There are most likely a good amount
of items in your budget that you can probably cut out completely, or at least
lower your spending on. There are some instances where you may not always be
“wasting” your money, but in the cases below, you should try to evaluate your
spending. A lot of these little things can add up quickly.
Here is a list of things that you may
be wasting money on:
Bottled water
Bottled water can be expensive. If
you want filtered water, buy a water filtering system and fill-up a re-usable
bottle on your own. You are helping the environment this way as well, since you
won’t be using so many plastic bottles.
Famous brand products
When was the last time that you
bought something primarily because of the brand? Many people do this. Try to
look for items that are similar, but without the brand name logo on it.
Jewelry
Yes, jewelry can be nice to have at
times, but should you be spending your life savings on it? Probably not.
Shoes that you do not need
Shoes are important, but are a pair
of $1,000 sneakers a “need?” Buy shoes that help you run, walk, hike, look
good, etc., but a crazy expensive pair is most likely just a waste of money.
Second-rate entertainment
Second-rate entertainment can be a
big money waster. Try to find things to do that are more frugal and fun. Go for
a hike, a bike ride, and so on.
Transportation
Do you find yourself driving to where
you need to go, when you could easily walk or drive a bike? Think about this
next time before you get in your car. Also, think about living closer to work
so that you can save on transportation costs that way as well.
Movie theater food
Buying food at the movie theater can
be very expensive. Boxes of candy may be around $4 or $5, drinks around $7, and
popcorn somewhere between that. Save money and skip the food.
ATM fees
ATM fees can add up quickly. My bank
charges an extra $2 or $3 onto whatever the ATM charges me. At times, that
means that I have paid over $5 just to get money out. Instead, try to figure
out a different way to not pay an ATM fee.
Lottery tickets
Yes, it is nice to think about what
you would do if you won all of that money, but the chance of you winning is
very slim. Save that money instead.
Coffee
I know of someone who complains about
never having money, yet they go to Starbucks every single day and buy a latte.
It makes no sense! Save your money and make your cup of coffee at home.
Prepared foods
When at the grocery store, there are
always many food items that are already prepared for you. However, try to cook
yourself or make things from scratch. You can save money this way.
Insurance
Insurance is expensive, no matter
what you are talking about. Car insurance, health insurance, home insurance,
life insurance, etc. most likely eat up a lot of your budget. Shop around and
find the best rates.
Buying books
Reading a book can be a great hobby
that is cheap, but it could be cheaper. Borrow books from your library to
completely cut out this expense.
Too large of a home
How much of your house do you
actually use? If your house is too big, then you probably have extra rooms
that are empty, or you might buy furniture just for the sake of filling those
rooms. A bigger house costs more to maintain, and utility bills are most likely
higher since you have more space to heat or cool down.
Warranties
Sometimes a warranty may be a good
deal, but most of the time they are not. They are usually pure money-makers for
the company offering them. If you think the item will break, then you might
want to rethink the purchase altogether.
Food that you don’t eat
If you are not careful with what you
buy, then there is a large chance that you are wasting a lot of fun. The
average family wastes around 25% of the food that they buy.
Smoking
Smoking is not good for you. Try to
find a way to break this unhealthy habit. You are saving your life and your
money.
Taxes
Many people think that they can do
their income taxes on their own, however this isn’t always the best case. A
good accountant can help you find areas where you might be able to lower your
taxes.
Water
Water can be expensive, and there are
things that you can do to lower your water spending. Look into buying more
efficient home products, such as a better toilet, faucet, shower head, dish
washer and so on.
Cell phone
Cell phones are expensive.
Evaluate your needs and see if there is a cheaper contract out there.
There are many new companies popping up all over the place with plans under
$30.
What are you wasting your money on?
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