If You Don’t Know .. These are 10 Biggest Wastes Of Money

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If you’re one of those people who takes home a decent paycheck but at the end of the month finds there’s none of it left or worse still you’re racking up debt as a result you have nothing left to put towards savings, let alone to invest in something that could be earning you long term wealth, let’s get straight to the point and show to you 10 biggest wastes of money.

10 . Take Away Coffee

It seems like a good way to kickstart the day or to treat yourself after a productive morning, but have you ever figured out how much it adds up to, of course it depends on how much take away Coffee costs where you are, but the average American spends $1100 dollars a year on coffee and that’s just the average which means there are plenty of people spending a lot more.

Try making coffee at home or at your workplace and just watch that cost get lower and what if you just love getting your caffeine fix in Starbucks or at your chic but pricey local cafe there’s nothing wrong with it but try making it a once in a while treat rather than a daily habit.

9 . Game and App Purchases

The idea here is similar to the last one a few years ago developers found out that making users buy an entire app usually doesn’t work, instead they came up with the idea of getting you to make small but frequent payments and if you don’t keep an eye on them they add up sure some paid apps might actually be useful and worth it, but most of them probably aren’t, and if we’re talking about a game that asks you to pay real money for an in-game currency or extra lives, let’s be honest about the utility of this to you zero, and what about paying for catchy ringtones, guess what, your phone’s still gonna ring even if you don’t buy them.

8 . Subscriptions / Memberships

We’re not saying you shouldn’t have any of these, if you’re a committed gym goer who gets the most out of your membership then we’re not talking about you, but on the subject of gyms here are just a few facts that should make you think on average gym owners, know people are going to sign up and never turn up, in fact they only expect 25% of people to go to the gym consistently if all their members went regularly they wouldn’t be able to fit them all through the door, but why be one of the 75% who are not getting their money’s worth, if you’re not going just cancel it, and what about all the other subscriptions you’ve got more and more businesses are using subscription business models for small monthly sums and if you don’t keep track of them lots of small fees can add up and eat into your earnings, in fact somebody’s even thought up an expression for this, subscription creep, check your bank statements and cancel anything you’re not using or just doesn’t justify the cost.

7 . The Latest Tech

This is exactly the same argument as with luxury goods, if you’re due for an upgrade then go for it, if you really need that MacBook Pro for your work then it’s making you money so you can justify it but if it’s just to impress people or fool yourself that you’re up there with the rich then you need to think about your necessities first.

6 . Overdraft Fees & credit Card Interest

If you’ve ever had an overdraft fee or a fee for insufficient funds, you might have even felt slightly guilty about causing your bank and inconvenience, so don’t, that’s because the only person you’re letting down is yourself.

The truth is that banks love it when you withdraw or spend too much because the fees they charge for this are a huge source of income for them, American banks alone rake in over 30 billion dollars annually in overdraft fees, and if you find yourself on the sharp end of one of these, it could mean you’re digging yourself further and further into a whole lot of debt, the better idea is to just keep track of your bank balance and be careful not to spend what you don’t have.

5 . Fast Foods

You don’t have any food in the fridge or with you at your workplace, you start to feel hungry so what do you do, maybe you order a pricey takeaway once in a while sure but all the time really or you might want to resist the urge for takeaway and take a trip to the grocery store, if you wait until you’re hungry to do this you’ll probably find yourself stocking up on snacks or junk food or ingredients that you’ll dig into for one meal and then completely forget about and they’ll go to waste, instead try planning ahead go food shopping once a week invest a little time into preparing that food and take meals, you’ve prepared to work you’ll find yourself saving money wasting less food and you’ll have something ready to go when you start to feel hungry next.

4 . Cigarettes

Does this one really need an explanation and will spare you the health warning, the fact is cigarettes aren’t cheap in the USA a regular pack of 20 will still cost about $7 dollars, in the UK it’s more like $12 dollars and in Australia a pack will set you back to the equivalent of $20 dollars, that means to keep up a twenty a day habit for a year, it’ll more money with you.

3 . Extended Warranties

So you’re a responsible and a reasonably cautious person, you’ve just bought a shiny new flat-screen TV, the salesperson helpfully suggests you cover it for damages by taking out an extended warranty, it must be a good idea right, wrong, extended warranties are a huge moneymaker and an easy one as they are rarely used, in the USA it’s a $40 billion dollar a year business, worth a lot to the manufacturers, but usually not so much for customers.

2 . Coupons & Special Offers

This is another example of how retailers manage to make you think you’re getting an amazing deal, when in fact they’re selling you something you don’t need, the systems that shops use it means that you have to buy a lot of products in exchange for the coupons.

1 . Energy Drinks

Energy drinks are actually pretty expensive based on volume, Red Bull costs more than double the price of coca-cola, and there are more expensive energy drinks out there, once in a while maybe it’s not a problem, but for people with serious energy drink habits, this can burn a hole in their pockets.

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