Three Ways Adults Waste Money

I HATE to waste money, but it is so easy to do! Although you can’t control ALL areas of your budget, you CAN control how you waste money. Curbing just a few bad habits will help you to stay on track and make financial progress.

Convenience Food – Three Ways Adults Waste Money

Eating out too often is easy to do. It takes a lot more time to go grocery shopping and cook and serve meals, than it does to stop in or drive by a restaurant. However, eating out is one way to waste A LOT of money. Whether it is you or your family going out for dinner (and maybe even drinks) or going out with colleagues for lunch…it can be a real budget killer! Once upon a time I was reviewing my spending for the previous month and realized I spent almost $75 on lunch each week while at work. Yikes!

If packing a lunch feels difficult, then think simple! Some almonds, a granola bar, some fruit and a hard boiled egg are easy to grab in the morning. Try to save “going out” for special occasions or times when your family is truly short on time (sometimes time is more precious than money!)

Failing to Plan – Three Ways Adults Waste Money

Have you ever paid a late fee? Now THAT is a real waste of money. Keeping your bills organized in a special place or a spread sheet should help you avoid paying late fees. I talked to a friend last week and she was telling me that she considers the due date the date that the grace period is over, not the actual date the money is due. That is one habit that can cost you.

If you are planning to register for a race or a camp or community event, the earlier you do it, the better! Many events and organizations cost you more the longer you wait. Planning out your expenses can really save you in the end!

Splurging – Three Ways Adults Waste Money

Unless the item is EXACTLY what you are looking for and you are SURE that it is a great deal, avoid impulse buying. It is SO easy to research potential purchases. I would likely be mortified if I added up my impulse buys over the last 5 years. Shopping is fun, but carelessness while purchasing can end up costing you hundreds if not THOUSANDS of dollars. My three questions are, “Do you need it?” and “How often will I use it?” and “Is this the best deal I can get on it?” If I don’t get a YES, YES and YES, I try to tear myself away from it!