Researches reveal the fact that most people waste about 10% of their income which they can otherwise save easily. Many of us don't realize how we waste our money. Go through this article to know how you are wasting your hard-earned money and how you can avoid it.
- Not planning your meals properly - One of the most common mistakes committed by people is not planning meals ahead and in turn, ends up in eating outside and wasting money. It is better to make a meal plan during the weekends; it will help you buy the required grocery items and as well you can save time in thinking what to prepare the next day. You can even cook during the weekends and refrigerate, and enjoy the foods throughout the week. You can even plan your eating out ahead and make a room in your budget for such events.
- Failing to organize your finances appropriately - If you do not have a well - planned budget and follow it, then you won't even understand where you are spending much. So, a realistic budget is the first and foremost thing to organize your finances, properly. Also, make yourself aware of the overdraft fees, late charges, etc. to have knowledge, which will motivate you to avoid such fees and save the money.
- Paying full price when you can get it free or at discount rate - You can avoid full price on items by buying them when they're offered in sale or at discount rate. Most of the stores offer items at discount rates from time to time; visit during this time and pick your favorite items. You can even ask for discounts on cable service, medical services, etc. Even museums have free days when you can enter absolutely free of cost. So, take an account of these dates, plan ahead and enjoy without spending much.
- Purchasing single items with more dollars - Sometimes buying in bulk can help you save money instead of buying those items separately. So, if you have the habit of purchasing single items when you can consume the entire package within the expiry date, then buying in bulk can save you a lot of money.
- Paying for things you do not use - Many of you pay a lump sum amount for your cell plan but don't use the entire free minutes. If you do the same thing, then switching to a prepaid plan can be a better option. Likewise, if you have gym membership, then take out some time and use it to have a healthy tension-free life; but, if you cannot do it, then cancel the membership and buy a treadmill or other fitness equipment at home so that you can use them as per your suitable time.
Above all, have you realized how much you pay for interest? For example, by revolving credit card balance from one billing cycle to another, you need to pay an interest on the outstanding dues. You can easily save this money by making as much payment as you can every month instead of just paying the minimum. By doing so, even if you're able to repay your dues one or two months early, you can save the interest payments for those two months, and you can use the money elsewhere and improve your financial situation.