Paycheck: Are you slowly burning through it

Getting the paycheck is always exciting, but seeing it disappear in the blank of an eye is downright heartbreaking. According to finance investment companies in Delhi, India even if you’re not blowing your money on big-ticket items like designer bags, shoes, clothes etc. you might be slowly burning through your paycheck every day without even knowing it.

To identify how you might be blowing your paycheck – and how you can save more money – you can read up on these 6 common ways people blow their paychecks.

Paying Too Much on Housing:

Since major chunk of your income goes on maintaining housing, this is the area where you can make a major change to save on your paycheck.  Finance investment companies in Delhi, India recommends that you should not spend more than 30% of your income on housing. You can even spend less and save more by getting a room mate or moving to a different neighbourhood or a city where it’s easier to save money.

Household Shopping Without a List:

Maintain a list according to your requirements so that you pick up at the grocery store to avoid making any unnecessary purchases. With the help of the list you’ll know exactly what needs to be purchased, and you can save a good amount of money not having to do unnecessary purchasing.

Carrying Credit Card Debt:

Credit card debt is one of the most deadly types of debt you can carry. The debt may appear minimum to you, but they can cost you hundreds to thousands of dollars in interest. So, if you have a credit card debt, make a debt reduction plan to avoid wasting money on paying interest.

Not Using Your Benefits Package:

Many departmental stores, automobile stores, online shopping stores offer awesome benefits, like discounts on the commodities, free tickets to events etc. So, make sure that you’re reaping all the benefits you are entitled to.

Using Out-of-Network ATMs:

When you use an ATM that is outside of your network, your bank and the ATM might charge you a fee. Either find a bank that has plenty of ATMs in the places you visit frequently or a wide network of partners so that you are not charged extra money on every withdrawal.

Driving With a Dirty Air Filter:

You need to know the fact that driving around with a dirty air filter reduces your gas mileage by 7% after 5,000 miles, which can cost you at least $100 a year. Hence, finance investment companies in Delhi, India recommends that you look at your cars manual to learn how to clean the air filter yourself and save yourself from great wastage of money.