10 things you are wasting your money on

Stop wasting money on things you don’t need and your wallet will thank you for this.

Sometimes, you buy things which are not required but you just want them. Or you think that you may need them and you have to keep those things for imaginary emergency. This is me too. I buy specially clothes because I may need them. I bought clothes bit bigger sized when I as expecting my child but I never put on weight. This happens with everybody.

It is best to divide a clear line between your wants and needs. There is a  clear cut difference between  wants and needs. Knowing what you really need will help you in accomplishing your financial goals soon.

1. Gym membership which you never use

Sometimes you just keep the subscription for the time when you will have some time to go to gym. For this kind of activity, you pay more than required. If you are not a regular to gym, use the one where you pay as you go. It will save you money. Or you can go for a jog or brisk walk.

I understand we all have that mindset of collecting things or subscriptions when they are on sale. Even we tend to buy subscriptions when they are for longer time because they seems to be less expensive. But these give good return only if you use them. Otherwise it is a waste of money.

2.  Stop wasting money on Paid TV

Ask yourself, do you really need paid TV ? Do you really have that much time to spend in front of TV? If your answer is not a big YES, then stop paying a big amount of money for watching TV. Now-a-days, you can watch so many things on internet. And everybody has internet connection at homes. So why to waste double money.

It is not only waste of money but waste of time also. Why not spend that time reading a good book which you can borrow from your local library.

3. An expensive big car

There are so many companies which have different types of cars. Different companies are rolling out new models every  now and then in the market. All these vehicles need customers. So companies advertise it in the way that you need this car. But it is up to you to think where you want to be your money. In your own pocket or in companies account.

I think money is best saved in our own accounts. So why to spend it on things we just want and don’t need. A car is required but go with an inexpensive car which meet your needs. Don’t overspend just because you want to show it off.

4.  Stop wasting money on Credit cards fee

Credit cards are a big expense if not used wisely. I have seen people who use  credit cards  for going to holidays. Then they come back and work very hard to pay the money on credit cards. But it is very hard after that because debt on credit cards start piling up.

If you want to use credit card, pay it wisely and on time. Don’t just pay the minimum amount, but the whole amount. If you cannot use credit cards wisely, just don’t use them at all. They are not healthy for your wallet.

5. Using ATM other than from your own bank

It is not a good idea to take money out of ATM’s which are not from your own bank. When you use ATM other than your own bank, you incur fee. Earlier I used to do this frequently. Because it is easy to take the money from the ATM which is near you. But when I calculated the amount of money I incurred as fee, I stopped using ATM’s which are not specific to that card.

So it is best to stop wasting money on the fee which could be avoided.

6. A big house which needs maintenance almost equal to your salary

It is nice to have big beautiful house. But for a big house, you need a big amount of money for maintenance as well as big energy bills. If you are a small family then it is better to have a small house. It is best practice to have small house without any debt instead of big house which eats up all of your earnings.

Energy bills for big houses are also high. Cleaning, maintenance and decorative pieces , all adds up to a lot.

7. Buying clothes at full price

Clothes are such beautiful things that you cannot resist buying them. Buying clothes on full price is not a good idea. Sometimes it happens that we need a certain piece of dress and we spend lot of money on it. But  buying clothes when they are on sale is the best option.When we see a beautiful dress, we tend to succumb to our desire. I am totally like this.

I really have to remind me for not buying clothes. And then I think of the time when I will not have any debt, whether good or bad. It is really very hard to curb the impulse of buying clothes. I bought a shrug for 50 dollars. I felt so bad when after some days, it was on 50 % discount. My heart sank. I could have waited for some days.

It is best practice to wait for the sale and stop wasting money on full price items.

8. Brand products

Brand products are always expensive than generic products. If you can predict that there is not much of the difference in quality of the products, you can always go for generic products. It will really save you lot of money.

Sometimes we buy products for the sake of brand. Say for example jeans.

9. Bottled water and lunch from outside

Bottled water is expensive. We don’t pay much attention to a dollar or two but,  if you will count them on a long period of time, it adds up to lot of money. Instead take water and lunch with you. It will really save you money.

Bottled water is deprived of most of the minerals of normal water and have low TDS. Also home cooked food is more nutritious so instead of buying lunch from outside, it is best practice to take your lunch with you.

10. Alcohol and smoking

Alcohol and smoking is one thing you really don’t need to live a good life. It is really a waste of money and health. I know one of my friend, who told me how she grew her saving account by stopping smoking. She started by skipping one or two cigarettes. Then she counted the cost of those cigarettes and started putting that money into a separate saving account.

Putting some money in her account gave her inspiration to stop smoking. In the meantime she altogether stopped smoking. She calls it her smoking account. Because she grew it by stopping smoking and putting only that amount of money which she spent on cigarettes. After few years her account was up and it was unbelievable. Which she said prompted her to give up even the habit of drinking.

Now she say she has that amount of money which would have gone with the smoke and booze. That money is in her account now. Her life has improved because she  as well as her account are healthy.

These are my ideas on not spending on the things which you don’t want. What do you think is not good for our wallets. Please comment. And share the post if you like it.