Interest - Deepstash
Interest

Interest

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

Make paying off your debts a priority.

MORE IDEAS FROM 10 surprising ways you're wasting money every day

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.
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.

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.

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.

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.

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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RELATED IDEA

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. 
  3. Becoming the Victim of Budget Busters.
  4. Being So Frugal It Makes You Miserable: you’ll binge later and throw all your hard work out the window. 
  5. Trying to Do Everything as Inexpensively as Possible.
  6. Not Asking for Help.
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 much identical.

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 emergency situation, avoid shopping at convenience stores.