Posted: Monday, January 6, 2025. 10:18 am CST.
By Zoila Palma Gonzalez: Personal finance expert George Kamel, who works with financial expert Dave Ramsey, recently shared that the average person wastes nearly $2,000 annually on impulse purchases.
This money could be better spent on more meaningful financial goals, like paying off debt or building an emergency fund.
To help get your finances in order this year, Kamel recommends cutting out these common money wasters:
Dining Out and Fast Food
While eating out is convenient, it’s often more expensive than cooking at home. Prepping meals might take more time, but it can save you hundreds over the course of the year. With inflation pushing restaurant prices up, cooking at home is a smarter financial choice.
Paying Credit Card Interest
Carrying credit card debt is costly due to high interest rates. To avoid falling deeper into debt, focus on paying off your balances as quickly as possible. Whether through cutting other expenses or picking up a side hustle, reducing credit card debt will free up money for savings and investments.
Gambling
Gambling, including lottery tickets, is a risky habit that can drain your finances. Kamel advises against it and suggests investing any money you might have spent on gambling into something more productive, like a savings account or retirement fund.
Buying New Cars
New cars lose 20% of their value in the first year, making it a poor financial decision for most people. Instead, consider buying used, reliable cars, ideally in cash, to avoid the burden of high car payments. This will free up cash flow for more important financial goals.
By cutting out these common money wasters, you can start building a stronger financial foundation for 2025.
Focus on purposeful spending to pay off debt, save for the future, and avoid financial traps that can hold you back.
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The post Things to stop wasting Money on to get your finances in order in 2025, according to George Kamel appeared first on Belize News and Opinion on www.breakingbelizenews.com.
Posted: Monday, January 6, 2025. 10:18 am CST. By Zoila Palma Gonzalez: Personal finance expert George Kamel, who works with financial expert Dave Ramsey, recently shared
The post Things to stop wasting Money on to get your finances in order in 2025, according to George Kamel appeared first on Belize News and Opinion on www.breakingbelizenews.com.