5 Things You Should Never Waste Your Money On
Streaming subscriptions, expensive kicks, and caramel lattes. What do all these things have in common? Way, way too many people waste their money on them.
Times are getting difficult as inflation goes through the roof. Those weekends where you dropped a ton of wasted money on drinks and eat-in dinners are about to become a lot more scarce. But there are many other small ways that you can waste your money without realizing it.
The good news is, you can prevent most of this wasted cash without much effort. Keep reading as we give you five things you should never waste your money on.
1. Don’t Waste Your Money on Bank Fees
Whether with overdraft charges or minimum balance charges, banks sure love to take your money. Many people pay a monthly fee just to keep their bank open. But newsflash: things don’t have to be that way.
Find a bank that charges no fees, or learn how to reduce the fees in your current account. Credit unions and FinTech companies often offer free, feeless accounts as an alternative.
2. On Lottery Tickets
The saying goes that you can’t win if you don’t play. But what these sleazy lottery ticket taglines forget to mention is that the odds of winning are vanishingly small. You are more likely to get struck by lightning than win and get rich with a million dollars.
Instead of investing in lottery tickets, invest in stocks or retirement accounts.
3. On Impulse Purchases
You’re walking through the mall when you see it: a Louis Vuitton bag that is calling your name. But come next week, your new monthly credit card bill will be taking a big bite out of your regular paycheck. By the end of the year, you’ll have paid for the Louis bag four times over.
Wait at least a month before you purchase anything you don’t strictly need. You may often find that when the month is over, you no longer want it so badly.
4. On a Timeshare Mortgage
On vacation, resorts and hotels will often try to get you to buy a timeshare. But once you realize how much it truly costs, and how little you will use it, you will likely want to get rid of a timeshare. Simply put, don’t buy timeshares.
But if you still need to get rid of one, click here for more.
5. On Unused Subscriptions
In January, everyone buys a gym subscription. But by late February, they’ve all but forgotten about the gym. At best, you might be heading to lift weights only a couple of times per month.
Whether it’s a gym subscription or a Patreon for your favorite YouTuber, cancel any subscriptions you don’t frequently use. Find cheaper alternatives that you can use less often.
Save Your Money Starting Today
In our consumer-driven society, there are a lot of ways to waste your money without even realizing it. Whether it’s a random impulse buy on Amazon or a timeshare mortgage you scooped up at the beach, it always wasted money in the end. Cutting out these unnecessary purchases can free up your wallet for much more important things.
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