Common Ways Many People Waste Money

Nowadays, it’s very easy to waste money, sometimes by not even realizing it! Commercial advertising is geared towards the impulse buyer, and the old fear of loss tactics still work. Now they can be used by electronic means such as social media advertising, which is intended to cause a quick buying decision.

It’s always a good idea to pause before making a purchase. The image and language in the ad may seem too good to be true, and sometimes it is! Before buying anything, ask yourself if you really need it, or are you just impulsively buying something that looks good?

It’s also advisable to go to the advertisers site and check them out. Look up reviews about the product your are interested in, and see what other customers are saying. Sometimes you will find good reviews and see that the retailer is on the up and up. Other times, you may see they have poor reviews and customer satisfaction is low. If you do decide to purchase what you saw advertised, you should be able to find the same deal on their site that you saw in the ad. If you cannot find it, that can be a red flag that the advertised item may not exist. Be aware that some ads can be false information or lead you to receive a product that is different from the one you expected, thereby wasting money and your time to try to remedy the purchase mistake.

Another way people waste money is by signing up for apps they don’t need, or will never use. This can be an easy oversight and can waste money on a monthly or annual basis. When you download from the app store on your phone, make sure to check the terms and conditions of the app before you create an account. Some apps require an annual subscription and once you pay it, you can’t back out until the year is over. This could be a costly mistake if you don’t pay attention to what you are agreeing to. Subscriptions can drain your bank account and take you by surprise if you didn’t realize there is a cost involved.

Another way people waste money is by food shopping when hungry. This is the worst time to shop for groceries whether you shop in your favorite store, or use the app to place an order for home delivery or curbside pickup. When shopping for food, make sure you have already eaten sufficiently, and take your time to shop the sales. Using the app or the grocers sale circular can save you a bundle on your grocery order. If your grocery store has a rewards club, make sure to join it. These clubs offer frequent shopper rewards and discounts that can add up to additional savings, which can avoid wasting money by overpaying for items you buy. Sometimes they also offer perks and benefits that can save money on things like gas or additional dollars off your grocery order.

Dining out or ordering take-out meals is another way to waste money, especially if you order through apps that both charge a fee and increase the price of the food at the same time. If you know your local restaurant has their own delivery service available, you’re better off to call the order in. This will avoid wasting money on excess prices and delivery fees.

Planning weekly meals is another way to save money and not get stuck with nothing ready for dinner, which can cause you to impulsively give up and order take out. That’s not to say you should never order take out or dine at your favorite restaurant, but if you want to avoid wasting money, make it more of an exception than a rule.

Another way people waste money is by not keeping track of their spending. These days, with a few taps on your phone screen or clicks of a mouse on your computer, you can quickly spend money you also quickly forget about until you look at your credit card or bank account activity and notice you spent more than you should have. It’s always advisable to create a monthly budget and allocate the funds for bills, home essentials like groceries and every day products you use, and see what’s left for other things. If there is nothing additional you actually need, that money should go into a savings account so you have it for future use, such as a special occasion, vacation or unexpected event.

If you have accumulated significant credit card debt, you are wasting your money on interest payments each month, which makes it much harder to pay off the balance. There are interest free balance transfer cards on the market, which could be a way to roll over your credit card debt to pay it off interest free over time. The key to this is to make sure not to use the card you transferred the balance from, and pay the interest free card within the allotted time frame.

Another way people waste money is by rushing out to by something they need without comparison shopping or waiting for it to go on sale, such as during a holiday when retailers entice buyers with discounted prices. By pausing and taking your time to research what you want to buy and who is offering it at the best price, you can avoid wasting money from overpaying for an item you could get for less.

By paying attention to your spending habits and keeping tabs on your bank and credit card accounts, combined with eliminating wasteful spending and impulse buying, you will see in the long run that you will have more money saved, and paying yourself is the best way to avoid wasting money!