Do you waste money? You probably do. In fact, there are probably some things you do to waste money and not even realize it. I’ve been guilty of wasting money myself. In some cases, I didn’t realize it until someone else pointed it out to me. I’m hoping this post will help you to realize some places you are wasting money so you can make changes and start saving some money instead.
5 Ways We Waste Money
#1. Using The Wrong Gas
Does your car take regular or unleaded gasoline? Aside from most luxury cars, all other cars take regular 87 octane gas. But many people put in a higher grade of gas thinking it will either improve miles per gallon or lessen engine wear.
In both cases, you are just wasting money. If your car asks for 87 octane gas, that is what you should be putting into it. Anything else and you are throwing money away.
Likewise, if your luxury car is asking for premium gas and you are putting in a lower octane, you are hurting your car. While you won’t hear the typical knocking as you would in years past thanks to computer sensors, you will still be putting stress on your car.
Do the things your car’s manual asks for and you can ensure you aren’t wasting money.
#2. Your Cell Phone
How much are you paying for your cell phone plan? If you are paying $100 or more, you are wasting money. There are many resellers now who use the main carriers line but offer a much lower monthly cost.
You get the same coverage for less money. Stop throwing money away and switch to a lower priced carrier.
I did this a few months ago and haven’t looked back. I’ve had zero issues and the same coverage. I’m paying close to 70% less than I was before.
#3. Not Doing Your Own Repairs
If you hire someone every time you need a repair or addition to something at your house, you are wasting money. Now, I’m not expecting you to add an addition to your house or install an in-ground pool. For those, you still want to hire someone. But for most other things, you can save money by doing it yourself.
Thanks to the internet, it is easier than ever to do your own work. Just jump on YouTube and see what the repair involves. Then make the assessment if you think you can do it yourself.
For me, I’ve saved a ton of money this way. First, I repaired a leaking pool pump. Then I ran some wiring through my wall for a new projector I was setting up. In both cases, I found videos online to see what to do and then made the repair.
In a few other cases, I was unsure if I could do the repair. So I called up a friend who is good with handyman repairs. He helped me do the repair. I saved money and learned how to do the repair if I ever need to in the future.
#4. Trusting Expiration Dates
In many cases, expiration dates on food don’t tell you when the item needs to be used by. It just tells the store when they need to take it off the shelf. It can also tell you when it will taste the best. So next time you are thinking of tossing something based on the expiration date, think again.
If it is milk, just open it up and smell it. If it smells bad, then toss it. Otherwise you can drink it. For canned goods, you can keep those items for much longer after the expiration date. Don’t just throw items out when their expiration date has passed. When you do this, you waste money.
#5. Your Home
I’m not talking about buying the wrong home, although this is a waste of money. What I am talking about here is related to heating and cooling your house. When you are doing either, do you leave exterior doors open? If so, you are wasting money.
What about heating or cooling your home when you aren’t there? Buying a programmable thermostat will saves you boatloads of money.
Another thing you should do is check around doors and windows. For windows, if you feel drafts, caulk around the trim to stop the draft.
For doors, check the insulation around the door frame and along the bottom of the door. To fix the insulation is cheap and quick.
Finally, you can check any outlets on walls that face the exterior of your house. Remove the plates and see if you feel a draft. If you do, insert an insulated pad cut out for outlets and put the cover back on. This will also help cut down on drafts.
These are just a few ways we waste money. I encourage you to take some time and think about the ways you are throwing money away and take steps to change those habits. I would suggest you start out small and do some easy fixes and repairs. This will motivate you to tackle more projects, both easy and more involved.