We’re all guilty of wasting money on one thing or another. Some people may also consider something you enjoy spending money on a waste and you may feel the same way about certain things other people do. However, there are some common ways people are wasting money that cannot be contested. Here are 5 ways you’re wasting your money.
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Buying Groceries You Don’t Use
I’m going to go out on a limb and say everyone has at some point bought groceries and then never used them. The biggest victim here tends to be fresh produce. While fresh produce is healthy and delicious (in my humble opinion), it also has a very short shelf life. Therefore, if it is not used timely, it has to be disposed of. The best way to avoid having to throw away groceries before you’re able to use them is to plan your meals before grocery shopping. I personally love online grocery shopping for this because I can browse what is on sale first and determine what to make for the week based on what is on sale.
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Paying for Unused Memberships/Subscriptions
Memberships and subscriptions seem to be big in the business world right now. There are memberships or subscription services for almost everything; things like cable, cable alternatives, gyms, food, beauty supplies, wine, shipping (i.e. Amazon Prime and ShopRunner), clothing and so much more. I want to be clear. I am not saying memberships/subscriptions are a waste of money because I think when being used, they’re great. But, many people blindly continue paying for memberships and subscriptions that they are not really utilizing. For example, I kept a gym membership for months and months and kept trying to convince myself I would go back again. Not surprising, I did not go back except maybe one time.
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Ordering Out
Who doesn’t love going out to eat or getting takeout? I’m a huge fan, personally. That being said, I always cook on weeknights. I save going out to eat for the weekends and even still, I don’t do it the whole weekend. All my meals during the week are homemade: breakfast, lunch and dinner. By viewing restaurants and coffee shops as a treat, I am saving money because I don’t indulge very often. For all my coffee drinkers out there, I know that coffee from your favorite coffee shop tastes significantly better, but that’s not an excuse to order it every single day. Do you eat ice cream every day? Well.. . I’m sure some people do, but the point is by not indulging yourself every time you want something, you’ll waste less money.
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Not Paying Your Credit Card Balance in Full
There are so many people in the world who treat credit cards like cash. I am guilty of this myself. The important difference between me and some others who are doing this, though, is that I always pay my credit balance in full every month. I treat my credit cards like cash in order to accumulate points. If you lack the discipline to know what you can truly afford in a month, you should not be charging things on your credit card. By not paying off your balance in full each month, you’re paying more for the items you purchased than they actually cost because you’re being charged interest. For those who cannot help but spend more than you can pay for each month switch to using your debit card or cash, so you actually have a stopping point.
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Following What is Trendy
Between the internet and magazines, trends are constantly being thrown in our faces whether it is fashion or home décor. Buying what is on trend at a specific time, rather than timeless pieces or things you truly love, is a surefire way to waste your money. Trends don’t last, so don’t buy things because they seem cool at the moment. Decorate your home in a way that makes you happy. Buy clothing that you can see yourself wearing for a long period of time. Even if you’re spending more, consider it an investment that will last long versus buying items that will need to be replaced in a few months when they are no longer in style.
