Stop Wasting Your Money
Wasting Money is the Opposite of Saving and Can Hurt Your Budget
One of the best ways to save money is by not wasting it. Most budgets are wrecked by wasteful spending on impulse and other items and services that don't seem that bad by themselves. However, adding up all of the wasted spending can really make a negative impact on your budget. Here is a list of ways not to save money.
Ways We Waste Our Money:
- Impulse purchases. You know you're guilty but it makes you feel good for a few minutes. Store displays are designed to make you buy. Ignore them and shop online if you can.
- Late fees. Ever miss a credit card payment by just a day? That's $25 wasted. And then your interest accrues for the entire next month. Paying late on bills is a waste of money.
- Buying Instead of Renting. This relates especially to tools, but really, anything you buy and then only use once or twice is a waste of money. Find a local website that offers trades or rent what you need.
- Organic Groceries. Shopping at Whole Foods will cost you about a third more than shopping at Trader Joes for the same organic food and about 50% more than buying non-organic food. Organic matters in certain foods but do your research as to which items to splurge on, otherwise it is a waste of money.
- Rebates. Buying a product that has a mail-in rebate and then neglecting to cash in on the rebate. According to some sources, almost 40% of rebates are never claimed!
- Unclipped Coupons. Not using coupons that are easily available in the mail, online or on your smartphone is wasting your money.
- Groupon. I know my wife has bought at least one groupon that has already expired. Buying deals that you don't need is a waste of money.
- Memberships. Have a gym, museum, tanning or other membership that you don't use but keep paying for? It is a waste of money.
- Not Shopping Online. Almost everything can be found for less money online. Even if you don't buy online, you can use the prices to get price matches in the stores. And there are a ton of phone apps that allow instant price quotes by simply scanning the barcode while at the store.
- Letting Your Credit Slide. Being late on a few payments or other delinquent bills that lower your credit score is a waste of money. A lower credit score means thousands of extra dollars in mortgage, car, and credit card interest.
- Buying things you don't use. Probably the biggest waste of money is buying something you don't use. Do your research before you buy and don't buy unless you really need it. Have a lot of belongings you don't use, learn how to sell your stuff.
- Want more ideas on how to save? Visit our main page filled with ways to ways to save money.
See Also: Money Saving Tips