We try so hard to save our hard earned money but there are some common ways you are wasting money and may not even realize it. With a few simple tricks, you can start putting that money back where it belongs, in your wallet!
I wanted to share some of the most common ways people waste their money so you aren’t a victim of the same thing.
It is so easy to keep more money in your bank account by doing a few simple things. Every little bit adds up!
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Common Ways you are Wasting Money
Remember that subscription box that was only $5 for the first trial month? Well, the price went up to $60 per month and you forgot to cancel! It happens to the best of us but auto renewals are a big money waster.
Look at what you are paying for each and every month and see if you are still using it or if it is worth it to you. Do you really need to spend $40 on a monthly gym membership or could you pay $8 a month for a streaming workout plan?
How to Stop: When you sign up for a special introductory offer, make a note in your calendar for when the price will go up so that you can call and cancel. Look over your credit card and bank statements every month so that there aren’t any auto renewal fees showing up. If there are cancel them immediately if you aren’t using them.
So many people waste money on bank fees. You get charged $3-$4 each time you use an ATM that isn’t your bank’s. You may even be charged if you don’t have a minimum balance in your bank account and you get charged overdraft fees.
How to Stop: If you know you will be needing cash, use your bank’s ATM or get cash back at the grocery store or gas station.
You may even want to think about switching banks if their fees are out of control. Most credit unions have low or no fees at all.
Over paying for Gas
I know that we all need gas but there are some smart things you can do to make sure you aren’t overpaying every time you are at the pump.
How to Stop: Before filling up, check for the lowest prices in your area on gasbuddy.com. Monitor tire pressure to help improve mileage by up to 3%.
More Common Money Wasters
On the Go Snacks and Beverages
Speaking of gas stations, bottle beverages are notoriously marked up at convenience stores. Same goes for the individual servings of chips and snacks. When you want a snack at work, how many times do you go to the vending machine when you could get the same item cheaper if you had just brought it yourself?
How to Stop: A great way to save money is to buy in bulk. Buy a large size bag and note how cheaper it is per ounce compared to a small bag. You can then just divide it into some smaller snack bags. Buy a 6 or 8 pack of beverages to easily grab when you are heading out the door.
Buying Expensive Beauty Products
There is no need to buy a $60 foundation when you can get a very similar look for only $9. Drugstore beauty brands have come a long way and are very similar to the higher end makeup brands.
Many of the companies own the same brands and share the same technology and chemistry. Did you know that Revlon owns Elizabeth Arden or that the company that owns Covergirl and Rimmel also own Clairol and Max Factor?
How to Stop: Buy drugstore items and cut back on how much you buy. Do you really need 50 different shades of eye shadow or lipstick? Check out how I get Free Makeup at CVS.
How many times have you thrown away food because it went bad just because you forgot about it? People throw away thousands of dollars worth of food because they don’t even know what they have in their pantry.
How to Stop: Meal planning and being organized are key. Keep in mind that expiration dates aren’t set in stone, they are really a sell by date for the stores. Most things will stay good longer if you freeze them right away. You do want to stick closely to expiration dates on dairy and raw meat.
For more ways, check out this post on How to Prevent Food Waste Once and for All.
Buying New over Used
You can get so many great deals on perfectly good items, just because they are used. A lot of people only use things a couple of times before they sell them. Especially things that are seasonal, sports, or kid related. How many times did they really use that $200 camping tent?
How to stop: Before you buy something that you may only use a few times, check out Facebook marketplace or any other online selling platform to see if you can get something for 50% off or more. Just because something is a few years old doesn’t mean it isn’t still a good value.
The same thing goes for cars! Instead of buying a brand new model, get last year’s model to save thousands of dollars!
By seeing some of the common ways you are wasting money, you can now see what you can cut back on to stretch your budget even further. The best part is, you won’t really miss anything!