Wasting your money is the opposite of saving money. There are hundreds of ways that people waste their money every day. Today, we’ll focus on some of the most common and obvious ways. Check our list and see if anything you do makes the list. If so, maybe you can change your habits to prevent future waste. Or, use the list we’ve provided to think of other ways that you waste your money. Then, use your new information to help yourself save.
- Paying revolving debt on your credit card
- Paying late fees
- Not refinancing your mortgage if current rates are less than 0.75% of your mortgage rate
- Buying a car more often than every 7 years
- Unused memberships (tanning, gym, netflix, credit monitoring, etc.)
- Organic groceries (instead do your research and find out which ones really matter)
- Impulse purchases
- By not shopping online (use online resources to get better prices at local stores, find an app for your phone)
- Not shopping around for insurance
- Buying things that you don’t need and that you don’t use
This is not a comprehensive list, but covers the major monthly expenses (home, car, insurance) and is another tool in helping you look critically at your monthly budget.