8 Things You May Be Wasting Your Money On
Knowing how to spend your bucks smartly is an art, one that not everyone excels at. Whether it be an extra cup of cappuccino that comes in a deal or those trendy ripped jeans, we all makes mistakes by buying things that we clearly don’t need. The result? Unending bills. Bills that haunt you whether you are awake or asleep. This is why it is necessary to be a boss at controlling your expenditure. Because only then can you live a life with fewer regrets. In the words of the famous finance guru, Dave Ramsey, “You must gain control over your money or the lack of it will forever control you.”
However, when it comes to expenses, the list can be endless. Often when you try to cut down from it the things that you don’t need, you can be left scratching your head. The question asking which things aren’t important enough to be spent on can leave your mind boggled. But don’t worry. We’re here to help you out.
We’ve compiled a list of things that you are probably wasting your money on. Cutting off expenditure on these can help you save by a lot.
Prepared eatables and drinks
You might be wondering how in the world you can avoid eating and drinking? The answer is pretty simple; don’t purchase packed food every day. When you are headed to work or school, prepare your lunch, your coffee, and even your water bottle at home. Picking these items up from the nearest store can quickly add up to a huge sum. Not only does eating home made food cut down your expenses but it is also healthier and more favorable for your waist line.
Fashion items that follow fleeting trends
So, the Versace denim boots that Jennifer Lopez rocked recently look pretty dapper. But does that mean that you should purchase them? Sure, they are trendy because a famous celeb wore them. But for how long are they going to stay voguish? Definitely not long enough. This is why you should purchase comfortable clothing and other fashion items that are stylish. Trendy ones are a waste of money as after a few months you probably wouldn’t be wearing them anymore anyway.
The cable of your television
TVs are old-school now. The modern times are all about streaming services and watching shows online. If you are already paying for the internet, it is better to skip paying for the cable. The average American pays $100 for cable, for TV signals that he doesn’t even make the most of. Better idea? Switch to Netflix, HBO Now, and other like services. You can find several of your favorite TV shows online as well on the websites of their channels.
Excess energy consumption
Did you know that just by a little more careful, you can lead a more energy-efficient life? Energy-efficiency doesn’t only translate to controlled utility bills, but it also means a more environment-friendly lifestyle. So, you kill two birds with one stone. Lower the thermostat in winters, lowering the temperature by one degree equates to a 3% saving on your heating bill. Make sure no lights or appliances are unnecessarily switched on. Invest in energy-efficient technology.
Expensive yet useless cosmetics
The average American lady spends a whopping $8 on makeup products per day! While looking flawless can be a priority, know that there are several beauty products that are just a waste of money when bought branded or from a high-end store. You can find the same Elf lipstick from a drugstore for a lot cheaper than when you get it from a high-end retail shop. Similarly, you should also avoid purchasing beauty products that you clearly don’t need.
Memberships that you don’t use
It’s high-time you cancel subscriptions and memberships that you don’t require. A lot of people buy a membership to the gym only to step foot into it once or twice a month. Needless to say, this is an absolute waste of money. Similarly, if you are subscribed to a paid service or give a monthly fee for an application that you no more use, you should cancel all such purchases and save money. Don’t procrastinate here.
Newspapers and magazines
You’re probably wasting your money on these two things. While it’s totally understandable to spend your money on thick books reading which on your phone or tablet can strain your eyes, purchasing newspapers and magazines can be an unnecessary expenditure. Thanks to the internet, we have a cost-effective way of staying in the know of information whether it is related to the country’s situation or the life of our favorite celebrities.
Falling for the marketing trap
Things that fall under this category include weight loss supplements that make huge claims but never help, purchasing items that you don’t need only because they are on sale, etc. You see, these lowered prices are there to lure customers in so that they spend impulsively. Impulse buys, whether they are grocery related or clothing related, are a waste of bucks. Shop smartly and buy only what you need. When you are tight on a budget, it’s best to avoid things that you don’t need but want.
Summing up, there are several things that you are most probably wasting your money on. While you might think that the expenditure of these couldn’t add up to much, you’d be surprised to know that avoiding the purchase of these items can save you a lot of money. Avoid buying newspapers, magazines, junk food for lunch, bottled water, cosmetics, etc. Use energy efficiently, cut out cable from your life, cancel useless subscriptions and memberships, and spend wisely.