Always when I had a financial problem I was thinking about how to fix it and then how to win more or how to save more.
After that, I have realised that this was not the correct way and I have started to study how I can end up not having a financial problem.
For this I needed to know which the places I waste most money are.
As I was saying in the article How to save money, one of the secrets to have money lays very much on the ability of each person to save money, not only on the ability to earn more.
In order to save as much money as possible, you need to know how you can lose it as well. I will show you further on 51 ways you can waste money daily as a result of the daily activity:
- Gambling (lottery, scratch cards etc). Only one out of a million wins from gambling. You think you have that chance?
- Buying clothes too often, once a week or even once a month.
- Buying each day one or more coffees from the coffee vending machines. Calculated, you are spending more in one month than it would take to make it yourself.
- Buying movies when you can find them on the internet for free.
- Daily validation of a bus or subway ticket instead of having a pass.
- Buying clothes when they are “new collection” instead of waiting the sales.
- Having multiple bank accounts for which you pay administration fees.
- Shopping at a convenience store instead of going to a hypermarket.
- Having a landline when everyone in the family has mobile phones.
- Not using options with multiple minutes and messages and consuming only your credit.
- Leaving the TV or lights on when you leave home or when you are not using them.
- Pleasing your child and buying everything he/she wants without thinking if he/she really needs it.
- Drinking alcohol daily.
- Not having a personal budget.
- Paying for small repairs for you house or for your car when you can do it yourself.
- Buying postcards instead of sending them electronically, by e-mail.
- Shopping from gas stations.
- Paying for all kind of pills when you can have a natural treatment.
- Buying a new car, although you are a rookie and not much experience.
- Driving fast and stopping suddenly. This method helps you spend even more money on gas.
- Buying energizing drinks. They are not helping at all. Your own consciousness and personal motivation are giving you energy.
- Buying all electronics or household appliances instead of renting them. For sure you do not need all of them.
- Betting on all sorts of things.
- Expenses on chewing gum.
- Too much tip. Waiters have wages as well.
- Forgetting your health. If you get sick, you spend more money.
- Paying for a tour guide. I consider that it is better to go without a tour guide and try to find out yourself the history of the places you visit.
- Not paying your taxes on time or not paying them at all. After you do this, you will have to pay a fine as well.
- Paying for a subscription to a magazine and not even reading it.
- Using your car for “taking out the trash”. If you use your car for small distances which you can make on foot, you will end up spending more time at the gas station.
- Not documenting yourself when you go on a vacation. The more you search for multiple types of vacation, the more you can find the perfect vacation for a very low price. Do not be in a hurry when you leave for a vacation.
- Going into debts. Especially at the bank, where the interest grows daily.
- Going shopping without a list of the necessary things made at home. You are buying more than you need all the time.
- Breaking the law and having to pay a fine/ticket. Try not to do it.
- Buying software when you have the possibility to download it for free from the internet. (e.g. Microsoft office, etc)
- Using a credit card. This forces you to buy more than you can afford and the fees are quite high.
- Buying various electronics from no-name stores instead of looking for online sales.
- Being afraid to negotiate. Especially with street vendors.
- Choosing to buy a certain brand, while the better and cheaper alternative is available.
- Not having a heat thermostat to regulate the house temperature.
- Choosing to pay with a cheque instead of online payment, which is free in many cases.
- Going regularly to bars and clubs. These are very good places to waste lots of money.
- Going to all sorts of medical examinations where you have to pay on the spot instead of asking for discounts from the family physician.
- Having all sorts of drinks on the plane. They cost twice the regular price.
- Choosing all the time products depending on price, not on quality. Cheap products are not always good. If it is a product you intend to use often, think about its quality instead of its low price.
- Spending very much on an expensive hobby which brings no added value to your life.
- Being in a hurry to invest in all kind of businesses, without calculating the profit margins.
- Being too generous and giving too much money to charity organisation. It is good to donate, but make sure your money end up where they should.
- Eating too much at restaurants or fast foods. They are more expensive and more unhealthy (in case of fast foods) than the home-cooked meals.
- Using a fast courier instead of sending a package by mail if the recipient can wait 1-2 days.
- Spending money in casinos. Very rarely people are making a profit from this “sport”.
I consider that each of these rules is also the exception. I am convinced that for some people many of the above mentioned cases have their benefit and that they are living well with them.
For me, smoking is a waste of time, money and health, but for others it is productive and soothing, yet many of the above mentioned are negative habits which are dragging us down.
You only have to discover yours.
I cannot guarantee that if you avoid all these mistakes you will be richer, I can only guarantee that you will have a more balanced and more healthy life from a financial point of view.
Feel free to criticise, I will try to answer to all. If you have an idea about other financial mistakes, feel free to leave them in a comment.