We are all guilty of wasting money in one way or another. No one is perfect. Here is a list of ten things we should think twice about before spending our hard-earned dollars. I am not saying you should never splurge, but I am saying you should give your spending habits a good review in order to see where you can cut back.
1. Expensive coffee. I love Starbucks about as much as the next gal, but that crap adds up. So make it at home or give yourself a weekly coffee budget.
2. Cars. Cars are not a good investment, especially new ones. While they have a nice smell, they drop in value the moment they leave the lot. Buy used and drive it for several years (at least until it is paid off). Personally, I love Toyotas and Hondas because they are very reliable and hold their value. Maybe not the sexiest cars, but I have money in the bank!
3. Food. Did you know we waste about 25% of the food we buy? When food spoils or we simply throw it out, that is money down the drain. Think about it - You spend $100 on groceries and about $25 of that is wasted... That adds up! Some tips to waste less? 1. Plan ahead and stick to a list. 2. Do not shop when you are hungry (My #1 food buy when I am hungry: Milk Duds). 3. Keep tabs on your food in your house (Never eat that kale in the fridge? Stop buying it!).
4.The latest tech gadgets. Is the next iPhone really going to be that different from the current one and make your life so much better? Do not fall under the marketing spell of rushing to buy the newest model of every gadget.
5. Not taking advantage of a 401K. If the company you work for offers a 401K match, take advantage of it. Yes, that will mean money deducted from your paycheck, but you will be leaving money on the table if you do not sign up.
6. Brand name products. Go generic whenever possible. Unless you are Oprah or Bill Gates, you have to prioritize because you cannot have the best of everything. And there is often no difference between generic and brand name items (Do not believe me? Check the label!). Areas you may be able to save money on include food, clothing, and toiletries.
7. Credit card interest. ATM fees. Late fees. Tickets. Irresponsibility is just damn expensive.
8. Cable. I hate cable companies. They are expensive and rude. So why deal with them? Be done and stream Netflix, Hulu, whatever instead. TV is bad for you anyway.
9. Bottled water. Why buy bottled water when you can drink water from your tap for free? We here in the Pacific Northwest have amazing water - get yourself a cute water bottle and just fill it up. Elsewhere? Get a Brita or something and skip the plastic bottled stuff.
10. Eating out. Eating out adds up. $50 for a family of four dinner out or groceries for a few days? One of those fancy $25 martinis or all your lunches for the week? The occasional meal or drink out is really great, but the more you make at home, the better off your wallet will be. Plus, you tend to be healthier at home than out. Do not like to cook much like me? Cook large quantities on the weekends so you will have leftovers during the week or stick to simple recipes (my family loves baked salmon and salad - so easy!) or get yourself a damn Crock-Pot (put your ingredients in there, turn on for several hours, and you are done!).
Did we miss something? Share something we are guilty of wasting money on in the comments.
2. Cars. Cars are not a good investment, especially new ones. While they have a nice smell, they drop in value the moment they leave the lot. Buy used and drive it for several years (at least until it is paid off). Personally, I love Toyotas and Hondas because they are very reliable and hold their value. Maybe not the sexiest cars, but I have money in the bank!
3. Food. Did you know we waste about 25% of the food we buy? When food spoils or we simply throw it out, that is money down the drain. Think about it - You spend $100 on groceries and about $25 of that is wasted... That adds up! Some tips to waste less? 1. Plan ahead and stick to a list. 2. Do not shop when you are hungry (My #1 food buy when I am hungry: Milk Duds). 3. Keep tabs on your food in your house (Never eat that kale in the fridge? Stop buying it!).
4.The latest tech gadgets. Is the next iPhone really going to be that different from the current one and make your life so much better? Do not fall under the marketing spell of rushing to buy the newest model of every gadget.
5. Not taking advantage of a 401K. If the company you work for offers a 401K match, take advantage of it. Yes, that will mean money deducted from your paycheck, but you will be leaving money on the table if you do not sign up.
6. Brand name products. Go generic whenever possible. Unless you are Oprah or Bill Gates, you have to prioritize because you cannot have the best of everything. And there is often no difference between generic and brand name items (Do not believe me? Check the label!). Areas you may be able to save money on include food, clothing, and toiletries.
7. Credit card interest. ATM fees. Late fees. Tickets. Irresponsibility is just damn expensive.
8. Cable. I hate cable companies. They are expensive and rude. So why deal with them? Be done and stream Netflix, Hulu, whatever instead. TV is bad for you anyway.
9. Bottled water. Why buy bottled water when you can drink water from your tap for free? We here in the Pacific Northwest have amazing water - get yourself a cute water bottle and just fill it up. Elsewhere? Get a Brita or something and skip the plastic bottled stuff.
10. Eating out. Eating out adds up. $50 for a family of four dinner out or groceries for a few days? One of those fancy $25 martinis or all your lunches for the week? The occasional meal or drink out is really great, but the more you make at home, the better off your wallet will be. Plus, you tend to be healthier at home than out. Do not like to cook much like me? Cook large quantities on the weekends so you will have leftovers during the week or stick to simple recipes (my family loves baked salmon and salad - so easy!) or get yourself a damn Crock-Pot (put your ingredients in there, turn on for several hours, and you are done!).
Did we miss something? Share something we are guilty of wasting money on in the comments.
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