Estimated Reading Time: 3 minutes
Everyone knows that bad habits can waste money such as cigarette smoking and gambling, but what about the not-so-obvious bad habits? I always looked for ways to save money. What coupons can I clip? What subscriptions can I cancel? Sometimes, it was easier to break a bad habit to save me hundreds! Here is my list of bad habits that were wasting money.
Wasting food is wasting money. Period! I would do my best to meal plan, but life happens and I wouldn’t cook every meal planned for that week. Not to mention extra vegetables and fruit I purchase from the store, promising myself to eat healthier, goes forgotten at the bottom of the fridge only to spoil.
According to a recent study by the Natural Resources Defense Council (NRDC), Americans throw away approximately $165 billion worth of food each year, and for the average American family, that can be up to $2,200 per household… $2,200! Imagine what you could do with that extra money.
Let me tell you a little story about how neglecting quality can waste money. I would always buy cheap vacuum cleaners. Cheaper the better, I thought I was saving money by getting the cheapest vacuum. Unfortunately, I was replacing that $100 vacuum every year. I did this for about 4 years. I assumed all vacuums were the same so why pay more for a “brand name.”
Well finally, I was tired of buying vacuums every year. I did some research and bought an expensive vacuum ($300) and I have had the same vacuum for 5 years and it is still going strong! I have saved myself $200. Don’t neglect the quality just to save money because you might be spending more in the end.
Turning a blind eye can be a money wasting habit. Banks and other financial institutions like to be sneaky with extra fees and increasing APR’s (annual percentage rates). Many banks have annual or monthly memberships or account fees. In addition, credit card companies can increase your interest rates with little to no warning. Keep an eye on those bank statements and any other correspondence that comes from the bank or credit card companies, they could be telling you something about your money.
What bad habits have you discovered that was wasting your money?