Money!Wasting money is incredibly easy – unfortunately! Yet,
with a little thought into your spending and saving practices, you
can very easily curtail over-spending and start making your money
go further rather than frittering it away. When you\'re in the
frame of mind to stop wasting your money, give these steps a try.
[1]
!! Steps !!
_ Sit down for an afternoon and do a little
financial research. Although this isn't on the list of most people's
top priorities, it should be because this is where you can stop
wasting a lot of money. The things to examine include your banking
arrangements, your retirement fund, and your insurance rates:
* Find out about your retirement funds [2]. Are you even set up for
such a fund? And if so, have you got the best deal possible? Look
for retirement funds that your employer matches. And even if
you're not employed, you may still be able to take advantage of
such accounts; ask your financial adviser or do some research.
* Remove all cash sitting in low interest savings accounts [3] and
transfer it to high interest accounts. While it's important to
check the fine print because many higher interest accounts require
that you keep your funds at a certain level (see it as enforced
saving), it is much better to be getting a higher rate of return
with a more disciplined approach, than to have your money getting
very little interest and being chomped away at by fees. Visit your
bank's site online to find out its saving rates, and while you're
at it, shop around in case another bank is offering a much better
deal. Don't be afraid to show this better deal to your bank
manager before closing everything and switching!
* Check your insurance rates [4]. It's highly possible that you're
not getting the best deal because a lot of people tend to get
comfortable with the deal they've had for ages without continuing
to update the offers available and shopping around. Spend a small
amount of time doing the research to get big savings back.
* Check what you're paying for your credit card interest [5]. Is it
time to switch to a lower-interest rate provider?
Pay for most things with cash. Instead of
maxing out your credit card, seek to pay for
things with cash. You're wasting money when you
spend time cutting coupons [6] only to pay
interest when you pay for your purchases with a
credit card.
* Keep in mind that some purchases are best made with a credit card
for the purposes of obtaining guarantees or warranties [7] and for
having a sound record of traceability for your purchase. Even
then, however, you can still ensure that the cash amount is on
your credit card or that you are able to pay off the outstanding
balance [8] in the time given before interest is added.
Cancel or suspend memberships or subscriptions
that you're no longer using, or that you're
using ineffectively. What have you signed up
for that in all reality, you can live without?
There is little point having a membership to
something like the gym or a wine club [9] if
you're not using it or enjoying the benefits of
it. Go through memberships that you pay for,
including websites, information provision,
newspapers, the gym, clubs, etc., and work out
whether you are getting the most from them or
if they've just become a payment habit that you
forget to use. Equally, if you're going away
for a while, or working away from home, is it
possible to suspend some of your memberships
and pick them up again later when you're more
likely to be free to use them?
* Be especially careful with the sign-ups to subscriptions that cost
"just X amount per month"! After subscribing to a few of these,
they soon start to add up. And frankly, they're quite easy to lose
track of, but be reassured that your credit card will keep track
of them for you, whether or not you're using them. Be honest when
assessing whether or not these subscriptions have actually
enhanced your lifestyle or professional needs, especially the
online ones.
* Be strong in the face of renewed attempts to get you back.
Charities, magazines, and wine clubs don't like to forget you once
you're on their mailing list. Just remind yourself of where it got
you last time.
* If you don't use your gym membership [10],
work out free ways to exercise, such as riding your bike to and
from work, walking everywhere, or taking weekend hikes with the
kids.
* Sometimes what might be needed is to slim down the membership
rather than completely remove it from your life. For example, if
you purchased a membership to a whole raft of features or a whole
network of places, when all you need is to use the local place
with one feature, look into whether there is a way to "downsize"
your membership and paying less as a result.
* Read How to manage your magazine subscriptions [11] for more
details.
Put an end to making impulse purchases. They
are fun to begin with but soon become a bad
habit [12] if you find yourself buying things
just because they're available or they're on
sale. And if you've never done the activity or
sport before, or you've never worn that style
before, or you've never tried that
thingummywhatsit before, be doubly cautious
before throwing away your money on an impulse
buy – go home and do some research and
thinking first!
