You wouldn’t throw your money down the drain; that would be silly. But consider for a moment the other ways in which you might have wasted the hard-earned cash in your pocket and bank account. We all do it, and in some cases, we might do it without thinking of the alternatives.
So, if you want to have more money than you might at the moment, and if you want to save money, perhaps to give you a happy retirement, consider the following ways in which you might waste money on a regular basis. Then follow our tips on how to avoid them, because you will be in a better financial position if you do.
Money Waster #1: Calling out the repairman
How many times have you called out a repairman for a job you could have done yourself? We are thinking about fixing a leaky faucet, for example, which as this tutorial shows, might be within the remit of DIY jobs you can do. Don’t panic and pick up the phone then, and always consider the possibility of you tackling the job yourself.
There are loads of ‘how-to’ instructional videos and step-by-step guides online, so while you wouldn’t want to tackle a job that is better left to a professional, such as anything related to your electrics, there might be other tasks you can do yourself, be that before they break down or when they suddenly fail on you. Sure, you might need to buy yourself a toolkit, but that will cost you less than the expense you will suffer from a repairman.
Know too that if you take better care of the appliances you own, then they might have a better chance of lasting longer before they conk out on you. You might want to learn more about maintaining your refrigerator, for example, or any other item that gets a lot of use at home.
Money Waster #2: Ordering takeout food
Here’s the thing; it’s okay to treat yourself occasionally. If you have had a busy week at work, then ordering a pizza on a Friday night is a guilty pleasure you can treat yourself too. And the same applies when you have the girls over for a social. If you don’t want to spend all of your time in the kitchen, then so be it. However, don’t make it a habit. Many of us rely on takeout food because we don’t know how to cook properly, or because the food in our refrigerators has far exceeded its sell-by-date. But if you want to save money, you really do need to curb the temptation to pick up the phone for food delivery.
So, the first thing you need to do (if you haven’t already) is to learn how to cook. Again, there are loads of tutorial videos online, and if you head over to Amazon, there are cookery books available to help you pick up the skills needed.
Secondly, create a meal plan each week. This way, you won’t buy more than you should at the supermarket, and there will be less chance of food going off in your refrigerator. You will then save money by only buying the items you need, and you won’t have wasted money because you have had to throw something away that a few days previous was still edible. And, of course, you won’t be reliant on a pizza or a curry, or whatever other takeout food is your go-to of choice. You will get to make healthier choices too!
Money Waster #3: Buying on impulse
How many times have you decided to pick something up from the boutique because you couldn’t resist the purchase? How many times have you browsed Amazon and bought something at the click of a button? It’s easy to do, but there are consequences for your finances. We aren’t suggesting you don’t buy yourself something nice every now and again, but you need to think carefully before you part with your cash.
Our advice is this. Get into the habit of leaving your home without your credit card. If you don’t need it, don’t take it! Bring cash instead, as this way, you can carry around money you know you can afford to spend, and you won’t be tempted to buy something you don’t have the funds for.
Secondly, get into the habit of comparing prices. If you see a must-have outfit at your local store, make a note of what it is you have seen, and then try other stores near you, or go home and check online. You might get the same outfit for a cheaper price. Do the same if you regularly shop online; before you click ‘buy now’ do a Google search for the same or similar.
Finally, don’t buy! If you don’t need it, ask yourself, can I afford it? Sometimes, willpower is the key, so whether you’re online or at the store, think twice before buying. Consider the other things you might need money for, and weigh up where your priorities lie.
Money Waster NO4: Not Price Checking Everything
One of the easiest ways to lose money is by forgetting to price check when you’re making different purchases or arranging services that you need. A clear example of this would be when you are exploring your energy usage. In the world of energy, the buyer is king. You can choose which company you want to buy energy from. For instance, Gexa Energy plans will provide fantastic savings that you should definitely consider taking advantage of.
We can all be guilty of wasting money, so don’t fret if you have related to this article. But remember, if you want to have more money, then you need to form better habits within your lifestyle to help you save money instead of wasting it. Think about that the next time you are tempted to buy takeout food or when you reach into your purse for your credit card at the shopping mall!