Let’s be honest: It’s pretty easy to waste money. You’re probably throwing money down the drain every day without even knowing about it! Check out these 19 ways you might be wasting cash to help you stop your unnecessary spending.
Buying Coffee Daily
Incredibly, almost 3 in 4 Americans drink coffee every day, as reported by Drive Research. This might not always be coffee to go, but it still says a lot about the caffeinated culture of the U.S., and the price sure does rack up for people over time.
Paying for Unused Gym Memberships
The vast majority of us here in the U.S. have signed up for gym memberships in the past that we just don’t use and then never get round to actually canceling. It doesn’t help that the gyms themselves make it incredibly difficult to get out of their contracts, either.
Overusing Paper Towels
There’s really no need to use paper towels for most of the things we actually use them for. Many of their tasks can be carried out with something reusable, like a cloth, and that would save us money in the long term. Plus, it’s much more eco-friendly.
Shopping Without a List
The problem with going to the store without a list is that you’re not as in control of your shopping and that always leads to impulse buys that we just don’t need. Being more strategic with our shopping will save us a lot of money at the checkout.
Daily Fast Food Consumption
The Barbecue Lab tells us that 1 in 3 Americans eat fast food daily or at least a few times a week, which is not good news! Not only is this a very unhealthy habit, but it’s a lot more expensive than cooking for yourself.
Ignoring Credit Card Payments
Racking up a bill on your credit card is never a good idea at the best of times, but it’s worse when we have to pay a ton of interest or late payment fees. These can be avoided with better management of our accounts and our spending in general.
Frequent Online Shopping
Online stores make it easy to spend money. If that’s become a problem for you, it’s best to avoid these websites altogether. You can even set up website blockers on your computer to limit your access to them.
Using Branded Pharmaceuticals
A report by the National Institutes of Health shows that there is really no difference between using branded and non-branded medicines. If you have a headache, buying Nurofen instead of regular painkillers is a waste of money. The only difference is the placebo effect.
Mismanaging Home Energy Use
Leaving the lights on around the home once or twice might not seem like such a big deal, but if you do it all the time, it’s going to add a sum to your annual energy bill. The same can be said for poor insulation in the home or overusing hot water.
Buying New Books Regularly
Libraries and second-hand bookstores are there for a reason! You really don’t have to buy every book you want to read brand new. Another alternative is to buy an e-book, which will also save you a lot of money.
Subscribing to Multiple Streaming Services
Do you really use Amazon Prime, Netflix, and Disney Plus all the time, or could you get away with using just one of those or perhaps even just renting movies? Spending $100s on streaming services isn’t very cost-effective for most people.
Not Comparing Insurance Plans
Every single time your car, home, or other insurance comes up for renewal, you should compare your renewal price with what other insurance companies are offering. This will often save you a lot of money, and it’s easy to do with all the price comparison sites out there.
Regularly Upgrading Tech Gadgets
Think about it: Do you really need the new iPhone when you have already spent over $1000 on last year’s model? Is it actually that much better to the point that you’re willing to splash out another ton of cash on it? It’s worth considering whether you need every upgrade.
Overdrafting Bank Accounts
America is in debt. Forbes reported that 56% of American households were charged 10 or more fees for having an overdraft last year, which is a huge waste of money. Good account management can reduce the amount you spend on these types of fees.
Buying Bottled Water
Everybody knows about the environmental concerns around single use water bottles, and that should be enough to put people off using them regularly as it is. But have you ever thought about how much money those things are costing you? It’s best to go reusable!
Opting for Expensive Cable Packages
In addition to streaming services, you might be overspending on cable. Don’t get us wrong – we know how easy it is to get sold a large package by cable companies, but many of us are paying for a lot more than we actually need.
Neglecting Car Maintenance
You might think overlooking ‘small’ issues with your car is saving you money, but these things add up and get worse over time. This can lead to a much higher bill than you would have gotten if you had tended to the problem when it first came about.
Impulse Purchases at Checkout
Have you ever noticed how the store puts some of the most appealing items right by the checkout in a bid to try to get you to pick up a few extra items before you pay? Make sure to be conscious of this so that you don’t get roped in!
Subscribing to Magazines and Newspapers
The satisfaction of print media is obvious, but is it really necessary to your life when you could save a lot of money by reading the same publication online? This is another purchase that really racks up a high price over time.
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