If there’s one thing that most people can admit they’ve done at least a few times in their life, it’s squander money on things they can’t really afford. However, some people may not realize that the places they’re wasting money are much more subtle than buying a brand new car instead of a used one or flying first class instead of coach. Sometimes you may be wasting money in places you never even considered. Take a look at some of the most common places where you may be spending too much, and how you can improve your financial habits.
A lot of people buy cheap clothing in an attempt to save money, when in fact, you may be doing the opposite to your checkbook. When you buy cheap clothing, it only lasts so long! Spending a bit extra on something that is high quality and will stand the test of time may end up saving you more money in the long run. If you do switch to buying more high-quality clothing, just make sure that you care for it properly. Failing to follow special washing instructions could throw your investment out the window.
Not Buying Generic Brands
As much as we might not like to think that we are affected by advertising, the truth is that we are. Buying name brands is a perfect example. Many people are so used to a certain brand because it’s what they’ve known their whole life, even when it’s got exactly the same ingredients as the generic brand. The money saved buying generic instead of name brand may seem like only a small difference at the moment, but, when you add up buying generic over name brand throughout the course of the year, you could potentially save yourself thousands depending on what you’re buying.
Buying a coffee on the road may seem like an innocent purchase. After all, it’s only a few bucks, right? However, when you start to add this up over the course of a month and then over the course of a year, that casual little coffee starts looking more like the price of an airline ticket to Hawaii.
Try to limit yourself to buying treats only once in a while. Whether it’s coffee, or eating a meal out, remember, it really starts to add up quickly. Instead of making it a habit, make it a privilege. If you have a coffee machine at home, and plenty of food in the fridge, skip buying it on the go. If you’re truly trying to save money, then eating and drinking out should be one of the first things to pull back on.
Throwing Out Food We get it—life gets busy, and you may not be able to eat all that lettuce in the back of your vegetable drawer before it gets soggy. However, throwing out food is extremely wasteful on your wallet and wasteful for the planet. Get into the habit of trying to keep up with what’s in your food and eat it before the expiration date passes.