For you to stop wasting money, you first need to know the things you’re wasting money on. It is so easy for you to swipe that little plastic card without thinking much of it. Sometimes they are simple things that you do not give a second thought to. Until I had set my financial goals couple years ago, I had no idea I was wasting money on little things. We purchase things we don’t necessarily need or use or of no good use.
1. Junk food– I plead the fifth to this one. On the go I was always buying junk food and snacks. Complete waste of money. Chick-Fil-A, Mcdonalds you name it I used to buy it. Instead you can make healthy snacks at home and bring with you in your handbags. It is much cheaper plus your waist line will definitely thank you for it.
2. Weight loss traps– Majority of society is on a healthy lifestyle journey and with the rise in numbers there is also a rise in the number of products that will supposedly do the trick. There are many products especially pills that are on the market promising weight loss within a certain period of time. Everyone is capable of losing weight but your best bet is finding out what course of action your body should take and always speak with a professional first. Stop wasting money on products that promises instant results.
3. Impulsive shopping– We are all so guilty of this. Random and unnecessary shopping. Retail therapy is for the wealthy in my opinion. You find yourself buying things for the sake of shopping and not because you need or want the items. Regardless of how happier you feel after a shopping trip, you are still wasting money.
4. Bank fees– late bank payments fees are the absolute worse. Have your account ever drafted say $20 and the next day it says $50 because of bank fees?! Not good, No bueno! That’s an additional $30 you’re paying the bank. ATM fees are just as bad. Did you know that banks rack up billions per year in overdraft and atm fees?? I always say bring cash with you everywhere you go. Most ATMs charge more than $2 for each transactions. No it is just a waste of money. Use your bank’s ATM if you have to. It is completely FREE! Or better yet, make sure to always carry cash with you.
5. Cable – Netflix & Hulu are the way to go. There isn’t anything that you, your children or spouse can’t find on either of them. Children seems to be more enamored with their tablets, iPads and laptops these days, they search the internet for anything they want to watch. There is really any need for cable anymore.
6. Overpriced cellphone plans– Have you seen those $110 or so cellphone bills and your mind just boggles?! I know everyone wants to have the latest and hottest gadgets but there are many cheaper data plans out there. Why pay for high speed internet on your phone when you pay for that at home? Cricket, Boost Mobile and Metro PCS have very cheap monthly plans that give the same services as other networks.
7. Books– Your local library is much cheaper than buying books to read. There are also places online to rent or download books for free for the different genres. If you need textbooks for school, Chegg and other online sites rent books at really low prices that will help you save enormously.
8. Expensive makeup– For almost every high end makeup products on the market, there are inexpensive ones that work the same way. They give you the same look at much cheaper cost. Brand name doesn’t always make a product worthy.
9. Starbucks coffee addicts! Calculate how much you spend at Starbucks each day then multiply that by the weeks in a month. Do you see how much money you spend on coffee? I’ve found that buying a coffee machine, really great coffee grounds and filter works out much cheaper on the pocket. Coffee drinkers can always indulge in a drink at Starbucks once in a while. If you are not one for DIY, Dunken Donuts is a much cheaper alternative, while they do not carry the range that Starbucks does, there is always a chance for you to try something new.
10. Greeting Cards (invitations,Christmas etc) I am a giver…it’s a blessing and a curse. Hallmark used to make a ton of money from me every holiday, each year. Now, I buy card stocks and make my own cards for birthdays, Christmas etc. It works out much cheaper and you and your family can have fun while doing it.
What are the things you waste money on??