Signs you’re wasting money and 7 ways to STOP!

  • You can save money by spending less than you earn. 
  • Buy quality stuff over the cheap stuff. That way you won’t need to replace it later. 
  • If you want to save on food costs, be a smart grocery shopper. Buy what you need, not everything that meets the eye. 

SHIRLENE GRACE ISAAC

Spending money on stuff you don’t need is as good as throwing away your money. With Memorial Day around the corner–all you can think about is spending. 

But do you know what’s cool? No, not blowing off money—although peer pressure may tell you otherwise. 

Saving. Saving is cool! You know why? Because it’s a life-changer! 

The art of saving is not difficult to master. All you need to do is be mindful of your spending—look at where and what you are spending your money on.

Take your eyes off the things you want or the things you think you want and focus on what really matters.

That’s why today, we have listed 8 things that most people waste money on – things that you can avoid to start saving more.

1. Stop buying debt 

One loan can cost you two monthly payments. The amount you’ve borrowed and the interest. If you’re in debt. Believe it or not, you’re losing money to interest every month.

To lower your monthly interest rate, clear out the principal on your debt sooner. Since your interest payment is a portion of the principal. The lesser the debt, the lesser the interest every month.  

2. Stop eating out          

It is so hard to resist this temptation. Especially after a long hard day at work. Eating out or getting takeout can seem very appealing because you barely have the time and energy to prepare a meal—in the long run, it’s going to cost you. Here’s what you can do instead: start a weekly meal plan and cook in bulk too. It saves us money and time! It will give you a “two birds one stone” kind of feeling quite often.

 Also, the very reminder that there is food in the fridge will reduce your cravings for takeout.

3. Stop paying for unused subscriptions

Did you know that Americans waste over $300 on entertainment subscriptions they do not use? Read that again. Now let that sink in!

Cancel your unused subscriptions if you want to stop throwing away your money. Check and recheck your credit card bills to see if you’re paying for subscriptions you forgot you signed up for and cancel those services.

4. Stop one-time plastics

We live in a one-time use-and-throw world. Zippered plastic bags, cups, water bottles and the list goes on. When you purchase these single-use products, they can get expensive over time. Switch to reusable K-Cup coffee filters, sandwich bags and water bottles to save money — and the environment.

5. Stop buying cheap 

Don’t buy cheap. Buy quality. Cheap products cost more money because they need to be replaced more frequently. When you buy quality appliances, electronics, clothes and shoes, they tend to last longer with less maintenance cost. 

6. Stop binge-buying new clothes 

Unless you’re planning on cleaning out your closet, don’t spend money on adding to it. Sell clothes you no longer use, that way you’ll have money for new clothes and the wardrobe will be clean and clear.

7. Stop the impulsive-buying

Always shop intentionally. Ensure to have a list, whether you are grocery shopping, or shopping for apparel, make a list and don’t buy anything outside the list.

If it’s grocery shopping, have a weekly meal plan. It comes in handy because without really knowing what you’ll be cooking for the rest of the week, you won’t know what to buy. And that just leads to overbuying. That further leads to wasting food, which means you’re wasting money.

Want to start cutting your spending and start saving more? Observe what you’re buying, be aware and intentional about where your money is going and make smart choices.

A few tweaks and changes in your spending habits can help you save more money than you would’ve anticipated!