Whether you want to save money or you just want to stop spending your cash needlessly when you could be using it to work towards your financial goals, it’s important that you are able to identify areas where you are probably wasting your money. That way you can stop spending unnecessarily and use your money in a more productive way for you and your family.
With that in mind, here are some common ways you may be wasting your money:
1. Paying more than necessary for a product or service
Okay, this is a complicated one because always buying the cheapest of anything is rarely a good idea because it is likely to break down and need replacing more often or it may leave out important services that you may actually need. That being said, it is often the case that you can get everything you need for less, a good example being Medicare which as Let’s Compare Medicare shows can often be bought more cheaply while keeping the same services. The same can be said of cell phones, mattresses, shoes, and well you get the idea. So, buy the one that meets all your needs at the best price and avoid paying a penny more.
2. Buying brand names
Related to the above, if you’re buying brand names just for the brand, not because the product is any better, you are wasting money. From generic medication to non-brand sneakers, you can save a fortune by not being a slave to big names.
3. Paying people to do things for you
Okay, so sometimes, say when you need an electrician, paying a contractor is the smart and only option, but for things like repainting your walls, mowing your lawn, or unblocking your toilet, you can handle them yourself and save a lot of money. Youtube is your friend when it comes to various DIY jobs, and many communities even have tool libraries now which means you don’t even have to spend any money on the equipment you need to do your DIY either!
4. Throwing perfectly good food out
If you’re a slave to the expiry date, you’re probably wasting a lot of money, not to mention food, on throwing perfectly edible produce out. Use your common sense and inspect the smell and appearance of food and decide for yourself, unless it’s something like seafood that you need to be really careful with, of course, and you could save a bunch on your grocery bills going forward.
5. Keeping those unused subscriptions
Never watch Netflix, no time to stream Audible? Stop paying for their services! That’s money down the drain and it’s so needless when you can cancel and sign up again whenever you want to.
6. Not taking good care of yourself
If you don’t take good care of yourself you are more likely to end up sick and in need of medication or medical attention, and you’re less likely to be able to do things for yourself, which means one way or another, you will be wasting money, So, take care of yourself!
Time to make some changes?