Nobody in the world can afford to waste money. It doesn’t matter how much or how little money you make, you should not waste it. You have worked hard to earn that money, yet you give it away to people without considering what you are buying. We live in a wasteful society. That means that we buy hundreds of things we never use and waste money on expensive items that we don’t need. Why do we do it? If you think that you’re not wasting money, you’re wrong. Many of us live in denial when it comes to our finances. Here are six stupid ways you waste money every year.
Paying for subscriptions you don’t use
Subscriptions are a waste of money. Unless you subscribe to something you need or something you use all the time, you are wasting your money. Take the time to look over all the clubs and subscriptions you pay for and see whether you need them. For example, if you get a magazine delivered every month, but don’t read it, unsubscribe from it. You might think that those dollars don’t matter, but they all add up in the end.
Buying into a brand name
Sometimes a brand name is a sign of quality. When you buy electronic items, getting a brand name means that you’re sure that the item will work well. The relationship some people have to certain brands is obscene, though, and it has to stop. Buying a plain t-shirt for $100 because it has a tiny logo on it is crazy. Stop your love affair with brands and you will save yourself loads of money in the long run.
Getting poor currency exchange
When you travel, you need to exchange your currency. Many people just go to the first vendor they can find and change their money. If you do that, you might as well throw money straight down the drain. You should always make sure that you get the best currency rates when you exchange your money. Doing so will mean that you have more money for your trip. The currency you get will be fine no matter what vendor you choose, and so you choose the vendor that gives you the best rates.
Paying to get money out of machines
When you are desperate for some cash, you need to find an ATM. One thing that people do, which is insane, is pay to withdraw cash from machines. That makes no sense whatsoever. You should not have to pay to get hold of your money. It might be tempting to pay a fee so that you can get your money fast, but you are wasting money in doing so. Instead, look for an ATM where you can get ‘free cash withdrawals.’
Wasting food and drink
When you go to the store to buy groceries, you need to make sure that you don’t overspend. Store owners design the interior of the store to make you want to buy more while you’re inside. They use psychological tricks, such as putting treats right next to the counter, to encourage you to spend more money. When you go shopping, make sure you have a list ready and stick to it. Take the time to make a thorough list before you go shopping. That way you know you bought what you needed and nothing more.
Paying for expensive coffee
Coffee has one of the highest mark-ups in the retail world. That means that vendors make loads of profits on coffee, because it costs them little to make, but they can sell it for loads of cash. If you buy a coffee every morning on your way to work, it might cost you around $4. Over a week, it will cost you $20. Over a month, it will cost you around $80. Coffee from coffee shops is never cheap. Make a cup of coffee at home to take with you and save yourself some cash.