Thirty-Three Ways to Save Money

Over the past several years, we have been identifying the biggest wasters of money that everyone should cut. You may save hundreds of dollars each month and thousands of dollars each year by just making some simple and quick changes.

If it took you so long to build up your finances, why would you want to sabotage it and your future?

Spending money becomes a habit; cut the bad habits and you will have a better quality of life. You can reduce costs in dozens of areas by just thinking them through. The biggest money black holes are buying a new car, jewelry you do not wear or need, bad investment planning, coffee from, well you know the place, fast food, and addictions. Like eating out? I do. You can still enjoy going to a restaurant; and you may enjoy it even more by doing it less often. When you do eat out you can save money by buying discount gift cards and coupons from services like Restaurant.com and Groupon. Another tip is going for the late lunch when prices are much lower, and the specials are usually better.

Another easy way to save money is changing your light bulbs to LEDs and turning them and other electronics off when they are not in use. (Tip, use a full spectrum bulb for reading.) Keep an eye on your thermostat so you are not using excess energy to heat and cool your home. You can also get a programmable thermostat that will help you do the same. Transfer your credit card balances to lower your interest rate. If your credit card debt is a total of fifteen thousand dollars or more, we can help you with your debt. If under, here is how to pay them off faster; https://biblicalstewardship.net/2020/01/24/how-to-pay-off-your-debt-faster/.  

How much money do you make? How much are your essential bills? Now, how much money do you have in reserve, that is left over? Where is all the money? Where did it go?

The Top Thirty-Three Unnecessary Money Wasters:

New Car. Getting a new car is a huge waste of money because they depreciate extremely fast. Losing up to half their value after a year or two. Buy a quality, reliable, and inspected good used car instead.  A good car like a Honda or Toyota can last thousands of miles, if taken care of.

Coffee. If you get takeout coffee and spend an average of $5 dollars or more each time, that will add up fast. Multiply what you spend per day and per month, that $5 dollar cup of coffee adds up to over $1,500 a year! By the way, that delicious Frapp… is desert, not coffee. Make your own at home for 16 to 30 cents per cup!  

Lunch. The average person spends $20 a week on takeout lunch. That is over $1,000 a year. Many do two to four times that… brown bag it instead.

Soda. It is not only unbelievably bad for your health, as all surgery drinks are, but also a 76-billion-dollar industry taking your money away. Skip it and drink water and or green tea. If you must have it, buy a soda maker.

PMI. Private Mortgage Insurance benefits the bank, not you. Get rid of it fast! There is mortgage insurance that benefits you, if it is with the right company and plan. We can help you with that!

Cigarettes. You probably know that if you gave up cigarettes you could greatly extend your life span and health quality as well as reduce your healthcare costs. But, did you know that you could also save over $1 million over the course of your life?

Unnecessary Life Insurance. A bad insurance policy can be a killer to your budget. Life Insurance is something everyone needs; thus, make sure it is a good plan with an A+ rated company. We can help you with that!

Grocery Shopping While Hungry. You will end up buying way too much and end up throwing a lot of it out.

Mutual Funds. They have high fees and are usually in junk funds that will lose your money. They are designed to make money for the company that is serving them as well as the financial firm that put them together. Not you! Get a review with us for free. We can help.

Fishing or Pleasure Boat. Unless you have a dock in your backyard, it will not get used much and be a huge money pit. Rent instead.

Exercise Equipment. If you will use it, then it is okay; few do. They make expensive clothes hangers.

Bargain Shopping. Buy now and save! Is that really a great deal so you will save money? Not so much. You will save even more by not buying it. After all, you will probably not use it and end up giving or throwing it away.

Speeding and Parking Tickets. These can really add up, and a moving volition, consider the court costs, increase in insurance, and time away, ouch. The better solution is to drive safely. You will not get anywhere faster by spreading anyway.

Extended Warranties. Most of the time you do not need them. The cost will be more than the usual repairs. Companies only offer them to make money on a product they know will not need it.