* Ask yourself if you really need the item and if you can afford it.
Even if you can afford it, if you don't really need it, use your
willpower and avoid the unnecessary expense and put the savings
into an investment instead.
* Remind yourself that the new outfit won't make you look like
either one of Brangelina, and that it definitely won't come with
their lifestyle.
* Remember that just because it's on special, it doesn't mean it
will fill a niche in your life that isn't yet there.
Buy in bulk only if you consume in bulk. It is
an incredible waste to purchase items that you
won't use and will only end up throwing away,
and this is tantamount to throwing away money.
If you have a large family or household and you
know the bulk items will be eaten, used, or
needed within the viability or lifespan of the
goods, then bulk purchases can be a great deal.
If not, stick with purchasing items in smaller
amounts, as needed. This is especially
important with food, cosmetics [13], and other
items that have use-by dates. And keep in mind
that it's very easy to get sick of even
something that you think you could never get
enough of.
* Be wary of anything that's "packaged" or "bundled". Be very
careful when signing a phone contract, a car hire contract, or
anything similar because the fine print might conceal fees, taxes,
and late rates that you weren't aware of from the smiling
advertising blurb. This can be a sneaky but sadly legitimate way
to leak money – your_ money.
* Don't get sucked in by the free set of six steak knives. If the
"you get all of this free" deals really is such a great deal, why
doesn't the price reflect this instead of adding all these
unnecessary extras?
Be savvy when grocery shopping. Grocery
shopping is an emotional experience for many
people, especially if you feel you're denying
yourself and your family of food and items when
there isn't enough money. However, grocery
shopping is one of the areas in life where you
can definitely make savings and save your
money, while still enjoying the experience and
living well. Here are some ways to help you:
* Always take a list [14] along when shopping. Shopping without a
list can equate to throwing away money because you'll be sorely
tempted to put in a whole range of things you actually do not
need, ever. Keep a list on the fridge and add to it as you run out
of things and simply pull that list off before going shopping.
Plan a menu for the week or so in advance and use that as your
shopping guide. Stick to the list and leave space for only one or
two indulgences that are not on the list, and make sure those
indulgences are on special!
* Buy in smaller lots but more widely. Buying a variety of fresh
food regularly has a lot of benefits – it tastes better, gets
eaten up quickly, and can give you opportunities to try all sorts
of different foods that are in season or on special at your
favorite stores.
* Buy generic brand items of groceries, instead of name brands.
Unless you really can taste the difference or you are absolutely
positive that there is a quality drop in the generic version,
prefer the generic products, or the products that are heavily
discounted and equal in price to generic products. Most generic
items are manufactured in the same places as the brand name
products, only they lack the marketing oomph behind them. Equally,
prefer generic prescriptions over brand name ones; your doctor can
advise you.
* Avoid shopping for food when hungry. This will just make you put
more in the cart than you need.
* Stick to your shopping budget [15] and keep a tally of the amounts
in your head as you walk around (rounding every item up to the
next dollar is the easiest - although it ends up being more in
your head, that's a good thing because you end up saving).
Make use of free or minimal cost community
resources. There are many resources available
within your community that can save you money.
After all, to a small extent you are
contributing to them, so you may as well make
use of them. Some good places to save money
include:
* Visit your library [16]. Visit your local library to rent music,
books, and movies for free or for a minimal fee. Look at online
eBook loan options from your library as well; that way you don't
even need to leave the house for a good read!
* Use local sporting facilities such as the swimming pool so that
you don't need to maintain one of your own. Excuses like "there
are too many people", or "the water is dirty" can be overcome by
changing the hours you attend (go earlier or later), telling pool
maintenance staff that there is a cleanliness issue rather than
moaning about it, and if you're concerned about the cost, do a
comparison with home pool ownership and you'll soon realize it's a
very cheap option.
* Find out about local walking tours [17] in your town or city.
These can give you insights into the past history of your local
area that you didn't know about. Other types of walking groups can
include groups walking for fitness, or groups that pool resources
together and go out for a local hike.
