Be Alert on Common Ways that Waste Your Money

It doesn’t matter how much money you make, you’ll still be poor or even broke if there are leaks in your spending. The most common reason which keeps you from becoming millionaire is that you’re wasting money in too many areas. Check out the blog post title “25 Ways to Waste Your Money” from Yahoo Finance and figure out some of the ways which you might not realize that you’re wasting money.

  1. Carrying a balance. This is the most common way which most people did, having too many credit card debts. You just have to stop spending unnecessary and try to clear the credit card debt one at a time.
  2. Overspending on gas and oil for your car. Just go for the cheapest price rate of fuel. There is no need for using better performance fuel which is much more expensive.
  3. Keeping unhealthy habits. I’m sure more of you with unhealthy habits already did the math on how much you’ll spend. Especially those who smoke, I’m sure you know pretty well how much it cost to smoke for a year.
  4. Using a cell phone that doesn’t fit. There are way too many cell phone services which are not necessary. It’s best to cancel those services or just switch to prepaid.
  5. Buying brand-name instead of generic. We just have to shop smart for goods which are reliable and low price. It doesn’t have to be branded.
  6. Keeping your mouth shut. It’s always good to ask as you might just find yourself some good deals. Besides, there’s nothing to lose by asking couple of questions.
  7. Buying beverages one at a time. It is always cheaper if you purchase your soda in larger amount.
  8. Paying for something you can get for free. There are lots of free meals, books and other stuff for kids or senior citizens. You just have to look in the right place.
  9. Stashing your money with Uncle Sam rather than in an interest-earning account. Adjust your tax withholding so that government don’t take too much money from you and payback later on.
  10. Being disorganized. You just have to remember all your bills so that you’re not getting any unnecessary late fees charges.
  11. Letting your money wallow in a low-interest account. Use your money to make money by putting into fix deposit, mutual fund or stocks.
  12. Paying late fees and missing deadlines. Pay early and set deadlines reminder to avoid extra charges.
  13. Paying ATM fees. If you’re going to pay for ATM fees always, switch to a local bank with ATM nearby that you can reach easily.
  14. Shopping at the grocery store without a calculator. It will be better to check the price list and the things that you’re going to purchase before going for grocery.
  15. Paying for things you don’t use. If you’re not going to use it, don’t buy it.
  16. Not reading the fine print. Check and confirm everything so that you won’t be hit by hidden fees.
  17. Mismanaging your flexible spending account.
  18. Being an inflexible traveler. Always plan your trip earlier so that you have the choice to pick a lower price.
  19. Sticking with the same service plans and the same service providers year after year. Price change always. You just have to be alert and go for lower price and better deals.
  20. Making impulse purchases. Think before you buy. Always practice to buy later instead of buy now.
  21. Dining out frequently. It is always expensive dining out. The best is to cook your own dinner.
  22. Trying to time the stock market. It is better to consider stock a long term investment. Trying to buy low and sell high in short time is not going to work all the time.
  23. Buying insurance you don’t need. Buy insurance only if you think you need protection. Do not misunderstood insurance as a type of investment.
  24. Buying new instead of used. Lots of money can be saved if you consider used items, especially cars.
  25. Procrastinating. Start saving and investing for retirement as soon as possible.

Just do a brief calculation of how much money you’ll save each month by going through the above list. Now imagine how much money you’ll save in a year. You’ll be surprise how much money you’ve lost and all can be avoided easily if you just take note. Sometimes you don’t need to make lots of money to become millionaire. You just need to stop wasting unnecessary money and you’re reach millionaire status in just few years.

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3 Responses to “Be Alert on Common Ways that Waste Your Money”

  1. Jonathan says:

    I think everybody will agree with this money saving tips, definitely I can get some ideas about this, especially regarding traveling and credit card debt.

  2. simone says:

    very good tips i found here.i am one of these people that is permantly on the lookout for savings.i found great savings by switching to prepaid.lots of money gets wasted on cell phone bills and their overages and hidden fees.i switched to straight talk prepaid, got the unlimited plan costing me $45 a month and i can use my phone as much and whereever i like. i save at least $50 a month now, and make more calls than ever.prepaid is definatel the way to go, and a great way to accumulate savings

  3. susanne says:

    yeah well i am also hit by the recession, needing to save wherever i can.the biggest savings i had lately was when i switched from contract to prepaid. i switched to tracfone, a very affordable provider, offering very cheap phones, and several different monthly prepaid plans. i opted for the $19.99 a month plan, have double minutes for life, meaning that tracfone doubles up every minute i buy, i can make overseas and long distance calls at local rates, and have finally found a provider with a very reliable network coverage. for me prepaid is the way to go and save, and with my personal needs a not so smart phone and the cheap monthly plan are just perfect to add to the savings