3 Ways You’re Wasting Your Money

Like it or not, money is what makes the world go around. The more that we can embrace it and use it wisely, the less we’ll find that it’s a headache in our lives. This can be seen as true when you see people with handsome salaries who still find themselves going into overdraft at the end of the month period at the end of the day wealth often comes down to healthy spending habits and managing your money wisely.

One of the best ways to get started is by identifying the most common mistakes that people make with their money, so you can make sure that you steer clear. Here are some of the most common ways that you might be wasting your money and you don’t even realize it.

Neglecting Your Belongings

OK, so you have a budget that you stick to every month, and maybe you’ve even tried to stop eating out as much. However, if you’re the kind of person that buys expensive clothing and throws it in the washing machine instead of taking it to a professional cleaner, then you’re wasting your money. 

It’s critical that when you buy things, no matter how big or small of a purchase they were, that you take care of them. Don’t throw your things on the floor, follow the instructions written on tags, and avoid dropping things. These simple gestures can be incredibly effective and ultimately help extend the life of the things that you spend your hard-earned money on.

Memberships and Subscriptions

Be honest with yourself about how many of your subscriptions and memberships you actually use. Nowadays, your phone is a breeding ground for apps trying to get you into a monthly membership. Even though it may seem like $8 a month isn’t a big deal, when you start to add it up with your other subscriptions from the gym to your streaming services, you could find yourself spending hundreds a month on things you barely use. 

Look at your monthly bank statement and take note of all the subscriptions and memberships you pay for. If you don’t use a subscription you pay for more than once a week, then get rid of the subscription!

Impulsively Adding to Cart

Impulsivity can be one of your worst enemies, particularly when it comes to your finances. Nowadays it’s become so easy to impulsively shop that people are wasting more money than ever. Even though you might be convinced that you need to add something to the cart, give yourself time before pressing the checkout button. Next time you want to buy something, add it to your cart if you must, but don’t purchase it for at least 24 hours. Revisit your cart and ask yourself whether you really need it.

I am Finance Content Writer. I write Personal Finance, banking, investment, and insurance related content for top clients including Kotak Mahindra Bank, Edelweiss, ICICI BANK and IDFC FIRST Bank.