Learn more about moneyandinvestments with this collection
The impact of opportunity cost on personal and professional life
Evaluating the benefits and drawbacks of different choices
Understanding the concept of opportunity cost
Bottled Water
Bottled water drinkers give 3 main reasons for their choice:
- Taste: Many claim their tap water tastes bad, but a simple pitcher filter can probably fix it.
- Safety: Bottled water is not necessarily safer than public water sources. A high-end filter can remove impurities from tap water.
- Convenience. A decent filter and a reusable bottle or stainless-steel flask can replace bottled water.
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Microwave Popcorn
Popcorn is a great, healthy snack.
Instead of buying popcorn in microwave bags, one can also pop corn at home for much less than the bagged kind.
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Cable or Satellite TV
You don’t really need a cable or satellite connection to watch your favorite TV shows.
Cheaper alternatives include streaming, downloads, library discs or network TV.
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Single-Cup Brewing
It is more efficient to brew one cup at a time and you can choose from a great variety. However, it can be very costly. The excess packaging also causes environmental problems.
Using regular ground coffee with a reusable filter in your single-cup brewer may be a little more...
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Dryer Sheets
Dryer sheets are not that expensive but can cause other problems and health risks. Some of the chemicals used to produce a fresh scent are toxic, while others are known allergens. Dryer sheets can also damage certain types of clothes.
Reusable or DIY Dryer Balls can be used ...
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Other money-wasters
Consider other money-wasters, for instance, in-app purchases in games, bank and credit card fees, or a lottery ticket.
Take a good look at every single expense in your budget and ask yourself if it is a good use of your money.
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