You might sometimes think about those monthly money wasters that can add up to be a lot of wasted spending over time. It’s the spending none of us care to admit, but deep down know that it can be wasteful and unnecessary which can impact our ability to save and give more money!
Certainly, some of you could argue against such money wasters, after all, it’s a matter of opinion and how you budget. But, you would still have to admit there are a lot of things people waste money on that could turn into significant savings if you were more concious about it.
So, let’s take a look at 10 possible money wasters that may be costing you unnecessarily each month. You be the judge on where or not these are money wasters for your situation and if you need to reign them in.
Buying coffee or other specialty drinks from coffee shops.
I’m as guilty about this as anyone (love my coffee). I could get a cup of coffee for free at work, but sometimes choose to walk to a specialty coffee shop and buy my coffee a few times a week. Certainly, one could argue this is okay if it’s within the blow money budget, but if you’re trying to save money this might be a good candidate. Or consider making your own.
Buying clothes when you don’t need them.
We all need clothes, but buying them can turn into an excessive spending habit if you’re not careful. This is easy to do when you have the money set aside for such an expense. But it’s easy to spend when it’s available. Learn to simplify your wardrobe.
Magazines and newspaper subscriptions.
Magazine subscriptions and perhaps newspapers if don’t read them are also good candidates for savings. There are some of you who have a subscription to every known magazine available today. Don’t get me wrong. I know some magazines can be educational and helpful in staying up on current events. But, a stack of magazines you never read or review is wasteful each month.
Gym memberships you never use.
We’re coming up on the New Year and there will be plenty of people who buy a new gym membership to help fulfill a New Years resolution. Unfortunately for many, that gym membership card will collect dust on the dresser shelf after a few months. Gym memberships are expensive. You could be wasting as much as $75 – $100 (or more) each month.
Cable or Satellite television you never watch.
Since I started blogging I watch less and less TV. In fact, the only time I watch it is typically on the weekend for a few hours one evening. Our kids do get to watch cartoons and other childrens’ programs so the spend is probably worth it for us, but at the same time we probably subscribe to more channels than we need. I think this is one area most families could save as much as $75 per month if you think you could do without TV. Consider using your computer and watching movies and TV for free.
Buying CD’s or DVDs that sit on your shelf.
While we’re now in the age of electronic music and movies, there are still many DVDs and CDs purchased. Buying music and movies can be habitual and many times such purchases end up on a bookshelf occasionally used.
Food from the grocery store you never eat.
Believe it or not, food can also be wasteful when it sits in your fridge or pantry never used.
Dinning out for lunch every day.
Dining out can be good for networking and definitely a convenience, but the cost adds up with most lunches being around $10 these days.
More electricity than you need.
In the middle of winter there is a temptation to get the inside climate just right. But doing so can be a waste of money when your heat runs constantly. It’s better to dress a little warmer instead of wasting the money and save on your electric bill.
So, what do you think about these 10 potential money wasters? Do you agree they can add up to a significant savings over a month? Have you decided to cut any of these things out of your monthly budget to save more money?
Photo By TheSeanSter93
{ 4 comments… read them below or add one }
My wife and I canceled our cable tv today. It was nice to have (for the month we tried it) but it just wasn’t worth the expense, no matter how small. We discovered that even with cable we watch our shows online, and only used it for movies. Netflix will be a better deal for us, so we’ll look into that instead.
Since there’s a process involved with hooking the computer up to the tv to watch an online show, we’re less likely to waste time vegging out when we have something else to do. So the decision to drop cable will help us when school starts back up in a few weeks.
We don’t have a problem with any of that, except for cable. I’ve been dropping the hint that I’d like to get rid of it, but my wife just can’t quite part with it, even though we hardly ever watch it. She likes the background noise of having it on, I think. It’s only like 25 a month, but that’s enough to add up over the years.
I agree with all of the above! Great article! I have witnessed FIRST hand that you can save a bunch by cutting the big movie packages with cable… We’re saving about $90 a month by going down to basic, but still having HD and the DVR! With a 2 year old and a 6 week old we don’t have time to keep up with the movies anymore! Just a thought also, if buy new movies right when they come out, they’re generally $15-25 a pop right? If you buy a few movies a month that REALLY adds up! I don’t have a subscription but i think you can get Netflix or one of those subscriptions for like $10-20 a month and have the movies mailed to you… save a few bucks there. I also cancelled my iPhone plan with AT&T because my work provides a Blackberry for me. (It was a sad day parting with my iPhone) My wife kept her iPhone but we’re saving a cool $75 a month since we’re not paying that $30 a month data plan, $15 a month texting plan, and however much the additional line was. I cancelled my gym membership, stopped taking the tollway every morning and just leave the house about 5 minutes earlier… stuff can REALLY add up each month. If you find yourself always a couple hundred bucks in the hole each month try a few of the above out! God Bless and best wishes to all for a blessed and prosperous 2011!
Jeff H
Plano, TX
I totally agree with getting rid of the cable. I’m a bit of a cable junkie and cutting ours last year was tough. But, I signed up for Netflix at $10 a month and now I watch all the TV shows I want from my Wii. It’s fantastic and I certainly enjoy keeping my extra $60 every month.