Do you have a goal to spend less money or to increase your savings? If you do, you will need to pay more attention to howyou’re spending your money! A lot of the time we waste money on things we don’t really need without realizing it.
Are You Wasting Your Money?
If you want to avoid wasting money, it helps to know what some of the common things people waste money on are.DaveRamsey.com posted an interesting article about the top 10 things that Americans waste money on. Here’s my take on it…
1. Credit card interest
Don’t buy what you can’t afford, especially at high-interest rates! If you are going to use your credit card, make sure you can pay it off at the end of the month! Paying interest on purchases is one of the biggest wastes of money there is.
2. Deal websites
Deals are one of the biggest things people waste money on. However, just because something is on sale, doesn’t mean you should buy it. Before you purchase, be sure you will actually use it,enjoy it, and the quality will be up to your expectations!
3. Appetizers
Unless you’re sharing the meal too, you’ll end up with a lot of leftover food if you order an appetizer too. At least make sure some of it reheats well as leftovers!
I oftenskip the specialty drinks too. Water is free and good for you! My husband and I have the rule of no appetizers or drinks each time we go out to eat. Only on special occasions do we break this rule! It has saved us so much money! Those $5 appetizers and $3 drinks can sure add up fast!
4. Overdraft fees
Keep track of your money and spending and you will never have to waste your money on these fees. Consider using Capital One 360 Checking account… which is a fee-free checking account that we love!
5. ATM fees
They can add up! Plan ahead and avoid the fees. Get cash back at the grocery store or go to your own banks ATM to avoid the fees. No sense in paying $4 to get your OWN money out!
6. Upgrading shipping
Many things are not really needed right away, so don’t pay extra just to get it shipped faster if it isn’t really necessary.
7. Unused gym memberships
Only start a membership if you know it will be beneficial for you and you will continue to use it all year long. I like doingworkout DVDs(Thanks, Jillian Michaels!) at home. There are lots of workouts and exercise that can be done at home or outside for free.
8. Designer baby clothes
Babies make a lot of messes and they grow out of clothes pretty quickly too! You can find adorable baby clothes at a GREAT price. Save the nicer clothes for when they quit growing and can actually use them for more than a few months!
9. Daily coffee trips
Take a look at your budget and how much this habit is costing you. It would probably cost less to brew it at home (get a cheap coffee maker on Amazon).
When you do the math, that $3 coffee you buy each day can really add up. Let’s say you buy a $3 coffee 3x a week. You will be spending around $36 dollars a month JUST on coffee!
10. Premium cable packages
If you’re not even using 90% of the channels in your cable package, it’s a big waste of money! We have an HD antenna that works great for us.
You could also get a cheap Netflix subscription or watch stuff for free on Youtube. Whatever your needs, you can find a cheaper way to get your entertainment fix.
Stop Wasting Money
Take a look at your spending and see what you might be wasting money on.Write down every single purchase for afew weeks or a month to get a good idea of the little things that are costing you.Cutting out a few small regularpurchases will really add up.
Most of us have at least one thing we could stop spending money on and we wouldn’t even miss it!
Check out Dave Ramsey:
Dave Ramsey is one of America’s favorite finance coaches, a New York Times bestselling author, and radio personality. Check out his life-changing books and more.
Comment below what you are going to stop wasting money on!
More Money Saving Tips
- How to Make a Budget and Stick to it Using 7 Bank Accounts
- Easy Ways to Save Money When Shopping on Amazon
- How to Combine Coupons for Bigger Discounts
- 105 Cheap Date Night Ideas for Couples
- 25 Uses for Dryer Sheets That Will Blow Your Mind
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