Mindless Ways in Which People Waste Money and How to Avoid Them in 2019
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Mindless Ways in Which People Waste Money and How to Avoid Them in 2019

EPF January 30, 2019

Living without money is hard. And the same is said for saving. Even though some spending habits are apparent, you still find one or two ways of wasting the resources.  Do you know that your money spending habits can leave you bankrupt? Avoid wasteful spending! Below are the tips to help you achieve that quest.

Hasty Driving

There are many negative impacts of driving on high speed. A car speeding at 80mph uses 10% more fuel than one cruising at 70mph. Also, drivers who prefer speeding on highways still splurge much by lowering their gas mileage in so far as 30%. Additionally, accidents and crash risks are everywhere. Careless drivers have to cater for damages. Therefore, to avoid wasting a coin on speeding issues, drivers have to take their foot off the pedal and limit their speed. Stay safe always!

Bottled water

Demand for bottled water continues to rise in the united state. Meaning, more significant part waste their money buying bottled water, whereas there are many alternatives to the issue. Surprisingly, each spends an average of $100 each year on bottled water. Remember, the packed water is usually expensive. To save the cost, stop purchasing bottled water and get an under sink filter which is less costly and clean.

Unnecessary laundry junk

Many people avoid doing their laundry at home and end up visiting dry cleaners. Also, some make it a habit of doing laundry often, forgetting how costly the process is. As said, these cleaning machines are , and they use chemicals which are harmful to our bodies. Prefer cheap and easy homemade laundry detergents and sun drying to cut the cost.

Wasting food

Wasting food is a weird habit every American should avoid. Some throw the leftovers in the vegetable crisper and forget. According to the National Resource Defense Council, the majority of the United States wastes food every year, and the amount ranges from $1,350 to $2,275. This spending habit can sketch away all your savings. If you want to stop the practice, plan or budget your food expenses on time and store your leftovers in the fridge for the next meal. Sounds good?

Flavored beverages

Most flavored beverages such as soda and soft drinks are always bought for one’s satisfaction. It’s not a surprise people waste a lot of their money on such drinks. Remember, sugared beverages don’t add any weight and contains sweeteners. These sweet beverages lead to brain damage, causes obesity, among other effects. To benefit your pocket, cut back the flavored beverages and instead drink water.

Going out to eat

The habit of dining out makes one expend much more. American consumers, budget more money for restaurants spending more than $3,000 per year. When they prefer going out to eat, the more they are avoiding developing cooking skills. But you can prevent the habit and save more by cooking your healthier food at home and packing it to your workplace.

Paying for cable TV

Cutting a fortune for hundreds of channels might seem hard to majorities, but saving a coin from it sounds beautiful. To the surprise, cables are very costly. For one to watch a TV, you need to have more than $100 monthly on average. Instead of paying for cable services, watch your direct Television or live TV.

Paying for services you don’t use

Some people pay for unused services just because of emotions. For instance, you find your colleague has a gym membership. What follows? You buy yours even though you don’t need it. 67% of Americans have gym memberships but don’t use the service; despite having the average monthly cost of $58 gym membership. Therefore, avoid these subscriptions and memberships to ditch your monthly payment for a good.

Impulse buying

When you buy impulse, you end up with items you don’t necessitate. Also, these impromptu purchases may be costly. Therefore, it’s decisive to have a list of items before visiting any store for shopping. The list will help you buy what you had planned for thus saving money.

ATM fees

Most people visit any ATM without checking their charges. Even if ATMs saves one’s time, they are also money wasters. Some charge large amounts. But you can avoid these fees by finding ATMs which do not charge anything such as; some grocery stores and your bank branch.

Phone service

Some people still use traditional landline and cell phones for communication. Using these kinds of phones, you may be paying more for your mobile phone services. Instead of wasting your dollar on such services, prefer using Voice Over Internet Protocol or VoIP plans which use low down cost.

Lottery tickets

Some people get a fortune in lottery games. A lot of cash is spent on lottery tickets. Americans spent $73.5 billion on traditional lottery tickets and a total of $80 billion on lottery games. That’s much! Winning the game or other big prizes isn’t easy, and that’s why you find the majorities blowing a wad and leave feeling like reckless morons. Instead of wasting your money on such games, quit them altogether.

Phantom electricity costs

The phantom electricity costs apply when the items in your house connected to the power system are fully charged and not in use at that moment. Wholly charged desktop, laptop, or phones consume a lot of power. Almost $1.9 billion of phantom electricity are used annually to power household items that are not currently in use. To cut the cost, you need to put off power immediately after your household items charge.

Paper towels

Paper towels are mostly used to wipe and clean up kitchen spills. The sheets are costly and more to that, they are not environmental friendly. You find many people purchasing the towel to keep their home clean despite its cost. Why don’t you find a cheaper option? Buying cotton instead will save a significant amount in your pocket.

Convenience foods

Why do you have to purchase expediency foods whereas there are plenty of food products from grocery stores? Buying convenience foods, you have to pay a big first-rate, thus consider groceries. The stores offer already prepared food products such as chopped vegetables and pre-washed lettuce and with no service cost. Also, you can prefer buying food in their original form and make yourself to avoid wasting money.

Buying brand name products

Generic brands could be one of the most medications costing less as compared to other range of products. Therefore, those who use costly drugs, prefer common medications since can be one of the most underused ways to save money.

Private mortgage insurance

Private mortgage insurance (PMI) charge extra fees on down payment while purchasing a new home.  Also, the insurance has deductibles which can reduce premiums. Instead of these extra costs for private mortgage insurance, consider saving on that additional cash and put in a savings account to buy your home among other alternatives.

Travel insurance

Travel insurance charges more and their cost is usually nonrefundable. Also, they don’t cover every single part of your holiday. However, many credit cards offer travel insurance with insurance coverage and medical evacuation. Comparing the two, choose credit cards’ travel insurance to save for your tomorrow.

Bottom line

From the above spending tips, you should be vigilant with your plans. The little cash you have today can shift you a long mileage tomorrow. Stop wasting and move on!

Elite Personal Finance

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