10 Things People Waste Money On
Do you have a goal to spend less money or to increase your savings? I do! My goal for 2017 is to build my savings up to cover 6 months worth of living expenses. In order to do that, I will need to pay more attention to how I’m spending my money.
Are you wasting your money?
DaveRamsey.com posted an interesting article about the 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! No sense is paying interest on your purchases.
2. Deal websites – Just because it is a great deal, doesn’t mean you should buy something. 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 often skip 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 doing workout 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. 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 – Most people don’t watch 90% of the channels anyway! We have an HD antennae that works great for us. Or maybe just a Netflix subscription would benefit your family even more. Whatever your needs, you can find a cheaper way to get your entertainment fix.
Take a look at your spending and see what you might be wasting money on. Write down every single purchase for a few weeks or 1 month to get a good idea of the little things that are costing you. Cutting out a few small regular purchases 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!