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10 surprising ways you're wasting money every day
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Spending on things you don't use
Spending subconsciously through auto-charge can be a waste of money. For instance, a gym membership. Other things could be hot products you've heard rave reviews about or items you pick up on an impulse.
Ask yourself exactly how you will use the item before you purchase it.
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Invest in high-quality items
Buying low-cost, poor quality items might save you money short term, but you end up spending more if you have to keep replacing them.
Do your research before purchasing an item of value.
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Pressure purchase
Many people are motivated by guilt and peer pressure to spend their cash when they don't really want to.
Save money by paying it forward instead of paying for something because you feel pressured to.
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Spontaneous purchases
When you don't plan ahead, you end up having to buy out of convenience. For example, buying a more expensive lunch on the go.
Keep some items you buy often on hand to avoid last-minute shopping trips.
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Sale items
When you buy sale items without intention, you end up spending money you may not have spent at all.
- Consider whether or not you'd still buy the item if it were full price.
- Keep a wishlist so you can shop for the things you actually want once they're on sale.
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Buying things you already have
Being disorganized can cause you to waste money on things you already own.
Take an inventory of what you have — and keep a list of what you need.
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Extra fees and penalties
Late payments that incur fees and penalties can be costly.
Deal promptly with the payments you owe.
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SIMILAR ARTICLES & IDEAS:
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Common budgeting mistakes
- Not Tracking Expenses: it's impossible to stick to your budget if you don't know where your money is going.
- Buying on Impulse: Impulse buying is expensive.&nb...
Tracking expenses
Write it down when you’ve gone over your budget. The negativity you feel will help prevent you from overspending more or doing it again. Just think of this step as damage control.
Being frugal and miserable
If you try to deprive yourself too much, you’ll binge later and throw all your hard work out the window.
A spending binge can set you back far more than treating yourself occasionally, so go for the occasional minor splurge. Just keep your treats within your spending limits and you’ll be fine.
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Brand name products
You don’t have to spend money on the big brand names.
Your local grocery or drug store might have a store brand or sell a generic version. In most cases, the ingredients are pretty muc...
Basic car maintenance
You do not need a professional mechanic to sort out many of the simpler car problems.
There are all sorts of easy and helpful instruction videos available to repair or maintain your car for cheap.
Shopping when you’re hungry
We are more susceptible to buying stuff we don’t need when we are hungry. The same goes for a leisurely grocery trip.
Make your shopping trip when you have other errands to do and a limited time to do them. You will be less likely to spend time exploring and picking up items that you did not originally plan to purchase.
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Convenience Stores
Convenience stores add a huge markup because they don't purchase food in large quantities. They make you pay more for the convenience they provide.
Unless it's an ...
Cell Phone Plans
Using a cell phone plan that does not suit your needs, or paying for extra services that you do not use can be costing you money each month.
Compare and determine which plan provides the most value based on your needs. Get rid of the extra features like text messaging and mobile internet if you are not using them.
Soft Drinks at Restaurants
Soft drinks have one of the highest markups of any restaurant item and thus provide lower value for your money.
Dine out, but consider to rather opt for water.