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Biggest Waste Of Money - Waste of Money Synonym

You must have seen enough places to see how people make money. but today I am going to tell you about them and you might find it useful if you're one of those people who take home a decent paycheck. But at the end of the month finds there's none of it left or worse still you're racking up debt, as a result, you have nothing left to put towards savings let alone to invest in something that could be earning you long term wealth if this sounds like you. 

You might want to listen up because there's a good chance you're making some of the mistakes on today's list so without any more build-up let's get straight to the point and look at the 15 biggest wastes of money.

1) Overdraft Fees and Credit Card Interest

If you've ever had an overdraft fee or a fee for insufficient funds, you might have even felt slightly guilty about causing your bank and inconvenience well don't that's because the only person you're letting down is yourself the truth is that banks love it when you withdraw or spend too much because the fees they charge for this, are a huge source of income for them. American banks alone rake in over 30 billion dollars annually in overdraft fees and if you find yourself on the sharp end of one of these. It could mean you're digging yourself further and further into a whole lot of debt. Sure you could cover yourself with overdraft protection but that's going to cost you as well and it's another money-spinner for banks a much better idea is to just keep track of your bank balance and be careful not to spend. What you don't have and what about the interest you pay to your credit card company because you haven't paid your bill in time exactly the same idea stop paying for things that happened in the past and if you can't trust yourself to pay it off ditch the credit card altogether.

2) Subscriptions or Memberships

We're not saying you shouldn't have any of these if you're a committed gym-goer who gets the most out of your membership. Then we're not talking about you but on the subject of gyms here are just a few facts that should make you think on average. Gym owners know people are going to sign up and never turn up, in fact, they only expect 25% of two people to go to the gym consistently. if all their members went regularly they wouldn't be able to fit them all through the door but why be one of the 75% who is not getting their money's worth. If you're not going just cancel it and what about all the other subscriptions. You've got more and more businesses are using subscription business models for small monthly sums and if you don't keep track of them. Lots of small fees can add up and eat into your earnings, in fact, somebody's even thought up an expression for this subscription creep check your bank statements and cancel anything you're not using or just doesn't justify the cost.

3) In Game and In-App Purchases

The idea here is similar to the last one a few years ago developers found out that making users buy an entire app usually doesn't work instead. They came up with the idea of getting you to make small but frequent payments and if you don't keep an eye on them they add up sure some paid apps might actually be useful and worth it. But most of them probably aren't and if we're talking about a game that asks you to pay real money for in-game currency or extra lives let's be honest about the utility of this to your zero and what about paying for catchy ringtones guess what your phone's still gonna ring even if you don't buy them.

4) Takeaway Coffee

Yes, it seems like a good way to kickstart the day or to treat yourself after a productive morning but have you ever figured out. How much it adds up to of course it depends on how much take away Coffee costs. Where you are but the average American spends $1100 a year on coffee and that's just the average. Which means there are plenty of people spending a lot more try making coffee at home or at your workplace and just watch that cost get slashed and what if you just love getting your caffeine fix in Starbucks or at your chic but pricey local cafe there's nothing wrong with it but try making it a once in a while treat rather than a daily habit.

5) Waiting Until You're Hungry to Buy Food

We get it-you're busy welcome to the club you don't have any food in the fridge or with you at your workplace you start to feel hungry. So what do you do maybe you order a pricey takeaway once in a while sure but all the time really or you might want to resist the urge for takeaway and take a trip to the grocery store. If you wait until you're hungry to do this you'll probably find yourself stocking up on snacks or junk food or ingredients that you'll dig into for one meal and then completely forget about and they'll go to waste instead try planning ahead go food shopping once a week invest a little time into preparing that food and take meals. You've prepared to work you'll find yourself saving money-wasting less food and you'll have something ready to go when you start to feel hungry.

 6) Cigarettes

Does this one really need an explanation and will spare you the health warning not just because today's topic is money, not health but also because you've heard it so many times before the fact is cigarettes aren't cheap in the USA, a regular pack of 20 will still cost about $7.50 in the UK. It's more like twelve dollars and in Australia, the world's most expensive country for smokers a pack will set you back to the equivalent of 20 US dollars. That means to keep up a twenty a day habit for a year it'll cost Americans $2,700 and Australians a whopping seventy-three hundred US dollars and what about vaping. Well it's less expensive and experts still believe may be less harmful but the idea is still the same way to spend money on something you don't need and just leads to addiction.

