There are two kinds of spending leaks. The first is money you’re spending or overspending in a particular category that isn’t completely necessary. Food from delivery is a good example.
There’s nothing wrong with going out on occasion, but ordering every day for lunch and a couple of nights per week is an excessive spending leak.
The other kind is money that seemingly disappears. Usually, this happens with cash.
When you tend to use cash it is very difficult to track your spending and remember where you spend your money. Every time I tried to track my spending with cash honestly l hardly remembered what l bought. Furthermore if you are used to keep cash when you are going to plan a budget you won’t be able to track your spending and fix it if you decide.Also you avoid to have issues with your taxes because all the expenses are already categorised.
How you find your money leaks?

✅ Create an affordable budget to set your priorities in your financial life

✅ Categorize all your expenses from the last 3 months and get them into buckets like ‘eating out’, ‘groceries’, ‘bills’.

✅Try to identify if there is a pattern in your spending behaviour.
If you’re happy with your spending, great. Keep that number and find a way to keep it on track.

✅If you’re NOT happy with that number, there is your money leak. Find a way to reallocate that spending in order to be aligned with your financial goals.
Sometimes we keep things going because it’s part of our routine, or it’s convenient, and we’ll look at our budget and think ‘wow, I’ll never be able to save, because we keep on doing things that totally are not aligning with our values.

✅ Find ghost subscriptions you may have

✅ Avoid paying late fees because you didn’t have a budget to give you the way through or overdraft penalties.

✅ When you visit malls don’t take your credit card with you .
Every time you choose to spend (or not spend) money, you have a chance to improve your financial well-being.

Be intentional with your money and be consistent with your budget.
Your budget is your roadmap and should be in alignment with the best life you are dreaming of living .So every little step and every small win brings you near these dreams   and goals.
Hope you have found this helpful !!
Don’t hesitate to connect with me over my Instagram account!!