7 Ways you are wasting money without even realising it

Written by Gaby Lim on April 13th, 2014

1,933 Read

wasting moneyYou’re always on the hunt for a sale or a good bargain. But what you don’t realise is that you can save a lot more if you just knew the things you’re wasting money on.  Even if you’re very thrifty, chances are that there are some money-wasting habits you’ve developed without you even realising it.

You neglect food in your refrigerator

Check the expiration date on that pint of yogurt or that box of cream cheese.  What about all those fruits and vegetables you bought that you were planning to make into a salad last week? Then there’s the leftover pasta from that potluck dinner you hosted. If you add up all your expenses on expired or wasted food in your refrigerator, how much would it amount to?  To avoid wasting money on food, plan your menu for the week and buy only the stuff you need. Prepare food that’s just right for the number of people who are eating, and don’t buy huge cans and bottles if you know you’re only cooking for a few people.

You don’t upgrade your appliances

If it ain’t broke, then you don’t need to fix it. Right? Wrong. You might think that buying new appliances is a waste of time and money.  But not upgrading your inefficient home appliances is an even bigger buck-buster. Decide which appliances you’ll need to repair or replace. High energy-consuming home appliances are usually air conditioners, refrigerators, heating systems, water heaters, and dehumidifiers.

You don’t use your card rewards

Maximize your credit card points, coffee shop card rewards, and other shopping card rewards. You bought these cards to avail their benefits, so go ahead and use those points before they expire. If you pay for a lot of things using plastic, research before you choose a credit card.  There are some cards that have reward points for food, travel, or shopping.  Decide on which suits your lifestyle best before you sign up.

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You pay for data you don’t need

Check your smartphone for a monthly data usage. Is it really essential to subscribe to an unlimited plan when you’re only consuming 300MB per month? If you’re not a big data user, then maybe it’s time to switch to a metered or prepaid plan.

You ignore home repairs

Do you inspect your home for termites, leaks, and other structural repairs?  Water, for instance, is one of the most expensive causes of home repairs, which is why you need to clean your gutters and patch up those leaking roofs. The cost for fixing your house might be high but the expenses will be even more of a headache if you don’t attend to home repairs immediately.

You’re embarrassed to negotiate

There are some things worth negotiating (like you salary). You can even ask public and private entities for discounts or more affordable payment schemes for bills you have to pay like phone bills, land tax, or tuition fees. If you think it’s reasonable to bargain, try to do so.  You won’t know until you ask.

You’re too greedy

Are you too tight-fisted with money?  Ancient wisdom says it’s better to give than to receive. Unfortunately, many people miss out on greater blessings because of greediness. Try giving, and you’ll see that what you’ve sown will return to you a hundredfold.

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