So often we can feel like we don’t have enough money for all the things we need in life. But sometimes we can be spending unnecessary money on things that really don’t need that much money. Today I wanted to give you just five things (for starters) that you are most likely spending too much money on and in other words, wasting your money on.
Let me help you, help yourself, and open your eyes to where you could be saving some cash money!
Five Things You Are Wasting Money On
ONE // COFFEE STANDS
Now granted, I wrote a whole post about this awhile back so I could technically leave this out of the list. But for those who didn’t read that post I have to add it to this list. I don’t think I’ll ever understand the constant buying of coffee from coffee stands. Once in while? Sure! But the weekly and sometimes daily drinks bought add up to so much money that I’m convinced the person buying them doesn’t realize, because if you knew, how could you continue to buy it. If you have a problem buying too many coffee drinks I’d encourage you for a month to write down the amount you pay every time you buy a drink. At the end of the month add up what you spent and see exactly how much money you are spending. Then ask yourself if it is really worth it? If you have your priorities in the right order, 9/10 it’s not worth it.
TWO // ELECTRICITY
This might be a little more surprising to some people because electricity is seen as a need right? You need to keep your house warm. You need hot water. But it’s the extra bits of electricity I’m talking about. The ones you don’t think of. Things like leaving lights on when you are not in the room, or having the heat on when you aren’t home add up really quickly on your bill. This one is harder to track because your electricity bill doesn’t categorize each use of electricity. I’d recommend for one month doing everything different and seeing the difference in your bill. So that means turning off each light after you are done using it, unplug chargers when they aren’t charging, watch how long you run the hot water, etc. Take note of what you do differently and then take note of the changes on your statement. Once you start to see a difference in your bill is when you will start to take notice of the extra electricity you use and could go without to save some money.
THREE // DRINKS
Even though I have coffee drinks already on this list, I’m still having drinks added as a whole other point. Buying drinks, most all types, in my opinion is a huge waste of money. Buying fountain drinks at a restaurant is basically just giving the establishment money. The mark up on drinks is sometimes 4x the amount it actually costs the restaurants. You might think it is only a couple bucks but it adds up. Stick to water and keep your food/out to eat bill way down that way. Now while buying a case of soda or bottle of juice can seem cheaper for the house, and it might be, it still spending unnecessary money. Soda is not a necessity, and if you are looking to live minimally or just save some more money, again, stick to drinking water which is better for both your health and bank account!
FOUR // LATE FEES
There is few things I hate more than late fees. I hate them for their lack of logic, you don’t have the money now so I’m going to charge you more because of it. I get you need to “punish” someone for making a late payment but that logic just doesn’t suit me. However, I also hate that there are people that don’t seem to care that they are getting late fees and don’t change their behavior. I feel like I shouldn’t have to say this, but late fees are not good and should be avoided. They shouldn’t be a crutch, you shouldn’t opt to pay the late fee because you haven’t gotten paid yet and you already spent the rest of your money. Get a budget together, get the money together and don’t waste more of it paying a late fee. That is the definition of wasting money and should be avoided at all costs!
FIVE // MAKING PAYMENTS
Similar to late fees making payments is another way you are paying someone more just because you don’t have the money in the first place. I’m not sure where or how, but somewhere along the line we got the idea that if we can afford the payments on something we can afford that “something”. The truth is that we can’t, and by opting for payments we are opting to pay more money than the original amount stated. Payments always equal interest, interest always equals a lot more money than we bargained for. The last way we are wasting money is by making these payments! Don’t buy something unless you have the money upfront. Do this by learning to save money now, so you can purchase things full price when they come up.
Like I said, those are just a few of the things that I commonly see people waste money on. I might do a part two to this blog post if this seems helpful to you guys so let me know! There are times we just don’t realize we are doing something that might not be the best way of doing it and we just need a different perspective. I hope I offered a different perspective for you!
Now if you want to go even further with your spending habits and learn how to become a minimal spender like me then I suggest you sign up for my FREE email course below! It’ll help you get right on track with your spending! I promise! ;)