Money drains could be a car that’s always breaking down or a hobby that requires expensive supplies. Whatever they are, they're costing you way too much money. Learn how to identify and eliminate the money drains that are jeopardizing your financial success.

Identifying Money Drains
Within every budget there are two types of expenses: those that are essential and those that aren’t. The essential expenses are the absolute necessities, like food and housing, that make life possible. The nonessential expenses are all of the extras that make life enjoyable. Unfortunately, both categories can harbor money drains that threaten your financial well-being. Here’s a list of possible money drains that could be harming yours:

Essential Expenses
Car: Are your car payments more than you can really afford? Does your car require frequent and expensive repairs? Do you pay to insure it and then not drive it ?

Housing: Are you paying for a home that exceeds your needs or budget? Does your house frequently require a lot of expensive repairs that can’t wait? Do you have a second home that greatly adds to your housing expense?

Food: Do you regularly buy more than you need or can afford at the grocery store? Do you eat out, even when you can’t afford to? Does a lot of your paycheck end up in the work vending machine?

Clothing: Do you buy clothes even when the budget is tight or you don’t need them? Do you own more shoes and clothes than you have time to wear? Do you buy clothing that goes unused entirely?