You wouldn’t flush the money from your pocket down the toilet. You wouldn’t stand on the top of a building and release a bag of cash from the rooftops. You wouldn’t empty your piggy bank into your bin in preparation for the weekly trash collection. You wouldn’t do any of these things because that would be a waste.
However…
While we are assuming you wouldn’t be so frivolous with the money you possess, it might be that you are wasting money in many other ways, and possibly on a daily basis too!
How?
Well, consider the following. If you can relate to any of these money-wasters, now is the time to think again about the way you manage both the money you earn and your lifestyle.
#1: Buying takeaway foods and microwave meals
Now, there is nothing inherently wrong with either, especially when you’re pressed for time. However, if you are reliant on both, perhaps because you don’t know how to cook, then you are wasting your money on a regular basis. And not only that, of course, but a diet of takeaway and microwave food isn’t very good for your health, either.
Tip: To save money on food, learn how to cook a few healthy recipes using fresh ingredients. There are loads of tutorials online, although you might want to take a cookery class too if there are any happening in your area. You might want to buy yourself a slow cooker too, as this way, you can prepare your evening meals in advance, and have something waiting for you when you get home. This is especially useful if you tend to opt for less healthy options because you’re tired after work.
#2: Getting stuck in expensive contracts
How many contracts are you tied down to? From your smartphone to your home broadband, you are probably tied down to more than one in your life. While this is sometimes unavoidable, we often waste money because a) we didn’t shop around before signing our finances away, and b) we didn’t consider other options.
Tip: Always commit to research before taking out a contract. If you can get a cheaper deal elsewhere on the service you require, then go for it. Be sure to check the date that your contract runs out too, as you will then have the opportunity to make a switch to another provider if you can find a better offer elsewhere. You will be stuck to yet another contract with the same provider if you don’t. Of course, in some cases, you don’t have to get tied down to a contract at all. Phone services such as SMARTY mobile give you the option to cancel whenever you want, and there are now broadband services that offer you the same. Shop around then, and look for these flexible offers.
#3: Always buying brand name products
We buy branded products because a) we trust the name, and b) the packaging is often more eye-catching than the generic alternatives. However, we often waste money this way as, for some products, there is little to no difference between the big name brands and the generic versions on our store shelves.
Tip: Don’t assume branded products are better than their cheaper alternatives. When you’re next at the supermarket, beauty counter, or pharmacy, consider the full range of items available to you, and choose the lower-priced products. If you then discover they are better or little different to the brands you normally choose, then continue to buy them in the weeks and months to come.
#4: Paying somebody else for maintenance jobs
We aren’t all adept at DIY. In fact, some of us are downright impractical, which is why we rely on the services of home and car professionals when something goes wrong. However, in some cases, we might be wasting money, as not only are we paying for the parts that the professional has to procure to put things right, but we are also paying for their time and the various service charges they quote on their bills.
Tip: If you really can’t do something, then fine, hire somebody else to take on the job for you. This is better than you making an expensive mistake. However, don’t give up hope on your own talents. Check out instructional videos online. Consider taking a class to brush up on your skills. And ask somebody you know to show you how to do something. By doing so, not only will you save money the next time you tackle a maintenance job, but you will also have that sense of achievement that comes with having done something potentially tricky yourself.
#5: Paying too much for fuel
How often do you use your car? If you use it every day, then you are probably spending a fortune on fuel. And think about where you buy your fuel too. Are you paying too much? It could be that you are wasting money when fueling up your car, so you might want to consider money-saving alternatives.
Tip: For starters, consider taking other forms of transport. While your car is a convenience you might think you can’t live without, it could be that the bus or train could work out cheaper for you, especially when traveling long distances. Of course, you might not have to pay for transport at all. When it comes to shorter distances, you could use your legs by walking or biking instead. Not only will you save money this way, but you will do much for your physical and mental health too! But if you really have to use your car, shop around for fuel. Download a fuel-finder app on your phone, and research the prices of the gas stations near you.
#6: Spending money on addictions
Addictions are hard to break, we know, but considering they are often harmful to our finances (as well as our health and wellbeing), then we really do need to make the effort. So, what about you? How much money do you spend on your personal addictions? Perhaps you buy cigarettes every day. Or you might feel the urge to gamble whenever you’re near a slot machine. You might even spend money on in-game purchases on addictive titles such as Candy Crush when using your phone. If you were to tally up the money you had spent on such things, you might be surprised at how much money you had wasted.
Tip: Seek help! If you are genuinely addicted to something, and your willpower is weak, then source the services of those professionals who can help you. See your doctor, talk to your friends and family members, consider counseling and, if you need to, book yourself into a rehab center. By taking such steps, you will do much to improve your overall health, and you will also do much to improve the health of your bank balance. Oh, and you might want to delete Candy Crush too!
#7: Paying too much on energy bills
Blast the mailman and the clutch of brown envelopes he holds in his hands! Every time you hear his tuneful whistle, you probably shudder in fear at the thought of the bills he is about to post into your mailbox. Of course, it’s not his fault that your bills might be too high. If you use way more energy than you need to at home, or if you haven’t bothered to compare utility providers, then you only have yourself to blame.
Tip: If you’re paying more than you think you should be on your utilities, make that switch. Use a price comparison service and find those better deals. After all, the electricity and gas you use will be the same no matter what utility provider you use, only at a potentially cheaper price. You should also commit to a few home repairs if your home is colder than it should be. By sealing gaps and cracks in your home, and by insulating your doors and windows, you might have less need to turn the dial on your thermostat. And, of course, you should commit to energy-saving habits. By being more responsible at home, you should start to see a difference in your utility bills. So, be sure to turn your appliances off when they’re not in use, turn the lights off too, and be mindful of any those other energy-wasting habits that relate to you.
#8: Buying items you don’t need
Be it in the supermarket, shopping mall, or at any online store you regularly use; you might buy items that you don’t particularly need in your life. It could be another pair of shoes, a dress you will never wear, or any other such item that could be bought on a whim. Not only will your home become overly cluttered, but you will find yourself running short of cash if you keep on spending.
Tip: Remove your credit card details from those online stores where you are able to buy with one click of a button. Leave your home with only the cash you have available to spend, instead of arming yourself with your bank cards. And follow these tips on conquering a spending addiction. By taking these steps, you might do much to preserve the money you have instead of squandering it.
So, have we related to you in this article? If so, follow our tips, and do more to save your money instead of wasting it.
Take care, and thanks for reading.