Uneaten and Expired Food. The average American throws out over 32% of their food, because they did not eat it. Make sure the food you buy will be needed and used. Food is expensive! By the way, food lasts usually longer than the expiration day.

Eating Out. Dine out once a week or so as a treat to yourself and your family. You will eat healthier and save by making your own food. If you cannot cook, a good meal delivery service or meal kits may work for you. Seniors; investigate meals on wheels.

Convenience Stores. Many people treat them like a grocery store and do not realize that the markup they pay for being two times or more for the convenience.

Personal Care Products. Such as expensive hair and skin products. You do not need them; they do not work any better than the cheap stuff. Tip, buy natural, and do not put chemicals on yourself!

Cleaning Products. You do not need all of them. You can stop buying all of those cleaning products and wipes and just make your own, fast and cheap: https://redandhoney.com/homemade-purpose-cleaner/

Bottled Water. This is basically a scam. Unless you live in Flint, MI, the quality of the water and the plastic contamination is way worse than what comes from your tap. Get a good reusable bottle and a water filter if needed.

Credit Card Interest. The average interest rate is 19.34%, many over 24% to 36% that is loan shark territory. Credit cards are designed to get and keep you in debt to the banking institutions. Do not use them, pay them off! Do not just pay the minimum, as you will never get out of them. If you must have them, like for business or record keeping then play them off each month.

Gym Memberships. Unless you will use it; most do not use them, do not get them. They are a complete waste of money if you do not go.

Casinos. “A fool and their money are soon departed…”  There are more fun things to do in places like Las Vegas.

Brand Name Products. Including medications; when generics are the same and made by the same company. The same applies usually to everything else.

Cell Phone Plans. Check your monthly cell phone bill, you are probably paying way too much. See if they will negotiate, if not go to www.ting.com or www.tracfone.com.

Clothes and Shoes.  People way overspend on what they wear. And the average person has 25 pairs of shoes; you do not need that many! Tip, shop at the outlets at their sales time, and hunt at thrift stores, many times you will find good stuff that has never been worn. Also, Ross and Marshalls have good deals as do some online sellers.

Bank Fees. Most are unnecessary, call their customer service to have them removed. If not, go to a credit union.

Annual Credit Card Fees. Shop for one that does not have them. Make sure you pay it off each month.

Alcohol. You will overspend at a bar; cheaper to buy at Trader Joe’s. Best not to buy at all. And there are better places to hang out and meet people than bars and nightclubs! 

Cable. This is a big waste that adds up each year. You can find most if not all your shows on Hulu and other streaming services for 1/10 the price.

Magazines. Do you really read them? You can get them online for less from most publishers or go to the library.

Tech Devices. Many people waste money on tech products they will never use. If you do need a new phone or computer check out www.backmarket.com I just purchased a great new iPhone and a new high-end computer for 1/3 the price!

Unused Memberships. If you are paying for any unused membership or automated subscription services, from gyms, magazines which we covered, or anything else like and apps; stop it.

Try these budgeting tips and build your future, we can help you. What other ways can you cut your spending?

Now you know the top ways people waste money and how to save money. The key to controlling your spending is keeping track of what you spend money on. Then, watch your emotional response to prevent yourself from impulse buys. It is not about the need or reasoning; rather, desire. Control your desires, and you will have more for a better life. See something you want? Wait a couple of days and think it through. How will it improve your life? If you cannot control your spending, then you will be indentured to financial institutions. One last thing, plan and make automatic deposits to your savings account. Build up your emergency fund then prepare for your retirement. Remember, we can help you.

Make an appointment with us: seminarsonmoney@gmail.com

(Note: We do not receive any compensation from these links!)

A study on spending habits; an eye opener: https://www.fool.com/the-ascent/credit-cards/articles/study-the-most-wasteful-spending-habits-among-americans/

Image from: https://www.smartaboutmoney.org/Topics/Spending-and-Borrowing/Control-Spending/Should-I-Buy-This

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