When you have money, it’s only natural to want to spend it. After all, you’ve worked hard for it. Now it’s time to relax and treat yourself.
But there’s a lot of things we spend our money on that we don’t actually need to. Plenty of things could be done or bought for much cheaper than most of us do. These kinds of money wasters are a big reason why people find themselves short of cash when they need them.
Does that sound like you? Let’s take a look at some common money wasters, and some ways we can save.
Five Common Money Wasters
Did you know that a study showed as many as 80% of Americans spend their money wastefully and find themselves short of cash when they shouldn’t be? What are we wasting our money on?
Nearly 70% of Americans say they go out to eat on a regular basis. Going out to eat is great. Sometimes, you just have a craving that you need to fulfill. Or maybe you’re going out to celebrate, or just to hang out with friends.
Going out to eat can be a great time, but it is also expensive. Eating at home is almost always cheaper than dining out. If you find yourself spending a lot of money at restaurants, consider limiting your dining out to just once or twice a week. You might be surprised by how much money you save.
Alcohol and Cigarettes
Over a quarter of Americans regularly spend money on alcohol, and over 10% regularly spend money on cigarettes. Now, there’s nothing wrong with a drink every now and again. But alcohol is expensive. Cutting down your consumption can save a lot of money.
And as for cigarettes? The research is clear that smoking is a huge money sink. Just another reason to quit.
Lots of people report spending more money than they should on utilities, be it gas, electricity, heating, or others. Lessening your use at home can save you lots of money in the long run.
Something as simple as spending too much on groceries can affect your financial stability. Food that goes bad is money down the drain. Make sure you’re only buying what you need, and that you eat all your groceries before buying more.
We all want to have a good time, but a large number of people spend more than they can afford on entertainment. Be it paying for streaming services you don’t use, paying taxes on a boat you never sail or owning a timeshare you never visit, it’s important to only buy things you know you’ll use.
If the last one sounds like you, this timeshare exit company can help get you out and save you a lot of money.
Spend Your Money Wisely
We all have our money wasters. Indulging is fine, but we have to be aware of our spending habits so we can be comfortable.
So take a look at your spending and see where you can cut back. And be sure to check out the rest of our site for more great articles to help you in your daily life.