I feel like this post needs a disclaimer of sorts. Truth be told, it’s impossible to be 100% accurate if we’re talking about money wasters. One person might see a particular expenditure as wasteful or frivolous while another finds it worthwhile or even, a wise investment. That said, there are certain spending habits that are generally more wasteful than not — if you’re being honest with yourself, that is.
One of the biggest money wasters is smoking cigarettes
Smoking doesn’t only rank among top money wasters, it is HORRID for your health. If you’re a smoker, you should stop. You really really should. Cigarette prices vary per region, but if you smoke one pack per day, you’re likely to be spending at least $2,000 per year on your habit. Think of the beach house you’d love to rent but can never afford. If you set aside the money you spend on cigarettes, in just two years you can probably snag yourself an oceanfront view!
In addition to how much money you waste on purchasing cigarettes, such habits are also money wasters because of medical bills you may wind up paying when the adverse effects of the habit start kicking in!
On-the-go coffees are big money wasters, too
When you dash out the door each morning, do you make a regular pit stop at your favorite on-the-go coffee shop? If this is a 5-day per week habit, it can cost as much as $100 per month or more! It might not seem as fun to brew your coffee at home before your morning commute, but you might change your mind when you have an extra $1,200 at the end of the year!
Think of this: If you are a smoker and a coffee drinker, you can save $3,200 or more in one year’s time! (That beach vacation is getting closer by the day!)
Eat home more than out if you want to save money
Who doesn’t love to eat a meal that someone else has cooked for a change? It’s fun to get out (and away from all that laundry that needs done at home!) with friends or for a date night. If it becomes a habit, you’re at risk for some major money wasting. If you insist on eating out more than at home, at least try to buffer the cost by finding deals, such as two-fers or all-you-can-eat soups, salads and bread.
Cable TV and cell phone bills are major money wasters
Many people are ditching cable TV in exchange for a few quality streaming subscriptions. Do you really need 1,000 channels? Do you really WATCH 1,000 channels?! Cable TV can be a big money waster as can your cell phone, especially if you haven’t scouted out the best deal or are paying for apps you hardly ever use.
Are you eating ALL the food in your fridge and pantry?
It pays to go grocery shopping on a full stomach and to write out a list before you leave the house. If you don’t, you might start making eye-candy purchases that overstuff your fridge and pantry with things you think you’re going to eat but wind up going bad or reaching their expiration dates before you even remember that you have them.
People who shop frivolously waste a tone money on food items they throw away! Food wastefulness is problematic in more ways than one. If you want to learn how to stop wasting food (and maybe start saving money) check out this Hot Mess article.
Designer clothing are not only money wasters, they’re scams
If you believe a designer brand name tag equates to better quality clothing, I’m about to burst your bubble. Sorry. The fact is that, while this might be true on a RARE occasion, it’s far more likely that the designer brand manufacturer paid a similar amount to make the clothing item in question that any average department store non-brand name would spend.
When you buy designer clothes, you are paying extra for the name not the quality. If you have designers you really love, you can stop wasting money o their names by waiting for stuff to go on sale or finding it at consignment or second-hand stores. There are several apps to download on your phone that allow you to purchase brand name clothing for affordable prices. I’ve scored some of my favorite brands for less than $20 this way!
Your wedding day need not break the bank
It’s understandable that you want your wedding celebration to be a special, personalized, sacred and memorable occasion. BUT — do you really want to spend as much as 66% of your annual income on ONE day? The wedding industry is a multi-billion dollar money-making machine whose ultimate goal is to get as much of your money as it can.
What are your biggest money wasters?
It’s time to fess up. Leave a comment under this post on our Facebook page and tell us what your biggest money wasters are. If you kicked a bad spending habit and have some creative ideas to inspire us to do the same, we’re all ears! We want to know how you did it!
