There are a lot of silly ways you could be wasting your money. It usually happens slowly, over time. As we make more money, we slowly start to spend more money. Before we know it, even though our incomes tend to increase over the years, our savings don’t always grow to match that rate. Why?
Sometimes it has everything to do with how we waste money.
Our family income is variable. Some months are really good, and some months (or even years) are really tight. Much of our income is dependent on the economy. When the economy is doing well, our disposable income increases. However, when the economy is facing inflation or recession, we see less disposable income.
During those lean months and years, we’ve become really adept at scrutinizing our budget down to the penny. No single expense is safe from consideration of the question, “Does this fit into our budget and goals?”
Over the years, we’ve found several expenses that, while nice and convenient at times, are a complete waste of money.
Now, does it mean that we don’t ever have these expenses, never splurge, or think they are all a waste of money all the time? No! Some seasons of life require shortcuts and extra pleasure or luxury items. However, when things are tight, this list is an example of what could be a waste of money in your budget.
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Ways You May Be Wasting Your Money
Multiple Streaming Apps
How many TV streaming apps do you have active? Music apps?
I get it. This show is only available on this streaming app. Then, the show your kids watch is only available on another app. They are cheap, often less than $20, so is it really that big of a deal? Maybe.
Could you streamline your streaming apps? Do you really want that many options? Is that ONE show really worth the cost of the service?
Or maybe you signed up for a “Free Trial” only to find yourself agreeing to a full year of payments.
Consider adding all of your streaming apps together and see what they are costing you each month. What could that money be doing for you otherwise?
Magazine and Newspaper Subscriptions (Digital and Paper)
Most people don’t subscribe to magazines anymore, but they do exist. If you are still subscribing, digitally or in paper, could you find the information elsewhere? Could you be wasting your money on how you get the news?
The library often has magazines. Set aside a day to go and enjoy one or two.
Does your newspaper end up in the recycling pile and never get read? Could you subscribe to a free daily newsletter email instead?
Here are my favorite daily newsletters:
- 1440 – My absolute favorite daily newsletter. They do a really great job of delivering balanced news. I stopped watching the news once I started getting this newsletter. I spend about 15 minutes every morning reading it, and even if all I do is read their headlines, I feel informed.
- PourOver – This is my favorite politically neutral and Christian-focused newsletter. I’ve even seen positive reviews from non-Christians, simply because it does a good job of being neutral and focuses on being a good human.
- Decaf, PourOver for Families – One major news story from the week, rewritten for families and paired with conversation prompts to help parents navigate current news topics.
- Investopedia – Get the latest financial news and trends.
- The Average Joe – Get daily emails about investment and market trends.
- Nice News – Daily news, but only good news.
Subscription Boxes
Subscription boxes and programs are so much fun! I know because I have asked for them as gifts multiple times over the years. I’ve tried clothing boxes, book boxes, monthly tea packages, and even one for non-toxic household items.
While these subscriptions are a blast to receive as gifts, they are not a sustainable expense for a budget needing to cut out the excess.
Cable
We were cord-cutters before cord-cutting was a thing. I haven’t paid for cable in over 20 years – mostly because we had no budget for it 20 years ago!
If you are still paying for cable, you could be wasting your money. Maybe invest in a digital antenna (if there isn’t one already built into your TV).
Could you use the library to borrow DVDs for shows?
Could a single streaming app replace your need for anything else?
Lottery Tickets
Like subscription boxes, lottery tickets make really fun gifts. However, they are a silly waste of money when you are trying to build wealth.
Yes, winning the lottery could solve all of your financial problems. Your chances of making your money back on lottery tickets are nearly statistically impossible, though, so why not use that money elsewhere?
Dryer Sheets
If you haven’t already, invest in wool dryer balls. They are more environmentally friendly than dryer sheets, and they can save you oodles of money while still helping out your clothes.
Want laundry to be easier? Check out this post on saving yourself time and hassle while doing laundry.
Extended warranties
Extended warranties are often a waste of money and a system that preys on fear.
I still remember the first time my husband and I turned down an extended warranty option. It was terrifying. It was scary because if that item stopped working, we knew we would not be financially able to replace it immediately. It took months to save up for the items.
Over the years, we have declined thousands of dollars in extended warranties, and not once have we needed one. Usually, by the time an item wears out, we have passed the extended warranty period.
Irresponsible Couponing
Wait, what?! Couponing can be a waste of money. Yes, irresponsible couponing can be wasting your money.
