The world is filled with things to waste money on. When we evaluate our income and expenses we can break down what is actually necessary. Life is filled with unexpected expenses. All the more reason to find out what we are wasting money on!

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Credit Card Interest

Long ago we got rid of our credit card altogether. They are a trap. There’s no way around it. Spending money you don’t have is a sure way to waste money. Credit card interest is usually accrued monthly should you not pay the outstanding balance in full. Basically, you are paying interest on an ongoing loan for money spent.

Although we don’t recommend it. There are services like Afterpay and Zippay here in australia that basically work the same. But with no interest granted you pay the minimum payments on time. If you must have a pay later option in your budget I’d suggest using one of these services rather than a credit card.

But, the real solution here is simply, don’t spend money you don’t have!

‘Deal’ Websites

Just because something is on special doesn’t mean you should buy it. Quite often we see deals advertised with the original price crossed out. Showing you the amount you can ‘save’. In actual fact you can save by not buying the deal at all. 

A simple way to combat these targeted deals is to either ignore them. Or, before buying the deals think about it for at least an hour. Ask yourself it’s real necessity and whether or not you actually will use it. 

Not to say deal websites are. In fact, you can score a lot of great bargains online but just be aware of their actual necessity to you at any given time. We often use Catch for some of our pantry fillers and other essentials.

Appetizers 

On the occasion that we dine out we almost always skip appetizers. The main meal is more than enough to fill us up. An appetizer is an upsell. Plain and simple. Unless you plan to share the main meal you will most likely have left overs. Which, if you end up leaving behind will be the same as leaving money behind. Skip the appetizers and head straight for the main.

appetizers waste money

Overdraft Fees

Without a proper budget in place you could find yourself paying an overdraft fee every time your direct debits come out without enough money in your account. Tracking how much money is coming in as well as going out is the easiest way to avoid an overdraft fee.

ATM Fees

Ever find yourself having a few drinks out and you need to withdraw money? But the only nearby option is one of those independent ATM’s that charge up to $3 for a withdrawal?

It just doesn’t make sense to have to pay for your own money. If you know you are going to need cash, simply withdraw your money at an ATM that doesn’t charge a fee beforehand. Usually depending on your bank will be its own ATM. 

atm fees waste money

Express Shipping

Shopping online is a common practice nowadays. At almost every checkout we are offered an express shipping option to receive goods much faster for a higher cost. Unless the goods are needed asap it is always better to go with standard shipping for cheaper.

Unused Gym Memberships

Gym’s make a lot of money from people that are signed up but never use the facilities. The intentions are there with the hopes of always starting ‘soon’. But whilst paying for a service that’s not being used you are wasting money. 

More and more gym’s offer no contract memberships that are able to be cancelled at any time. Some however, offer a lower membership fee in return for a contract. These gyms usually also have a hefty cancellation fee should you decide to exit the contract early. Since making this mistake once, I have never signed up to a gym that locks me into a contract. You don’t know where life will take you in a year, so why do you need a year contract?

You don’t need a gym to exercise. Online resources are endless these days with everything we need in the palm of our hands. Only sign up to a gym membership if you are 100% going to use it. 

Don’t Waste Money

Try tracking your spending’s for a few weeks to get a good idea where every dollar you earn is going. By doing this you will be able to easily see where you are wasting money. Money is the basic tool we all have, learning to use it to our advantage is the key. Starting with a budget

By seeing where you waste money you can cut expenses and add more in your pocket without actually earning more.

One of my all time favourite books that helped me with my financial mindset is Rich Dad Poor Dad by Robert Kyiosaki. If you haven’t read it yet I highly recommend it!