.

5. Travel

Travis is a very amusing thing to do. There are many travel enthusiasts who like to explore the world and never get tired of it. Many people spend too much on travelling unknowingly. A lot of you should plan wherever you are going in a very cost-effective manner. Try to find local transport rather than taxis. Try to book flight tickets months ago as there is a chance you can receive them on a discount and you can also try to avail hotels with discounts so keep a check and know about your plans so well that you don’t need to pay for a travel guide.

Read Also: PM Modi launched New Scheme: 1.25 Crore UP Job opportunities

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