HNE Staff Do you know how much money you’re wasting every day by doing things you don’t realize are financially draining? When you go shopping, you might have grand plans about the eggplants on sale, only for them to end rotten at the bottom of the refrigerator. Pay attention to the following things to avoid losing money:
1. Not Investing in High-Quality Items
Cheap items might not cost you much in the beginning, but you’ll be wasting money every time you reface them. It doesn’t mean, though, that expensive is always high quality. Do your homework before buying things. You might not want to be stingy on appliances and baby things, as well as things that can affect your safety.
2. Buying Designer Drinks
For many, mornings without coffee is dreadful, but spending on designer drinks is costly. If you add up the cost of each cup, even if you only drink once a day, you might have enough money to pay for your other bills or even a few days’ worth of groceries.
3. Automating Subscriptions You Don’t Use
List down all the memberships and subscriptions you’re paying automatically every month. These may include your gym memberships, audio and video streaming services, and cable TV services. Think about which subscriptions you use frequently and which you often neglect, then eliminate the latter.
4. Paying for Credit Card Interest
If you use your credit cards frequently, try to pay the balance in full instead of the minimum payments. It will save you from interest charges. This is why you should use the card only on things you can pay when the bill is up.
5. Using Your Card All the Time
Pay with cash as much as possible, even if it’s more convenient to use debit or credit cards. It doesn’t hurt as much to buy things with your card as with cold hard cash. This habit might not lead to excess spending if you use a money management app to stay on top of things. If not, consider one or two trips a week to the ATM to withdraw spending cash.
6. Buying Things on Sale
Hunting for a good sale in town might make you feel like you found a great deal. However, buying things just because they’re on sale, even if you don’t need them, is a waste of money.
7. Going to the Grocery Hungry and Without Time Limit
Shopping when you’re hungry might make you buy things you don’t need or waste time lingering in the aisles picking up food. Eat a full meal or a snack before going to the grocery store to shop.
8. Buying Food You Don’t Eat
Food wastage happens if you buy more than the portions you can consume or go wild during grocery shopping until the excess food gets thrown away. Check your pantry before shopping, list down everything you don’t have, and stick to that list.
9. Living in a Drafty House
Doors and windows without proper insulation can lead to skyrocketing electricity bills. You might want to insulate your doors and windows properly or replace them.
10. Buying Spontaneously
It helps to plan to avoid spontaneous spending. Prepare your lunch at home instead of buying an expensive lunch. Rethink that gorgeous dress you saw at the display window. Pick out a birthday gift a few days ahead of a party. Buy the things you usually need at home instead of buying them only when you need them, such as wine, basic gifts, herbs and spices, and more.
11. Choosing Name Brands
Some generic products work as well as the name brands, so why not save money and buy the former? These products include prescription drugs, baby formula, herbs and spices, over-the-counter medications, razors, ink cartridges, and more.
12. Procrastinating
Carefully plan for future activities to avoid spending more on late hotel bookings, flight bookings, and gifts. Last-minute deals for these things often come at a price, something you could have avoided if you arranged them earlier.
13. Paying for Bank Fees
Use your bank’s ATM as much as possible to avoid the few dollars’ worth of charges. Don’t overdraw your account or leave its savings below the minimum balance. It might help to use your local credit union for your checking account, too.
14. Neglecting Airline Fees
When you book flights, don’t look at the prices of the flights alone. Consider the extra fees the airline will charge. Make sure to weigh your luggage to avoid charges on excess weight as well.
15. Failing to Inflate Tires Properly
Driving on tires that are not properly inflated does not bode well for your vehicle’s mileage. Inflate them properly and regularly to avoid wasting money on gas and mileage and keep you safe on the road.
16. Not Maintaining Proper Health and Hygiene Practices
Something as simple as regular brushing and flossing of your teeth can save you hundreds of dollars in dental work. Maintaining proper hygiene, such as washing your hands and eating healthy food, will serve you and your finances well in the future. Every day is a good day to start new healthy habits that will save you money in the years to come.
17. Going to the Grocery More Than Once a Week
Set a budget for your grocery trips, which ideally should be done once a week. The more times you visit the grocery store, the more money you’ll be tempted to spend on things you don’t need. Monitor your grocery consumption to estimate how much you need for a week’s worth of food to avoid frequent grocery visits.
18. Irresponsible Couponing
Collecting and hunting for coupons will save you money, as long as you’re doing it for things that you need. Look for coupons for your kitchen or bathroom staples. Don’t collect coupons for the sake of doing so because they will only give you the illusion that you’re saving money instead of spending a few dollars on things you don’t usually buy.
19. Being Messy and Disorganized
Losing important and expensive things, such as chargers, jewelry, and keys, will cost you some serious money. If you keep losing something because of your messy living situation, it might be the right time to declutter and organize. Use home organizing essentials and assign a certain place for your things, especially those you frequently use, such as cables and chargers.
20. Missing Out on the Freebies and Discounts
Be on the lookout for things that may entitle you to a discount. For instance, your college-aged kids might have discounts in certain establishments. The same thing goes for military veterans and senior citizens, too.
Conclusion
These are only some of the ways you’re wasting money without you even realizing it. Now that you know how much money you lose for being disorganized, not keeping up with your credit card fees, and such, it’s time to change things up. Stop wasting money to help you pay off debt and save more.
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