There are most likely a good amount of items in your budget that you can probably cut out completely, or at least lower your spending on. There are some instances where you may not always be “wasting” your money, but in the cases below, you should try to evaluate your spending. A lot of these little things can add up quickly.
Here is a list of things that you may be wasting money on:
Bottled water can be expensive. If you want filtered water, buy a water filtering system and fill-up a re-usable bottle on your own. You are helping the environment this way as well, since you won’t be using so many plastic bottles.
Famous brand products
When was the last time that you bought something primarily because of the brand? Many people do this. Try to look for items that are similar, but without the brand name logo on it.
Yes, jewelry can be nice to have at times, but should you be spending your life savings on it? Probably not.
Shoes that you do not need
Shoes are important, but are a pair of $1,000 sneakers a “need?” Buy shoes that help you run, walk, hike, look good, etc., but a crazy expensive pair is most likely just a waste of money.
Second-rate entertainment can be a big money waster. Try to find things to do that are more frugal and fun. Go for a hike, a bike ride, and so on.
Do you find yourself driving to where you need to go, when you could easily walk or drive a bike? Think about this next time before you get in your car. Also, think about living closer to work so that you can save on transportation costs that way as well.
Movie theater food
Buying food at the movie theater can be very expensive. Boxes of candy may be around $4 or $5, drinks around $7, and popcorn somewhere between that. Save money and skip the food.
ATM fees can add up quickly. My bank charges an extra $2 or $3 onto whatever the ATM charges me. At times, that means that I have paid over $5 just to get money out. Instead, try to figure out a different way to not pay an ATM fee.
Yes, it is nice to think about what you would do if you won all of that money, but the chance of you winning is very slim. Save that money instead.
I know of someone who complains about never having money, yet they go to Starbucks every single day and buy a latte. It makes no sense! Save your money and make your cup of coffee at home.
When at the grocery store, there are always many food items that are already prepared for you. However, try to cook yourself or make things from scratch. You can save money this way.
Insurance is expensive, no matter what you are talking about. Car insurance, health insurance, home insurance, life insurance, etc. most likely eat up a lot of your budget. Shop around and find the best rates.
Reading a book can be a great hobby that is cheap, but it could be cheaper. Borrow books from your library to completely cut out this expense.
Too large of a home
How much of your house do you actually use? If your house is too big, then you probably have extra rooms that are empty, or you might buy furniture just for the sake of filling those rooms. A bigger house costs more to maintain, and utility bills are most likely higher since you have more space to heat or cool down.
Sometimes a warranty may be a good deal, but most of the time they are not. They are usually pure money-makers for the company offering them. If you think the item will break, then you might want to rethink the purchase altogether.
Food that you don’t eat
If you are not careful with what you buy, then there is a large chance that you are wasting a lot of fun. The average family wastes around 25% of the food that they buy.
Smoking is not good for you. Try to find a way to break this unhealthy habit. You are saving your life and your money.
Many people think that they can do their income taxes on their own, however this isn’t always the best case. A good accountant can help you find areas where you might be able to lower your taxes.
Water can be expensive, and there are things that you can do to lower your water spending. Look into buying more efficient home products, such as a better toilet, faucet, shower head, dish washer and so on.
Cell phones are expensive. Evaluate your needs and see if there is a cheaper contract out there. There are many new companies popping up all over the place with plans under $30.
What are you wasting your money on?
Are you managing your money well? 5 Things You Should Know About Personal FinanceFeatured photo credit: money as garbage via Shutterstock