Do you waste money? Have you ever took a look at your budget and thought about things that you could cut out that may be wasteful?
We spend money on so many things without thinking twice because at the time it seems like a small cost, but doing the same things over time can become detrimental to your finances.
If you are super rich and able to spend on a whim, then good for you, and I aspire to be in your shoes one day. For the rest of us, it is imperative that we keep an eye on where our dollars go, and not waste money.
Think about it this way, when you go to work, you work for every single dollar you are paid, now, do you really want to be wasteful with your hard earned dollars?
In this post, I have listed 7 things people waste money on that can be avoided to help you save money and reach your financial goals.
7 Things People Waste Money On
Coffee
If you read my getting to know me, you know that I love coffee. Coffee is something that I cannot go without each day. But, one of the main things I have learned is that making coffee at home is significantly cheaper than buying coffee out every day. For example 1 , 12 oz. bag of Kona coffee costs $7.99, that 1 bag of coffee makes up to 62, 9 oz. cups of coffee.
Keep following me. My drink of choice from Starbucks is a Grande Coconut Milk Dirty Chai, each time I purchase this drink; it costs me $.6.52, at one point, I probably purchased this beverage about 4 times per week, so I was spending a $26.08 on just coffee.
I feel pretty ridiculous as I type this, but I am happy to report that I purchased a cute thermos, and I take my coffee at least 4 times a week. Every so often a girl needs her Starbucks, but I feel much better buying it once every other week versus the 4 times a week I was buying it in the past. It may not seem like a lot of money on a per week basis, but this small change is a savings of $104.32 per month, which is a nice chunk of change to put in a travel fund, or an emergency fund.
Buying Things You Don’t Need
So Target, I love this place, but it is like instant hypnosis when you walk in the door. It is nearly impossible to walk into this place and just get the 3 things on your list (detergent, dryer sheets, fabric softener). A typical trip that should cost about 24 bucks would turn into a $150 trip.
I know, you’re probably looking at your screen with a judgemental face, but I know I am not the only one who has done this once, twice, ten times.
At one point, I was going to Target and buying shit I didn’t need at least 2 -3 times per month. Then, I got engaged, and I realized that it was time for Target and me to break up. So I did it, cold turkey, I stopped going to Target, and I started to see that I had a good amount of extra money each month. I did not step foot in the store the whole time I was planning my wedding.
But who am I kidding? Target is great; it is one of my most favorite stores, so I couldn’t stay away forever. So here’s what I do to avoid overspending.
- My husband hates Target, so taking him with me guarantees that I am sticking to the list
- If I go alone, I make my list based on how the store is set up and my last 2 trips I successfully only got what was on my list
- Take out cash and leave your credit cards at home, if you don’t have it, you can’t spend it
Gym Memberships
This one is something I hear quite often. The more you get to know me, the more you will learn that I LOVE working out. For me, it is a form of stress relief that ends with me looking and feeling good. But so many people have memberships that they rarely ever use, which if this is the case, it can be very wasteful. There are many ways to get around this. You can do home workouts which do not require you to spend any extra money, or you can downgrade your membership.
For example, if you pay for a membership that gives you access to multiple gyms in your state, but you know that you only ever go to one location, downgrade to a membership that is only for the one location you attend. Doing this should help you waste a bit less money each month. Or consider gyms like Planet Fitness that have much lower monthly dues.
I will never advise against working out, but this is my personal preference, and we all have to do what’s best for us. So figure out your work out patterns, and use one of these tips to save some dollars.
Cable
Cable is such a waste of money. You have 100’s of channels, but if you really pay attention to your TV watching habits, you probably don’t watch even half of those channels. Most shows are available on Hulu and Netflix; both options are significantly cheaper than paying for cable each month. A typical cable package is about $150 per month.
When you think about how much time you spend away from home during the day, and the amount of time spent binge watching shows on Netflix, is it really worth it to pay for such a large frivolous expense each month?
I purchased an Amazon Firestick, and I absolutely love and highly recommend it.
Buying Lunch At Work
This one sounds like a no-brainer, but if it were such a no-brainer, the cafeteria at work would not be full every day. Think about it this way; you go to the grocery store, you spend $80 – $100 a week ( maybe more depending on household size), and then you spend another $8-$10 a day on food. If you cook food for dinner and take your lunch, you could save $160 a month on the low end $200 a month on the higher end depending on how much you spend on lunch each day.
Invest in a good set of containers, and start packing your lunch when you’re done cooking dinner each evening. There are several benefits to taking your lunch to work, you save money, and you know exactly what you are putting your body. See my Amazon picks for containers and a lunch bag that you can use to pack your lunch each day.
Bottled Water
This has to be one of the biggest ways people waste money out there. For starters, a lot of brands of bottled water add sugar to their water, so you are unnecessarily consuming sugar when you should be drinking plain water. I recommend buying a Brita water filter, although the upfront cost may be a bit higher, you end up saving more money in the long run.
Fast Food
Fast food is horrible for you; it is filled with ingredients that you cannot pronounce or know where they are from. The negative impact it has on your body is expensive, but the overall cost of buying it adds up as well. Back in the day, burgers used to cost $ .29, but now, the average burger is close to $2 or more. It may be a quick way to get food, but when you look at the effects it can have on your health, is it really worth it?
The key here is to be mindful of how you spend your money. There are many ways to track your spending that do not involve balancing the checkbook the way our parents used to. I love the Pocket Guard app, it helps you to manage what you’re spending money on, and it analyzes your spending patterns and habits.
Try these money-saving tips, and leave me a comment below about how these tips are working for you.
My Amazon Picks
*Some of the links in this post are affiliate links. If you click the product link and make a purchase, I may receive a small commission which helps me cover the expenses for this blog, and keep serving you with fresh content.
