9 Ways You Are Throwing Away Money Everyday (And What To Do About It)
Do you know that you may be throwing away money every day without even realizing it?
Yes, it is true.
So what are the ways you could be throwing away money and how can you stop?
Let’s jump right into it.
1. Forgetting about the free trial period for a subscription service.
Believe it or not, this is such a common way that we all waste money. ( guilty of this )
It is easy to sign up for that free trial period for a subscription and forget to cancel before the trial period is over.
Imagine susbcribing for three or four services and getting charged after the free tiral because youfailed to cancel.
To avoid this, ensure you set a reminder alert and remember to opt-out before getting charged because these payments can add up.
You may also like : Simple and sure fire ways to save $100 a week
2. Wasting Food
I am a firm believer in meal planning because it has honestly been a life saver for me.
Not only has it helped me eat healtheri, it had cut my grocery bill in half.
Here’s the thing, it is so easy to throw away bad food or leftovers that go bad if you don’t create a meal plan first before shopping for groceries.
Because the truth is, you will only end up with tons of bad food at the end of the week.
This literally means you are throwing your money in the trash can.
So how can you stop this?
FIrst of all, you could begin by meal planning before you shop to ensure that every grocery is accounted for.
Opt for frozen fruits and vegetables or learn how to store your fresh produce better.
You could also plan to make meals around the easily perishable items first, this way you dont end up throwing any food away.
This is the meal plan I use, and I must say it has thoroughly helped me save and stick to meal planning.
Keep reading : 10 ways to make quick money in one day.
3 .Bank Fees
Here’s a shocker, if you take some time to have a look, you may be surprised to realize how much you really do pay in bank fees.
If you have several bank accounts imagine paying bank fees each year on those accounts; believe me, they really add up.
So what can you do about this?
Keep an eye on your spending to ensure that you dont have to pay overdraft fees for any reason.
Also, next time you are thinking of a new bank account, look for banks with no fees accounts.
Yes, they exist.
Or at the least switch to banks with really low fees. If your bank is charging you atm fees or minimum fees, it may be time to look into switching banks.
4 .Daily Starbucks
…or any other coffee you buy.
Buying a cup of coffee everyday may not seem like much, but the truth is it does add up.
What to do instead; Invest in a coffee machine and make your coffee at home. You can try out different coffee flavors in your home.
Trust me you wont miss that daily star-bucks coffee.
If you love your Starbucks, you can restrict yourself to having it once or twice a week instead of every day.
Very easily, a daily cup of Starbucks can add up in cost, and I know this because I did the maths.
So as much as I love my daily Starbucks, I decided that I was better off spending that money somewhere else or saving it.
Keep reading : 10 things to stop buying that will save you money
More to read : Profitable low cost business ideas you can start at home
5 – Not Comparing Prices
You’ll be amazed at how different prices can be at various stores.
And you know what? Not comparing prices is one way you may be throwing away money.
Whether you are getting groceries or other items you need, consider looking carefully at the prices and making comparisons at the different stores.
You will be surprised how much savings you can get from shopping at lower costs due to price comparisons.
This tip does not apply just to groceries and stores.
It would help if you considered comparing prices when shopping for television services, cell phone network providers, or insurance coverage.
Believe it or not, you can get huge savings from doing just this.
You can compare prices online, and you dont have to go into the stores physically.
Online shopping has made this very convenient.
6. Subscribing To Magazines
I must say i was super guilty of this.
I would subscribe to my favorite magazines’ and I never get around to reading it, they will just pile up and eventually I’ll be looking for how to declutter and get rid if them.
That is a clear case of throwing away money.
What to do about it
Opt for digital copies of these magazines, that may be a cheaper option and honestly take the time to ask yourself if you will really read the magazines and if the answer is no, it may be best to stop the subscription.
Consider signing up with amazon prime too, it comes with a library load of free books and magazines that you may be interested in.
7.Not Using Cash Back Websites When Shopping
Whoa, if you’ve been shopping online without shopping on cash back sites, stop stop stop!
You are seriously throwing away money if you are shopping online wiithout cash back sites.
Here is how.
On websites like Rakuten, where you can get as much as 10% back just for shopping on your favorite stores through Rakuten,
Imagine buying a juicer that you need for $200 from a store through Rakuten, and you receive 10% of $200 back simply by shopping through Rakuten.
Can you see how you’ll be throwing away money if you didn’t shop through Rakuten? It is a no-brainer.
And the best part is, it is free!!!
You can easily earn up to 40 % cash back on items you buy through the Rakuten website.
Sounds too good to be true right? It’s not!!!
I use Rakuten a lot and i can tell you this is a great way to save on your purchases.
There are over 2000 retailers on rakuten, so you are sure to find your favorite retailer.
Believe it or not, during the holidays, I did all my holiday shopping via RAKUTEN, and I got back almost $200 in cashback savings.
Seriously! this was so amazing because all I bought were items I was going to buy anyway, and just from using the cashback website, I got back and saved almost $200!!!
Plus, Its free to join.
Sign up for free and start saving today and stop throwing away money.
More to Read: 20 simple tips and tricks to save more money.
8 .Not Budgeting
Budgeting simply means you plan for your money, tracking your expenses, so you pretty much know where every penny goes.
Budgeting can be challenging, I know, but the truth is sticking to a budget is one of the best ways to ensure that you are not throwing away money.
What to do about it.
👉 HERE is a free budgeting template bundle that will help you create a simple budget even as a beginner.
I also wrote a comprehensive post which you can check out HERE, to help you create a budget that works for you.
Budgeting doesn’t have to be complicated or annoying.
The thing is, when you make a budget, you can plan your expenses and allocate your income to the correct costs.
It is better to take the time to create a budget instead of always wondering how much you are really spending or what you are spending your money on?
Trust me, it is so easy to have money in your account today, and by tomorrow you find yourself asking where did all the money go.
In this budgeting bundle you’ll find a
- A tracker for your savings
- Savings challenge to help you save up to $1000
- Monthly budget planner
- Debt reduction tracker
- Bill payment calendar.
By budgeting, you are able to prioritize and decide on what expense to allocate most of your income to and costs to avoid.
So the next time you are wondering where your money really goes, make a budget and stick with it.
This will really help you spend only what you need and avoid throwing away your money on things you absolutely do not need.
More to read: How to make money online for free right now.
9. Not Negotiating Cheaper Insurance Rates
It’s so easy to get stuck with your insurance company for years without bothering to look for a cheaper rate or re-negotiate.
The truth is you can always get a cheaper insurance rate or negotiate a better deal with your existing insurance company.
When I decided to switch Insurance companies, I got $300 savings in a year just because I took the time to look for an insurance policy that worked for me and was way cheaper.
Not negotiating a cheaper insurance rate is certainly one way you could be throwing away money without realizing it.
To Sum Up
There you have it 9 ways you are throwing away money every day and how you can stop.
If you can implement one or two of these changes, you will absolutely save a lot of the money you are possibly throwing away.
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