7) Extended Warranties

So you're a responsible and a reasonably cautious person you've just bought a shiny new flat-screen TV the salesperson helpfully suggests you cover it for damages by taking out an extended warranty It must be a good idea right wrong first of all most things don't just break sure every now and again you'll need repairs. But if you put the money into an emergency fund instead of in most cases. this will easily cover repairs and if you don't and end up needing it to guess what you still have the money left at the end so why do manufacturers make such a big deal out of these no prizes for guessing that extended warranties are a huge moneymaker and an easy one as. They are rarely used in the USA it's a forty billion dollar a year business worth a lot to the manufacturers but usually not so much for customers.

8) Coupons and Special Offers

This is another example of how retailers manage to make you think you're getting an amazing deal when in fact. They're selling you something you don't need the systems that shops use it means that you have to buy a lot of products in exchange for the coupons. So you start by over buying just to get your hands on them and then you use them to purchase something you wouldn't even think about buying basically it's the perfect way to make you go overboard and spending and forget that your bank account has limits.

9) Energy Drinks

Energy drinks are actually pretty expensive based on volume Red Bull costs more than double the price of coca-cola and there are more expensive energy drinks out there once in a while maybe it's not a problem but for people with serious. Energy drink habits this can burn a hole in their pockets and drinking them in excess doesn't do your health any favors either, but do they actually do what they say on the label and give you energy research says yes but only for a short time which means you'll feel the need to top up again later and spend even more.

10) Expensive Cable Packages

The average American spends $100 a month on cable and there are plenty who spend to double that or more those $100 will typically pay for 200 channels on a per-channel. The basis that's not bad value but do you really have time to watch all of them and if you do you need to ask yourself some serious questions about it. What you're doing with your time, in fact, the average person surveyed watches around 10 of those channels a month and 80% said they felt they'd wasted money on cable need. I say more we'll just add that it's surprising that cable packages still do well even with streaming services like Netflix and Disney Plus offering far better value for money if you focus on improving yourself. Rather than giving yourself limitless viewing options, you'll start to see a difference in your wallet and how fulfilled you feel.

11) Luxury Branded Goods You can't Afford

We don't want to look like we're contradicting ourselves with this one yes we do sing their praises and there are exceptions but a lot of brands do offer genuine quality. But the question is can you really afford it are you trying to impress people with Burberry. But have trouble paying your rent well you're not fooling anyone people will soon mark you down as fake rich a topic we also did a video on recently when your bank balance justifies it and if you still feel the need then you can indulge yourself in some luxury goods.

12) The Latest Tech

This is exactly the same argument as with luxury goods if you're due for an upgrade then go for it if you really need that MacBook Pro for your work. Then it's making you money so you can justify it but if it's just to impress people or fool yourself that you're up there with the rich then you need to think about your necessities first.

13) Cheap Junk That's Going To Break Quickly

Let's take a plunge straight from luxury goods into the other end of the spectrum cheap junk go too expensive and you're wasting money but go too cheap and before you know it. You'll have to replace it and spend some more money whether its shoes furniture or car repairs if you go for the cheapest you can find you'll still spend a sum of money, you really didn't want to throw away and pretty soon something will have gone wrong and you'll be back in the same position you were before conclusion don't buy luxury stuff you can't afford but still go for the quality.

14) Splurging on Baby Products

Don't get us wrong if you or your partner has just given birth, of course, you'll need to spend money on the latest addition to the family. It's just there are a lot of people who really go overboard queue huge amounts of toys and baby accessories some of which will barely get used and with the baby clothes. It makes sense to go cheap because they'll only be useful for a few months when junior grows just a little they'll be obsolete just look at the trend for designer baby clothes do babies really care about the fashion label on their teensy tiny hoodie I don't think so.

15 Excess of Personal Care or Beauty Products

We've noticed a lot of people out there have huge selections of personal health care and beauty products and many of them rarely if ever get used that's because they believe the hype every time. They see a product that promises smoother skin fewer wrinkles or whatever they put on the label to make you buy it.

So they splash out on a face cream a hand cream a moisturizer night cream and the whole list all marketed directly toward their skin type and are they really making you look any younger or better. Try and ask yourself how many you actually need and keep in mind that these products usually aren't cheap and with that. We're at the end of our list but before you go we, of course, have a question we always love to hear what you have to say about our post. And yes we do read the comments and often reply to them too so we're curious which of the items in this post do you think people waste the most money on where. 

You are let us know in the comments and of course, we're sticking with us until the end here's that bonus we owe you our last item on this list might come as somewhat of a shock to you. Keeping money in the bank we're not saying you should ditch your bank account and stash your cash under your mattress. We're just saying you might want to put a portion of it every month into something that will bring you long-term wealth if you keep it all in the bank you'll be tempted to spend it. But try putting it in say an index fund which tracks the best performing funds on the stock market and on average grows by 7% a year that flat-out beats a typical interest rate on a bank account which is close to zero. thank you for spending some time with us.
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