Ant expenses are small sums of money that we spend on everyday pleasures or non-essentials goods, which significantly impact personal finances. With that being said, we should pay attention to them because they have the potential to destroy our ability to save and can even lead us into debt.
There is nothing wrong with indulging once in a while with something that makes us happy, but we must maintain order in the way we spend our money. For example, in 2020, coffee drinkers in Canada drank an average of 2.7 cups a day. Considering that a medium double-double (the most popular size) costs $1.76 plus tax at Tim Hortons, that means they spent more than $1,800 a year, money they can invest in life insurance to protect their loved ones.
The tendency to overspend on things we do not need causes us to skimp on essential items. We understand that it is not easy to change this habit, so we have compiled a list of tips to help you better manage your personal finances.
Keeping a record or list of what you spend is a tedious task, but it pays dividends. You can start by breaking down the highest payments and gradually work your way up through the amounts. You need to write down every expense, from online purchases to that coffee or bubble tea you love so much. Try to keep up this habit month after month and be sure to review your expenses for the last three months to understand how you spend your money.
After making a breakdown of your expenses, analyze the list and prioritize the payments you need to make, such as groceries, internet, hydro, mortgage, or rent. Once identified, define a weekly, biweekly, or monthly budget and follow it to the letter. This whole process will help you improve your finances and even allow you to save more.
When you find and track how often impulse purchases occur each month, you can see where they mostly come from and eliminate them from your budget. It is worth mentioning, Canadians spend about $8.8 billion a year on impulse purchases, and the average amount spent on each is $73.81 (according to a study by Finder Canada), money that, in the end, could be used to purchase life insurance.
In conclusion, indulging yourself occasionally is not a bad thing. On the contrary, sometimes it is good to reward yourself. However, be sure to set aside a certain amount each month for this so as not to destabilize your finances.
There is nothing wrong with splurging sometimes, but it is crucial to satisfy needs before spending money on wants. To achieve this, we need better financial planning and leave behind ant expenses.
The idea is to turn that money into a financial tool such as a Life Insurance Plan, which can help you protect the financial future of your loved ones when you are no longer here. If you would like to learn more about our life insurance options, you can apply for a free no-obligation quote now, and our advisors will be more than happy to help you find the best alternative according to your needs.
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