We all spend our money on at least 5 to 6 entirely useless places. If you are someone who does get a healthy paycheck but ends up spending all of it, then this article is for you. There are several ways that you must be wasting your money without even realizing it. So, it is better to rectify your mistakes as soon as possible, or it will be too late for you.
9 Biggest Waste of Money
1. Credit Card Fees and Overdraft Fees
These are one of the best sources of income for all financial institutions and one of the biggest wastes of money for you. Therefore, make sure to avoid these useless expenses and do not buy anything that you cannot afford. You will end up paying extra money for that momentary joy.
2. Memberships or Subscriptions
We all take memberships of various societies, gyms, classes, etc., that we don’t even bother to go to. Similarly, we pay several bucks in subscription fees, and these fees are so minimal that you do not even notice. But it becomes considerable money when you calculate it on an annual basis. So, avoid spending your money on things that you are not even going to use.
3. In-app Purchases
The companies have cracked the way to please their customers and make them spend money. Instead of making the full-app purchase, they go for several in-app purchases. It is a high income for all these companies and the opposite thing for you.
4. Luxury goods that you can’t afford
Things that you cannot afford but still keep spending your money on is quite a foolish pursuit. Stop buying extravagant things to impress other people that your pocket can’t afford. It will only leave you with huge debts and you will always be broke at the end of the year.
5. Takeaway Coffee
An average person spends thousands on takeaway coffee in a year. Instead of spending your extra bucks on this, you can make coffee at your home and it would cost you 1/10th the price of a regular Starbucks coffee. In this way, you will be able to save good money by the end of the year.
6. Coupons & Special Offers
The companies always make coupons and special offers to bring them back to you. They want you to spend more in the greed of those coupons and it will only benefit the company. So you start buying and go overboard before even thinking, but remember, your bank has limits, and you need to stop making these expenses.
7. Waiting for you to get hungry to buy food
When we are hungry, we want to eat lots and lots of food. So, we end up ordering way more food that we can’t even finish and it just gets wasted. Stop this habit as soon as you can, and you will save your precious money and extra food waste.
8. The latest tech
Being updated with the latest technology is good, but also remember that technology keeps changing every month or so, and you need to stop worrying about being updated to the newest tech. Stop your obsession with owning the best product in the market as it is just a waste of money. Please don’t spend your money on the latest tech until and unless you need it, and it will benefit you in making more money.
9. Cigarettes and Alcohol
An average consumer of cigarettes and alcohol spends about a lakh in a year. It is a complete wastage of money and deterioration of health. Why spend so much on something that will eventually lead to addiction and harm your body in the long run? It is a 100% waste of money.