You wake up every morning and start your life with money. We save our hard earned money aside for emergencies and end up spending it on silly things. Here are a few ways in which people waste their money.
Starting from speeding tickets to the parking tickets, these make a 200 to 500 dollar difference on your savings. You can reduce your traffic tickets and see how much money you end up saving.
Measure before you buy
Buying furniture that does not fit your space would lead to waste of money. The store would be ready to take back the product but, you would be losing some amount on restocking. Read the store return policies and exchanges policies before you make any move.
Holiday medical emergencies
Any medical help you get when you are on a foreign trip would cost you a big sum. People usually underestimate the travel insurance and turn back. The travel insurance would protect you in case of canceling the trip due to unforseen circumstances.
Your monthly payment for the news channel or the gym membership that you never use is a complete waste. The car share program, magazine subscription and channel subscription are the other instances where people waste their money.
Not being organized
By not paying your bills on time or keeping a control over your spending you might be paying a lot of money as a penalty and for interest. Being organized would help you save a couple of hundred dollars.
Expiration of the points
You could have spent a lot on collecting points at your local supermarket or for miles. Make sure to redeem them before they get expired and also read the terms and conditions so that you would know whether it is useful to collect those points.
Buying luxurious gifts that are of no use or spending a lot on things that have heavy depreciation could be a waste of money.
If you can redeem your travel expenses or medical expenses, the receipts are an important asset. Misplacing them or putting them with your pants into the washer is a waste of money.
The best way is to keep reminder for all the bills, have a strict budget and make sure to check whether there is a source of expenses that you can live without. Keep a check on all your financial flows and it would help you to identify any silly wastes of money that might seem small in the beginning, but would make a big hole in your savings.