* Save energy [18]. Turn down the heat when
leaving the house, keep the thermostat at a comfortable but not
over-heated level, turn off lights that aren't in use, and drive
your car gently rather than revving the fuel and life out of it.
Reward [19] yourself for being disciplined and
for having good self-respect. Not wasting money
is about caring about yourself and those around
you. While it can sometimes seem easier to lack
self-restraint and spend like crazy, at the end
of the day, it's a good thing to save money and
to enjoy what you do have. Rest easier knowing
that your savings are growing instead of the
hole in your wallet.
* Rewards should be fun, but not involve spending large amounts of
money, in line with not wasting money.
!! Video !!
!! Tips !!
* While it may feel easier to not return mail-order disasters, have
the strength and resolve to do so. The cost of return postage is
usually worth the refund you'll get on returning the item. Here is
how to do it: Simply type up the return address, print it off, and
stick it on. Stick on your own address label. Drive to the post
office and ask for it to be posted. Pay for postage (if relevant).
Simple. And soon, the refund will be in your bank account again,
while the unwanted item can find a new home.
* Avoid buying brand new cars. They lose value immediately and a
well checked used car of just a few years age can be a much better
deal. Or look at buying a demonstrator which will have money
knocked off it already. And consider whether it's possible to live
without a car even and hiring a car when you need one. If you live
somewhere with excellent public transportation or bike tracks,
this can be a realistic option. Look for schools, activity
centers, good transport connections, and local stores close to
your home when buying a new house and you'll be able to reduce the
need for at least having a second car.
!! Things You\'ll Need !!
* Lists
* Budget
* Internet access for research
* Bike for alternative transport option, or public transportation
* Coupons for groceries
* Information about local community resources (start with the
library and your local municipality offices)
* High interest savings account
!! Related WikiHows !!
* How to Save Money on Gas [20]
* How to Save Money on Auto Insurance [21]
* How to Save Money on Your Wedding Ceremony and Reception [22]
* How to Budget Your Money [23]
* How to Grocery Shop and Cook Frugally [24]
!! Sources And Citations !!
* Original source of article, Howcast, How not to waste money,
http://www.howcast.com/videos/307312-How-Not-To-Waste-Money [25].
Shared with permission.
!! Article Tools !!
* Read on wikiHow
*
Links:
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[1] http://www.wikihow.com/Image:Money.gif
[2] http://www.wikihow.com/Calculate-How-Much-Money-You-Need-to-Retire
[3] http://www.wikihow.com/Save-Money
[4] http://www.wikihow.com/Find-Low-Cost-Health-Insurance
[5] http://www.wikihow.com/Calculate-Credit-Card-Interest
[6] http://www.wikihow.com/Use-Coupons
[7] http://www.wikihow.com/Buy-an-Extended-Warranty
[8] http://www.wikihow.com/Repair-Your-Credit
[9] http://www.wikihow.com/Become-a-Wine-Sommelier
[10] http://www.wikihow.com/Choose-Which-Gym-to-Join
[11] http://www.wikihow.com/Manage-Your-Magazine-Subscriptions
[12] http://www.wikihow.com/Break-a-Habit
[13] http://www.wikihow.com/Find-Natural-Cosmetics
[14] http://www.wikihow.com/Be-Organized
[15] http://www.wikihow.com/Eat-Cheap-While-in-College
[16] http://www.wikihow.com/Locate-a-Book-in-a-Library
[17] http://www.wikihow.com/Lead-Nature-Walks
[18] http://www.wikihow.com/Save-Energy-at-Home
[19] http://www.wikihow.com/Motivate-Yourself
[20] http://www.wikihow.com/Save-Money-on-Gas
[21] http://www.wikihow.com/Save-Money-on-Auto-Insurance
[22] http://www.wikihow.com/Save-Money-on-Your-Wedding-Ceremony-and-Reception
[23] http://www.wikihow.com/Budget-Your-Money
[24] http://www.wikihow.com/Grocery-Shop-and-Cook-Frugally
[25] http://www.howcast.com/videos/307312-How-Not-To-Waste-Money
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