6 Things You’re Probably Wasting Money On

It’s frustrating to look at your bank account each month and see the balance going down instead of up. Let me share a secret about sticking to a budget: it’s not the big things that get you. Usually, what makes people overspend are the little things that add up each month. Here are six major money wasters that you’re probably not even aware of:

1. Interest From Credit Cards

Don’t fall into the trap of forgetting to pay credit card debt immediately. The interest rates for
many credit cards are frankly insane, often 15–20% or more. If you only make the minimum
payment every month, you can easily end up spending double the original purchase price just from interest!

2. Subscriptions

Many people waste money on subscriptions they forget they even have. Memberships generally renew automatically, so you can end up getting charged a lot for things you don’t even use. Do you really need that gym membership, video game subscription or music streaming service this month? If the answer is no, cancel your subscription for the time being.

3. Online Purchases

It’s so easy to buy things online. Just a little click gives your brain a rush of dopamine. Buying
things feels great, until you get the bill, that is. It's hard to keep track of how much you spend with so many little online invoices.

Want to save yourself a lot of money and headaches? Don’t save your credit card details with
retailers such as Amazon or Walmart. Being forced to type in all the little details every time you make a purchase can help you fight the urge to buy on impulse.

4. Phone Costs

Your phone can be an amazing thing, but how much do you use the extra features of your
monthly plan? People who primarily send text messages probably don’t need a plan that offers unlimited calling. The same thing goes for landline telephones. If you use your smartphone for work, friends and everything else, why not get rid of your home phone and save some money?

5. Special “Offers”

Discounts are good for your budget right? Not usually. Special offers only help your wallet if
they’re for something you were planning on buying anyway. Otherwise, they’re just a way for
companies to trick you into spending more. Stick to your shopping list when you’re at the store.

6. Junk Food

Sugary drinks and snacks are two of the biggest money wasters for average American
households. Take a moment to add up how much you’re spending on candy bars and soda every day. The results will probably shock you.
Even if you only spend $3–4 on snacks a day, that’s $90–120 a month! Couples can lose $200 or more each month this way. Families may spend even more.

Waste or Not?

Not all of these things are necessarily a waste of money. If you’re spending most of your time
cooped up at home because of the coronavirus pandemic, signing up for a streaming service can be a smart decision.

So how much is too much? It depends on three things: your budget, your priorities and your
goals. If something doesn’t contribute much to any of those things, it’s probably a waste. Put your money towards things that really enrich your life.

Barbara - September 24, 2020

Very wise advice, thank you.

Robert - September 24, 2020

Yes indeedy I agree with you.

I recall a time when certain sections of my community were saying, “Big gardens are a sign of poverty.” They also complained they were poor because they could not afford to treat their kids to fried chicken or Golden Arch fare and various other products that contributed to issues of obesity and diabetes.

Jesse Gallegos - September 25, 2020

I need to find ways to make small business investments on my disability pension funds. I also need help with choosing an internationally known safe banking institution.

Lisa - September 25, 2020

This is a great article. Thank you for taking the time to share. Here is how I do it:

Interest From Credit Cards, Online Purchases & Special “Offers” I use my calendar on my laptop for credit cards and purchases. I input the company, amount and CC used. I’ll even put my confirmation # in the description. Sounds like a lot of added work. But I am able to glance at my calendar and see what it what.
Another tip, I place things in my CART and leave it there for a day or so. If I need it, I buy it. Sometimes the price drops. 🙂

In my case with rewards/cash back, I wait until my bonus post and pay my card. I do have my date scheduled, just in case.

Subscriptions: My 2 are yearly, again, I add it to my calendar but I also jump a year ahead and input it a week before its due. Subscription businesses email me before its due, but this is my safety net.

Junk Food: I’m on the Keto diet, there is no room for it. Since I have learned to read labels, once I am done with the program, my snacks and meals will almost remain the same except I can add healthy carbs. The recipies are delish!

Waste not want not! Ask yourself these 2 questions (I think Dale Carnegie said it, regardless….Is it a NEED or a WANT? How else do the rich stay rich?

No land line here. Its more expensive here where I live in VA that it was back in MA. Can have its advantages however.

Hope my comments have helped someone.

Louise Thomas - September 25, 2020

I love your ideas!

Toni - September 25, 2020

Thanks for posting 6 Things You’re Probably Wasting Money On! Number 4 My phone I realized that I am paying for unlimited talk when I make maybe 3 or 4 calls in a month! I mostly text or send emails! Time to change my plan and save some money 💰

Murli Nair - September 25, 2020

Sound, sensible advise.

Tammi - September 25, 2020

My family’s waist went to eating out. Due to me getting home from work exhausted and just not wanting to cook for a large family. So to get around this I started adding meals to the weekly menu that didn’t require a lot of prep time or crock pot meals put together the night before.

Disa - September 25, 2020

Best advice and true

Safi Ahmed - September 26, 2020

You are absolutely right. We are wasting money on these 6 things.

Hy - September 27, 2020


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