Incurring interest on loans can become an expense that costs you daily.Make paying off your debts a priority.

Interest

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.

Spontaneous purchases

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.

Spending on things you don't use

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.

Invest in high-quality items

Late payments that incur fees and penalties can be costly.Deal promptly with the payments you owe.

Extra fees and penalties

When you buy sale items without intention, you end up spending money you may not have spent at all.<ul><li>Consider whether or not you'd still buy the item if it were full price. </li><li>Keep a wishlist so you can shop for the things you actually want once they're on sale.</li></ul>

Sale items

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.

Buying things you already have

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.

Pressure purchase

Buying things and paying for subscriptions you don't use could be a huge waste of money. Spontaneous purchases and sale purchases could be causing you to waste money. Making late payments could be costing you in penalty and late fees. Saving money can be tough to do, even if you've created a realistic budget and plan to stick with it.

Interest

Similar ideas to Interest

Credit cards

How to Keep Debt at Bay

How we intuitively manage debt