things you are wasting money on
No matter how good and careful you might be with your personal finances, there are still some things you will inevitably waste money on. The truth is, we live in a consumerist society, which encourages people to buy, buy, and buy - it is no wonder that we sometimes fall prey to clever marketing schemes, and purchase something that we really don’t need.
The ongoing pandemic and the growing uncertainty about the future has forced many to rethink their former shopping habits. Below we listed the top 5 money wasters that you can get rid of.
Branded products - if you are loyal to one particular brand and you refuse to even consider anything, this is for you! Branded items are often just hyped-up products that are not better than their un-branded, cheaper alternatives. In fact, in most cases the only difference is in the shiny, branded packaging… and the higher price tag. Always consider the quality of a product not the price.
Takeaways - A Domino’s delivery every once in a while doesn’t hurt. That said, if you’re having takeaways multiple times a week, this cost can add up very quickly. Also, in most cases deliveries are fast-food, which means they’re really not that good for you! A much cheaper, and healthier alternative is creating a meal plan, shopping with the same plan in mind, and cooking your own food. You’re not only going to feel better with all those healthy nutrients, but your wallet will also be grateful too.
Impulsive spending - It may seem fun to buy something on a whim without considering it too much, but if this is a habit of yours it could be causing severe damage to your finances. A particular “danger-zone” are sales, where a lot of people end up with things that they don’t really need. If you love a good bargain, our advice is to create a budget, stick to it, and also do a monthly review to see just how much you’ve spent. By practicing mindfulness and asking yourself whether you really need it, you might be able to avoid unnecessary purchases.
Forget about subscriptions - This is a classic, but it’s well worth mentioning. We’ve all been there: you subscribe to something, or even sign up when there’s a free trial, and then forget about it. Every month you say “Oh, I’ll cancel it now,” but you always forget. This is why it’s important to periodically go through all your subscriptions - that way you keep what you actually use, and get rid of things that are causing money loss.
Cheap items that don’t last - At first, buying something that costs less might seem like a wise choice, but sometimes it turns out to be more expensive in the long run. Of course, a higher price tag doesn’t always mean higher quality, but opting for something pricier that is good quality will actually save you money. For example, if you buy a cheap washing machine it might stop working at some point, and then you’ll either have to pay to have it fixed or worse, throw it away and buy another one!
Put together a list of things you waste money on and consider what you are going to do to put your foot on the brakes. Need a hand staying accountable? Visit our website page about Financial Fitness, a money mentoring program for those wanting to create healthier habits and improve their financial position.
