Finance Globe

U.S. financial and economic topics from several finance writers.
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Are you Wasting Money on these Five Expenses?

Many people believe that the only way to save more money is to earn more money. While there is nothing wrong with striving to increase your salary, it is important to note that you may be wasting money each month without realizing you are doing so.

To pinpoint wasted money, you must complete an in depth review of your budget. From there, it will become clear of whether or not you are spending money that you could be keeping in your pocket.

Here are five common expenses that could be holding you back from saving more:

1. Daily coffee (or another type of drink). There is a growing trend among working professionals that it is necessary to stop at a local coffee shop before heading to the office. Sure, this can be tasty. Sure, this can be a great way to wake yourself up. At the same time, it is also going to cost you a few dollars every day.

2. Channels you don’t watch. When signing up for your cable package you may have been so excited that you agreed to pay for channels that you never watch. Rather than keep these available, just in case you find something you want to watch, why not call your cable provider and make a change? You may be surprised at how many channels you never watch, as well as how much you have been paying for this right.

3. Vending machines. Are you the type who can’t walk by a vending machine at work without making a purchase? Do you buy your lunch from a vending machine on a regular basis? It may only be a couple bucks here and there, but by the time the month comes to an end you have parted with quite a bit of cash.

4. Fast food. For many, there is nothing better than driving through McDonald’s for a Big Mac and some fries. There is nothing wrong with treating yourself from time to time, but you don’t want to turn this into a habit.

Fast food is more expensive today than ever before. With each stop, you could find yourself easily spending $5 or more. Is this a habit you want to get into?

5. All types of water. Are you watering your lawn when you don’t really need to? Are you spending 45 minutes in the shower every morning? Are you drinking bottled water when it would be easier (and cheaper) to use the faucet? It is hard to imagine somebody wasting so much money on water, but this somebody may be you.

There is a good chance you are wasting money every month on one or more of these expenses. There is also a good chance you are wasting money on other expenses. The only way to know for sure is to review your budget with an eye towards saving.
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Thursday, 17 October 2019

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