7 Ways You Are Wasting Money Without Realizing
Wasting money without realizing is nothing new. We all have done it at some point and might be doing it now. When it comes to money, I always find myself learning new things. The more I research about saving and spending, more careful I am with my money. My goal like most of you is to spend less and save more. Saving is not an impossible task, it is definitely possible but our urge to buy things that we don’t really need makes it a little challenging.
Sometimes when we look at our spending and savings we do think if there’s something better we could be doing that will help us in the long run.
Just like many things financial is learning experience and for sure we make mistakes and we learn from those mistakes. Feeling of having more financial margin and not depending on paycheck to paycheck every week is so important. And to do so, we need to embrace all the methods or ways we can get more educated about money.
The first step to saving money is to find things you are wasting money on without realizing it. This one simple change can help save big and help you reach your financial goals or dreams.
Here are ways you may be wasting your money without realizing it.
Spending on Services (that you can do yourself)
Due to busy schedules, you look for convenience. I mean who doesn’t. We all want our errands to be taken care of efficiently plus free ourselves stressing about getting them done ourselves. Spending on spa treatments for example can be done by yourself at home. You can make your own facial mask or scrub at home. You can do your own pedicure and manicure.
If you really think about it you can save those dollars that you spend each time you visit the spa. You can also save on services like Dry Cleaning. The market is full of so many amazing products and now you have products that you can use for dry cleaning at home. You’ll be amazed what difference little things like this will make and with planning and practice you will become your own experts.
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When it comes to clothing, seems like we women never have enough. Each time we see a new blouse, sweater, pants we want to have it. First rule is to buy when you really need it and make good use of coupons. Sometimes you are able to find great discounts online.
Another strategy to use for saving money on clothing is to buy out-of-season clothing which is usually on clearance. You’ll be able to save big this way. Also buy clothes that would fit you now. Buying sizes too small simply because you think you’ll lose weight later is a gamble. That is simply money wasted. Click here for more ways you can save on clothing.
Going from brand-name products to generic can be a hard decision but it will really help you save money. There are lots of generic products that offer the same value as the brand-name products and they cost less. Your local grocery or drug store has a store brand for food to skincare or sells generic versions. If you check the labels in most cases you’ll notice that the ingredients are pretty much identical. So you don’t have to spend more money on brand name products.
Cable is expensive especially if you don’t want to sacrifice few of your favorite shows. Consider getting rid of channels that you hardly ever watch or downsize the package. You can also try streaming service which is cheaper than paying for cable or dish plus you won’t end up with extra channels that you don’t watch.
Making Multiple Trips to the Grocery Store Per Week
Make a habit of making fewer trips to grocery store. The fewer trips you make the less you’ll spend. It may have happened to you already where you went to buy one or two items only but came back with 10 or more items. It happens to lots of people.
So the best way to avoid this is to make a list of things you need when going shopping. Get everything at once so you don’t have to come back next day or two days later.
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According to Consumer Reports extended warranty is almost always a waste of money. However, lots of people get it because they misunderstand the true purpose of the warranty. It is usually overpriced and most items you purchase are already covered by a manufacturer’s warranty.
Also you don’t need a warranty if the product cost less and can be replaced easily if needed. And the worst part you still have to pay for the warranty if you are not using the item. Take good care of your items and it will last you longer.
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Drinks are a really easy to throw away money, especially if you have a habit of drinking energy drinks and soda. These are not needed survive and the money you spend on them can be saved. Energy drinks are not cheap and sometimes you end up drinking more than one a day.
The best way to avoid depending on energy drinks is to get enough sleep. When you are well rested and do your regular exercise you won’t need energy drinks for boost. Replace soda with water. Water is the most vital element for a healthy body. Soda is full of sugar and not only it drains your money but also drains your good health.
Another alternative is to make your own energy drinks at home using fruits and vegetables. It’s healthy, cheaper and nutritious and you are not wasting your money on those expensive drinks.
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These are just seven ways you might be wasting money without realizing, but there are many other things that are overlooked. The best way to make note of the unnecessary spending is to list them down and see which ones you don’t need. There are things that you can do yourself rather than having someone else do it for you. All it takes it little bit of exploring.