Money comes and goes, and as many people will tell you; you can’t take it with you. However, that doesn’t mean you should waste it! There’s a difference between spending money on things you need and things that you don’t. Sure, indulging from time to time is fine, but if you start feeling like you never have enough money, it could be time to take a look at your spending habits and see where you’re wasting money.
Read on to get an idea of whether you’re needlessly wasting an absolute fortune:
Buying Coffee Every Day
If you buy fancy coffee everyday, you are wasting a gargantuan amount of money. Think about how much fancy coffees cost; whether you’re buying them from Starbucks or a more independent brand, you’re still spending far more than you would if you had your own coffee maker at home. If you love coffee, a coffee maker will be a great investment for you and you’ll save money in the long run. Just buy a ‘to go’ cup so you get the same experience as if you were to purchase coffee from a big brand store.
Do you find that you feel like you want to buy something and it’s like you have no control over yourself – you just buy? This is a terrible habit to get into. Try to control yourself by telling yourself that you don’t need the item right this second, whatever it may be. Tell yourself that if you still desperately want the item in two or three weeks, you can buy it. Usually, you’ll forget about it and won’t end up spending the money. If you do still want it, you know it’s a worthwhile purchase.
Eating Out Too Often
Usually, one meal out can be the equivalent to an entire week’s food shopping, sometimes more depending on where you go for food. Eating out occasionally can be a treat – say, once per month. Eating out once per week or more is a dangerous way to fritter away your finances.
Wasting Money On Your Bills
Bills are a necessity, but that doesn’t mean you have to pay more than is required. If you don’t check for better deals each time your contract is up for renewal, you are guaranteed to be wasting money. Make sure you compare and save on your car insurance each month, as there are big opportunities for savings there. You can also check out different energy and internet suppliers. Switching over is much less hassle than you’d think, as the company tends to do most of the work for you. You can then enjoy a cheaper deal. Sometimes you won’t need to switch at all, as your current company will match the deal, or give you a better one as an incentive to stay.
Not Paying Off Your Debts
If you’re not paying off your debts when you’re supposed to, you’re wasting a ton more money than is necessary. You’ll incur late fees, as well as have more interest to pay off in the long run. The faster you can pay off your debts, the better. If you’re struggling, make sure you speak to a professional about your options. They’ll usually encourage you to contact the people you have debts with to discuss something better for you. They will do this most of the time, as it means they are going to get their money back.
Buying Into Fast Fashion
Fast fashion is cheap and can look nice, but it just doesn’t last. Not only that, they often copy small, independent designers – which is totally out of order. If you buy into this, you’ll end up having to buy more and more clothes as the other ones fade, rip, go bobbly, or just don’t look right anymore. This isn’t to say you should have a wardrobe full of designer brands. Just that you would be better off buying from the independent designer in the first place if you really love something, and the item will last far longer. When you begin investing in quality items, you can feel confident you have a wardrobe full of high quality clothes that fit you well and look great. They’ll last and you won’t have to buy something new every time an event crops up. Try to make sure everything in your wardrobe can b mixed and matched. Creating a capsule wardrobe is great for this!
Buying New When You Could Buy Second Hand
Need a new laptop, or even want a new bag? Consider buying second hand before you buy new. It’s better for the environment and better for your finances!