If you are an expert or even an intermediate couponer, you have probably had the experience of buying items you did not need but could not resist because it was such a good deal.
Yes, you got that item for $0.50, but how many fifty-cent increments have you spent over the years on items that never got used or went back before you could use them?
Convenience Grocery Items
I get it. When you are in a tough season, convenience grocery items can be a lifesaver! Small bits of time are created simply by buying items already cut, chopped, or pre-portioned.
The key to not wasting money is to learn how to create convenience without the cost. To do this, invest in pre-portioned containers – like snack bags, small ¼ cup containers, and reusable food storage bags.
For example, buy a large jar of apple sauce for your kid’s school lunches. Then, portion it out into 1/4 cup containers. You will save a ton, and you are creating less waste.
You could also buy a large bag of chips and put them into small containers for lunches.
Instead of buying washed and chopped lettuce, I spend five minutes chopping it all up and then throwing it into a gallon-sized reusable food storage bag.
Even better, meal plan for your busy weeks, and convenience items become less of an issue!
Gym Memberships
Unless you go to the gym on a regular basis, you should consider dropping your gym membership, especially when you are trying to trim your budget.
This doesn’t mean you should stop exercising, but you can get a lot more creative in how you stay healthy.
You can run outside, watch home video workouts, or make up your own routines. There are a ton of options available.
Phone Games
Don’t play phone games that cost money, ever. It’s a waste of money and time.
Books
I love buying books, but when my wallet is tight, I only read books from the library.
You can even download books from your library’s app, so you never even have to set foot in the library.
If you have Amazon Prime, they have a Prime Reading Library for your Kindle or the Kindle App on your phone/tablet.
Sometimes, I still want to own a book and feel the pages. When this is the case but the budget is tight, I take my read books to the local used bookstore and trade the books in for a credit. It’s a win-win.
Brand Name Groceries
If you are still buying brand-name groceries, you should consider stopping if you need to save money. Brand-name groceries are a waste of money, especially when you are trying to cut the budget.
I get it. There are some brands that truly taste better. However, if the ingredients of the store brand are “clean” and the same, then go for it!
Cheap Clothes
Stop buying cheap, fast-fashion clothes, as they are a waste of money.
You know these retailers. You buy a shirt from them, but you know in a couple of months it will shrink and fade.
Do yourself a favor. Create a capsule wardrobe and fill it with quality items. Quality items cost more, but they save you money in the long run.
Cheap Toys
Cheap plastic toys often turn into unwanted clutter, and they can be a waste of money!
Your kids and grandkids do not need “just because” toys. You can show them your love and even reward them, all without buying them cheap plastic that won’t last or get much use.
Brand New Car
I’ve heard all the reasons to get a brand new car. The maintenance is covered. There’s a warranty. It has low/zero miles. It’s customized to what I want. It will last longer.
You know what else a new car has? Immediate depreciation as soon as you leave the lot.
You can get a nearly brand-new car without wasting so much money. Then, take the money savings you would have spent on a brand new car, and put that aside every month to cover any possible maintenance that comes up.
Plastic Water Bottles
Plastic water bottles are a waste of money, bad for the environment, and arguably bad for you.
If you haven’t already, invest in a nice stainless steel water bottle. Yes, they are nearly $30 nowadays. However, they will save you money for YEARS.
I have filled up my stainless steel water bottle at gas stations (the soda fountains have a water option), water fountains at nearly every place we visit, and from the growler I keep in my car.
Gas Station Snacks
If you have a habit of buying gas station snacks, that is a waste of money. The markup on gas station snacks is insane.
Instead, buy your favorite gas station snacks at the grocery store each week. Then, as you are leaving the house, simply grab one.
I never leave the house without a snack and my water bottle (or drink of choice). When you leave prepared, you are less tempted when you stop.
App Subscriptions
Several times a year, it’s a good idea to go into your phone subscriptions and make sure you aren’t paying for apps you don’t use.
Be ruthless here. What do you need? What do you actually use?
Sometimes we sign up for free trials, and then we waste our money on subscriptions we don’t really want. Declutter those apps!
Stop Wasting Your Money and Build Your Savings
Building your savings doesn’t have to be a big task that seems impossible. Oftentimes, it’s the small changes we make that have the biggest impact.
Stop wasting your money on the small expenses that don’t add much value to your life, and watch your savings grow!
Tiny Efforts Can Create Big Results: The Power of Small Habits
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