When it comes to money, it can be easier to spend it than it is to save it. Although most people can agree that they would love to be able to save more, they can’t seem to follow through when it comes down to it.
The average person admits to making at least one previous transaction per week. Even though it’s a common thing, it doesn’t mean that it isn’t seriously hitting your pocketbook in a serious way. If everyone started limiting their unnecessary purchases, they would find that they could save thousands a year.
Here are some of the most common things that people tend to waste their money on and how you can avoid it.
Memberships They Don’t Need Or Use
Paying for a service which you intend on using is a common occurrence. Often people start their new year with the best intentions of going to the gym every day only to find that they stop going after the first month.
Subscriptions for magazines or websites are also common recurring expenses which end up never being used. Rather than signing up for something quickly, try to determine if it’s really something that you can see yourself having use for over time.
If you are on the fence about it, opt for month-to-month rather than a required long-term commitment. This way you can unenroll yourself if you find you aren’t using it.
Often life can get us distracted with our various to-dos and social calendars. Sometimes bills can completely slip our minds and we end up getting hit with a late fee.
Although it’s a common and honest mistake, a late fee is money that you might as well burn and throw into the wind. Instead of allowing yourself to lose this money, why not sign up for auto-payments. This is the best way to stay on top of your bills without having to worry about being late.
Eating Out Too Much
Going out to eat frequently in restaurants is a quick way to spend a significant amount of money on something that doesn’t last. Although dining out on occasion can be an enjoyable treat, doing it regularly can start to add up to thousands a year.
Try to pack lunch for work, or if you’re on vacation, try to make at least one of your meals a day. This small adjustment can make a huge difference in your checkbook.
Addiction To “Good Deals”
Some people love a good deal so much that they can’t help but buy something on sale even if they don’t need it. However, just because something is marked considerably down doesn’t mean that you need it.