Ways We Waste Money

Money/Finances - Money Management

By: pbartelssc     03-Mar-2011

Introduction:

You could do better in managing your money. You work hard for it don't waste it. Wasted money can be put to work for you in productive ways. Ways that could actually make you money.

Carrying a Credit Card Balance

If you carry a balance and pay interest on your credit card, you are wasting an incredible amount of money.

Never charge more on your credit card then you can afford to pay off each month. If you have a large balance on your card now, make it a top priority to pay it off as soon as possible.

If you've got some money saved, go ahead and pay off that card now. You'll begin to be able to save more money once the card is paid off. It doesn't make sense to hold on to cash in a low interest bearing savings account when you have a high interest credit card.

Buying New Vehicles

This is also a huge waste of money. You can purchase a good used vehicle that is one to two years old that has low mileage, and a manufacturers warranty still left.

In this way you will save thousands of dollars. Do you want to save even more money? Pay cash for that vehicle.

Not Shopping Around

Shopping around lets you get the best price possible on your purchases. Once you've found the best price don't stop there. Search for discounts and coupons that might be available for the purchases you want to make.

Impulse Buying

This is a bad thing to do. First of all, do you really need that new upgraded phone? Our society has become so enthralled with having the latest and greatest.

Remember, the newer the technology the more expensive it is. If you can wait a couple of years, you will probably pay half of what it would have cost if the technology were brand new.

Another plus to waiting is that the product may have improved since it's inception. These are some pretty major advantages to having a little patience.

Purchasing Services That We Don't Use

If you buy a subscription or service that you don't use, cancel it now.

Many times people buy gym memberships and at first they're gung ho for a few months. The novelty wears off, and they don't go anymore. You can waste a lot of money doing things like this.

If you buy it use it. If not sell it to someone else or cancel it.





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Comments

  • Snakesmom 3/5/2011

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    I try to shop from home so I do not waste money on impulse buying too. H5!

  • snowfence 3/3/2011

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    These are really great tips on how not to waste money. H5

  • JoyceTeresaMann 3/3/2011

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    Great tips. My credit card secret is this: get a credit card that gives you airmiles and/or cash back on purchases. Pay it off every month. I've lost track of all the free air travel I have enjoyed over the years.


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