Hope, I don’t have to tell you how important it is to save money. The more you save, the better will be your monetary health. It’s not hard to save a decent amount each month from your paycheck. You just have to be practical with your finances.
Your bank account can get fatter if you stop wasting your precious dollars on these unnecessary things. Have a look:
1 Purchasing branded products
Branded products from food, to medicine, to skin care can cost you big bucks. Instead, buy the generic versions of these products as they’re light on your wallet.
2 Paying for someone else’s expenses
Every time you pay for your friend’s expenses (though a small amount) like simple car repairs or buying a coffee, you’re missing out an opportunity to save for yourself.
Let your friend spend some dollars too. It is good to help others. But, don’t make your financial health suffer while doing that.
3 Going to a grocery store when hungry
If you hit the grocery store with an empty stomach, you’re more likely to buy things that are not required.
Pick up only the necessary items from the isle and leave the store immediately. If you start exploring, you’ll end up purchasing other non-essential things.
4 Making frequent visits to the grocery store
Another way to take control over your grocery budget is to visit the grocery store once per week. Little trips throughout the week will result in buying extra items that you may not need.
5 Not carrying a reusable cup
Invest in a reusable cup if you’re a coffee addict and visit the Starbucks regularly.
6 Visiting Starbucks regularly
Brew your coffee at home and save quite a lot over time. Purchase coffee beans from the Starbucks if you want the same Starbucks latte at home. Or, search online for Starbucks coffee drink recipes like orange mocha, muddled mint white chocolate mocha, frappuccino, and so on.
7 Purchasing snacks at the gas station
While filling up the tank don’t pick up soda bottles and chip packets from the gas station. Buying snacks at the gas station on every visit will escalate your spending. Bring one or two snacks and plenty of water along with you while running errands. It’ll save you a lot in the long run.
8 Not using items after the expiry date
There are products that have longer shelf-life even after the expiration date. You can recognize whether or not the food has expired with its smell or color. The expiry date is not the end of it.
9 Using credit cards only
You are bound to spend more if you pay your bills only with credit cards. It’s because you can’t see how much money is going out of your wallet. You can control your expenses if you use cash to purchase things. For that, visit the ATM or bank weekly or bi-weekly and withdraw a fixed amount of money for your expenses.
10 Getting addicted to couponing
It is true that coupons help to buy things at discounted rates. But, don’t use it as an excuse to purchase things that you normally won’t need. If you get addicted to couponing, you’ll definitely spend beyond your limit.
11 Not comparing rates
Never miss out comparing the rates whenever you’re purchasing insurance, home or car. Comparison shopping is the best way to save your precious dollars, which you otherwise wouldn’t have saved. Though it’s time-consuming, yet it’s a good option to save money.
12 Visiting restaurants and buying processed food
Eating out and purchasing packet foods are insanely expensive. Not only they’re heavy in your pocket, but also heavy on your health.
13 Bad habits
Your nasty habits like smoking, gambling and drinking are sucking money from your account. These habits give you short term pleasure but, put you in long term mess. Overcome these bad habits and live a trouble-free life.
14 Co-signing a loan
It is the most dangerous way by which you’re wasting your dollars.
So, think twice before co-signing a loan for a friend. Don’t get flowed by emotions. Be practical, after all, your finances are at risk.
15 Weight loss pills and supplements
Weight loss medicines are nothing but traps for obese people. They’re expensive and at the same time bad for your health.
16 Warranties on electronic products
Warranties are not always a good thing to invest in. For instance, if you have to invest $280 as a two-year warranty on a $400 laptop (that’s about 70% of the actual price), then it’s better to save the money instead of securing your laptop.
17 Buying too much lottery tickets
You can purchase a lottery ticket occasionally for fun. But, buying lottery tickets frequently would ruin your financial fitness. And, never expect to win.
18 Paying late fees
It is dumb to waste your hard earned dollars on late fees. Make it a point to clear your bills each billing cycle so that you don’t incur late fees. This way, you can free your money and invest it in something fruitful.
19 Impulsive buying
Never fall into their trap as it’ll only accelerate impulsive buying. Emotional purchase or buying knick knacks every time you visit a store is not good for finances in the long run.
20 Underused subscriptions
Subscriptions to magazines, online services, and the like are nothing but a total waste of money. Check your credit card statements and figure out where your finances are going and how to trim your expenses.
Always remember, “a penny saved is a penny earned.”
Do you know any other ways by which we tend to waste our finances? If so, then leave a comment in the box below.