6 Ways to Quickly Lose Your Money

Myra Athena
Date: 15 Nov 2024
How to Lose Your Savings In 10 Days (But, Maybe Don’t)
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If I had to bet, I’d say it’s easier to lose a month’s pay in ten days than it would be to lose a man in ten days. Inspired by the classic rom-com How to Lose a Guy in 10 Days, here’s some financial advice you should probably ignore—unless you enjoy watching your hard-earned money slip away!

Impulse shopping 

Ever catch yourself scrolling through online stores, eyeing those cute heels from your favourite local shop? Buy them! The first step to draining your savings is to not think and go crazy on your impulse shopping. The rush of spontaneous purchases can be irresistible, and before you know it, your savings have dwindled.

Tip: Always make a shopping list before you go out (or online). If you find yourself still thinking about an item after 24 hours, then it might be worth considering. Buy what you need, not just what you want. And don’t forget to compare prices — sometimes you can find the same item for less!

Forget about a budget 

Who needs a budget anyway? It can feel exhilarating to toss your financial plan out the window and embrace a carefree lifestyle. Got an itch to travel? Book that flight without a second thought! Spend freely—money can always be earned again, or so the saying goes. But let’s be real — this “freedom” often ends up with you living paycheck to paycheck.

Tip: Instead of tiptoeing around a budget, consider creating a simple budget to keep your finances in check. Apps like EPF’s Belanjawanku can help you track your spending and stay accountable. This way, you’ll have a clearer picture of how much you have left to enjoy without the stress of financial surprises.

Dine out daily 

Why cook when you can enjoy eating out for every meal? It’s so much easier than shopping for groceries and dealing with the dishes afterward. Plus, you get to explore that new restaurant everyone is talking about or grab a coffee from that cute café down the street. Who wouldn’t want to enjoy delicious meals without the fuss?

Tip: While dining out can be fun, set a limit on how often you eat out each week. One or two meals might not seem like a big deal, but if you’re eating out every day, those costs can really add up. Meal prepping can save both time and money, allowing you to enjoy homemade meals without breaking the bank.

Overspending on subscriptions 

It’s tempting to sign up for every streaming service, gym membership, and app that piques your interest. A free trial here, a new service there — it all seems harmless at first! But after a few weeks, you might find that you’re hardly using any of them. Those little monthly charges can add up quickly, and before you know it, your savings could take a hit from fees that went unnoticed.

Tip: Review your subscriptions regularly and cancel the ones you don’t use often. Ask yourself — do you really need that streaming service if you’re only watching one show? Is that gym membership still worth it if you haven’t been in weeks? You’d be surprised at how much you can save by cutting out just a few unnecessary services.

FOMO: Say yes to every invitation 

It’s so easy to get caught up in FOMO and say yes to every invite that comes your way. Whether it’s brunch with friends or a spontaneous weekend trip, living in the moment can feel so rewarding. Who wants to miss out on a good time, right?

Tip: But don’t forget, it’s totally fine to say no sometimes or suggest simpler plans. Hosting a potluck or having a movie night at home can be just as fun—and way kinder to your wallet! At the end of the day, it’s not about where you go; it’s about enjoying the time with the people you care about.

Ignore financial advice 

It can feel easy and comfortable to brush off all financial advice and stick to what you know. After all, staying in your bubble might seem safe. But ignoring this advice can lead you down a risky path—because sometimes, ignorance isn’t bliss.

Tip: Instead, take the time to seek out reliable financial advice and learn about money management. Knowledge is power, and understanding your finances can help you make smarter choices for your future.

For you to read: 4 Things To Avoid When Planning Your Retirement

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Conclusion 

While this article was written with a humorous twist, the reality is that it’s all too easy to lose sight of our savings goals. Reckless spending and poor financial choices can leave us in a tough spot — sometimes in just 10 days! Learn from these pitfalls, create a plan, and watch your savings grow instead!