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10 surprising ways you're wasting money every day

Interest

Incurring interest on loans can become an expense that costs you daily.

Make paying off your debts a priority.

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10 surprising ways you're wasting money every day

10 surprising ways you're wasting money every day

https://www.insider.com/most-common-ways-youre-wasting-money-2018-12

insider.com

8

Key Ideas

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.

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.

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.

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.

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.

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.

Extra fees and penalties

Late payments that incur fees and penalties can be costly.

Deal promptly with the payments you owe.

Interest

Incurring interest on loans can become an expense that costs you daily.

Make paying off your debts a priority.

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Common budgeting mistakes
  1. Not Tracking Expenses: it's impossible to stick to your budget if you don't know where your money is going.
  2. Buying on Impulse: Impulse buying is expensive.&nb...
Tracking expenses
One of the ugly truths about budgeting is that when you keep track of your expenses, it’s painfully clear when you’ve gone off track. 

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.

Save On Transport Without a Car
Save On Transport Without a Car

You’ll save far more if you don’t buy a car or sell it if you already own one but can go without it.

If you can use public transportation, you can save quite a bit of money on ...

Save On Transport While Keeping a Car

Carpool to work if you can to significantly reduce wear and tear on your car, save on gas, and take advantage of carpool lanes that might make it easier to get to work.

Check at least once a month to keep the tires on your vehicle properly inflated. Doing so can improve your gas mileage.

Save On Debts

Refinance your home or automobile at a lower rate to save money over the life of the loan and lower your monthly payment.

If your student loans are locked in at a high-interest rate, figure out whether it makes sense to consolidate all or some of them.

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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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