Financial Sinkholes That Are Secretly Draining Your Bank Account - December 2024

We all want the financial freedom to buy, do and go wherever we want. But that may not always be the case. There are always things that we have to forego in order to survive or for so that our loved ones can have a better life. As a parent, you may have had to sacrifice a lot of your own comforts and desires for your children. But sometimes we end up spending more than we should, even if we pride ourselves on being frugal and thrifty. Unnecessary Purchases We all love a good shopping spree, but if you're trying to spend less, you may need to cut back on those mall trips. Even window shopping can be dangerous because you'll easily be tempted to buy things you don't actually need. Even small 'innocent' purchases throughout the day like a pack of gum, a magazine or a juice box can eventually add up. Imagine doing this every day? Of course, it's worse if you actually don't end up using any of the junk you buy. That's why it's important to set aside a budget for unforeseen (not unnecessary) expenses. This ensures you don't end up on an episode of Hoarders in the future. Monthly Payments We talked about this in a different article but it's probably something that's worth repeating. Monthly payments, fees, subscriptions, utilities and rentals are some of the more obvious financial sinkholes that you'll likely encounter as an adult. Your house, phone, electricity, water and internet all cost money. If you have a vehicle, that's another monthly obligation you have to fulfil. Even if you use public transport, those back and forth trips will eventually add up. Not to say that you sell your car or cut off your Wi-Fi, but try and avoid taking on anymore services or purchases that require a constant stream of monthly payments (like credit cards, yikes!). Not unless your know for certain that you can afford them. Food Food is essential for daily life. But as we learned from inflation, it's also quickly becoming more expensive. It may feel like you're saving tons more cooking your own food (or meal prepping for the rest of the week). But grocery shopping can easily get expensive too. Even if you don't cook or shop that often for food, you still spend quite a lot for meals. Breakfast, lunch and dinner can easily cost your about RM20 each day during the workweek. Times that by 20 to 25 days, the amount can easily reach RM500 each month. Even going on your morning coffee run will eventually eat away at your wallet. Entertainment We all like to have a good time every now and again. And as parents, you may need some well-deserved R&R more than anyone else. But if you're bringing your kids with you, like to a shopping mall, chances are they will likely ask for things. If you're leaving your kids at home, you may need to hire a babysitter. And when you eventually reach the restaurant, pub or movie theatre, you need to spend more of your money. Even going out for drinks with friends can easily add up. Almost everything is costly these days. Pets We all love our pets; how could we not? But I think many pet parents know about the tremendous cost of raising animals. Or at least, I hope they do. Toys and kibbles aren't the only things that you'll be spending your money on. Healthcare, grooming and of course, cat litter, if you have a cat. If you really want to save money before getting a pet, potty train them while they're young. Some pets, especially cats and dogs, can be trained to use a human toilet. Then, all you need to do is flush down their stool instead of having to scoop it up yourself. Your Kids All parents know that raising kids are expensive, and not just when they're babies. They will continue to need your financial aid even when they reach primary and secondary school. This is especially true during back-to-school season where you can spend close to RM200 for school supplies. New uniforms, exercise books, stationery, bags, pencil cases, etc. And it doesn't just stop there. There is also recess money, club fees, art projects, field trips, school events, etc. They may also need to have their own phones and service provider, which will also cost money. This is why it's important to teach your kids while they're young about needs and wants, being frugal, and saving money. Spending Less for the Future There will always be things to do and bills to pay. But that doesn't mean we can't patch up the crumbling dam to staunch the flood. Everyone tends to overspend on occasion. But if it happens too much and too often, you may need to do something before it's too late. We always talk about saving up for rainy days, but it can be hard to do so if you burn through all your income each month. So, it's important to recognise the financial sinkholes in your life and tend to them before they suck up every last cent. Disclaimer: The information provided in this article is for informational purposes only and should not be considered as medical advice from Motherhood. For any health-related concerns, it is advisable to consult with a qualified healthcare professional or medical practitioner. For more insightful stories and fun recipes, stay tuned to Motherhood Story!

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