3 Most Common Ways People Waste Their Money

Sharing is caring!

If there’s one thing that people are even better at doing with their money then spending it, it’s wasting it. Many people don’t realize the value of a dollar, and as such find themselves squandering their hard-earned pennies in silly places. 

Many of the things we waste our money on may seem harmless. However, every little amount adds up, and can make a significant difference in the big picture. 

Many people are surprised to find that if they count up all of these amounts over the course of a year, this sum is quite substantial. If you were to avoid making these wasteful purchases, you could be able to afford that vacation you’ve been wanting or even a new car. 

If you’re ready to start putting more money in your pocket, then take a look at some of the silliest ways that people waste their money that you should avoid.

Paying For Services You Can DIY

Many people pay for house cleaning, or someone to mow their lawn, which is a very nice luxury. However, unless you live in a very large home and it is extremely time-consuming to do it yourself, it’s important to ask yourself whether it’s really an expense your budget can afford.  

Try to do as many things as you can yourself before outsourcing to another service. you will find the savings is significant, and in many cases really not that difficult to do yourself, and in fact often even satisfying.

Buying Name Brands

There is a common misconception amongst consumers that buying something name brand at a higher price automatically equates to a better product. However, generic is often just as good or even better, and significantly cheaper. It’s a good idea to always look at generic brands before automatically opting for a brand.  

Even though it may feel good to know that you have the “best” brand on the market, sometimes the differences in quality are minimal, while the price is significantly more than generic.

Buying Brand New

If you choose to buy new products all the time, then you’re missing out on a huge opportunity for savings. Although buying new in a store is often much less effort than buying used, the savings are significant. Once upon a time buying something used often required going into a thrift store, or bartering in a street market. However, now, the internet makes it easier than ever to find used items. 

Websites like Craigslist and eBay make it simple to find everything from secondhand clothing, to secondhand cars. Try to get into the habit of always checking out used options before purchasing new. Not only is it a more affordable way of doing things, but it’s also better for the earth!

Follow and like!