The One Month Challenge: What Could You Do With The Money You Waste?

Irrelevant of what you earn, the chances are that you’re guilty of wasting at least some money each month. It’s something we all do, and it’s a habit that’s gotten so bad in recent years that the Money Advice Service conducted a study into it that revealed the true heights of our wastage. The results were astounding, and proved that we throw money away on a wide range of things, including - 

• Takeaways (25%)
• Unused TV subscriptions (19%)
• Cigarettes (14%)
• Mobile phones (14%)

And the list goes on. Those are high stats for stuff that we should really consider luxuries rather than staples, and they should be enough to make you sit up and assess your own spending habits.

Sadly, this is easier said than done, and many of us prefer to bury our heads in the sand. But, we’re here with a one month challenge that could change that. We challenge you (yes, you!) to remove wasteful spending for just one month. The results are guaranteed to shock, and could see you getting on top of finances at last. In fact, the moment you stop wasting spare cash is the second you can start putting it towards more useful undertakings such as - 

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Savings

We ALL want to start a decent saving fund, yet most of us reach the end of the month without having put anything aside. As you might be able to guess, these wasteful habits are primarily behind that. As such, the moment you get more frugal, you should find that you’re better able to save than ever before. After all, if you’re putting the 25% of your earnings that you once wasted on takeouts straight into a high-interest savings account, you can bet that fund will soon add up. And, trust us; it’ll bring you far longer-lasting satisfaction this way. 

Invest

This spare money could also prove useful if you invest it on platforms like Swyftx exchange. In fact, this seemingly additional cash could see you boosting your earnings this way. And, all you need to do to make it happen is free up that 19% of your pay packet that you’re spending on unused satellite channels. The chances are that’s a change you won’t even miss, but you’re guaranteed to notice the cash you earn from making the switch!

Truly treat yourself

Perhaps the worst thing about this wasteful money phenomenon is the fact few of us notice it happening. It isn’t like we even appreciate all those little extras that lead to a steady trickle of lost income! So, why not stop wasteful habits by focusing on a true treat for yourself? Simply reducing wastage over a month could see you with enough spare cash to pay for that weekend away, or to finally decorate the living room. You could even invest in a pamper session that you might have assumed out of reach any other month. All because you paid more attention to where your money was going, and where it could be instead!