10 of the Biggest Money Wasters

You want to be a good steward of the money that you’ve earned, right? Of course you do. That’s why you want to eliminate wasteful spending habits.

Here are 10 of the biggest money wasters.

1. Cigarettes

It’s beyond dispute that cigarettes are unhealthy. However, they also put a strain on your budget. If you can break that habit, you’ll be doing your lungs and your wallet a favor.

2. Wasted Leftovers

If you’ve got leftovers in your fridge, make it a point to eat them. Otherwise, you’re tossing cash out of your pocket when you put those leftovers down the garbage disposal or in trash can.

3. Bank Fees

There are several bank fees that catch the unsuspecting consumer unaware. Be sure to go over your statement every month to see where your local bank is nickel and diming you.

Also, only use an ATM where you don’t get socked with an additional transaction fees. All of those $2 and $3 charges add up over time.

4. Environment Control

It’s a great idea to keep your house at a comfortable temperature while you and your family are inside. But what about when everybody is somewhere else? There’s no need to keep the temp at 71 degrees in winter when nobody is home.

Adjust your thermostat down 10 to 15 degrees when there’s nobody in your house for extended periods of time. Then, reset it when the gang’s all in inside.

5. The Lottery

Although the lottery received quite a bit of press lately and has made a handful of people rich, it’s not a sensible investment. If you regularly spend money taking your chances on the lottery, you’re basically throwing your money away. You have a better chance of getting struck by lightning than you do winning the lottery.

6. Eating Out

Some people think it’s their birthright to eat out every day, especially at lunch time. That’s an astonishing waste of money, especially when measured over a period of years.

If you buy food products at the local grocery store and make your own food, you’ll eliminate that waste.  Making your own meals will also keep you healthier and in better shape.

7. Bottled Water

You might think that you’re doing your body a favor by drinking only bottled water, but you’re not doing your budget any favors. Get a filter on your tap water at home and save a small fortune.

8. Buying Name Brands

This is one of the best saving tips for college students: buy generic. For most products, the generic alternative is just as good as one of the name brands and it will save you money.

9. Buying New Vehicles

Automobiles depreciate in value so quickly that there’s really no point in buying a new vehicle. Instead, get a car that’s about one or two years old.

10. Not Using Rewards Cards

You usually can’t trade in gift cards for money, but you can save yourself plenty of money over time by using the rewards cards offered at your local grocery store.

You’ve worked hard for your money. Keep as much of it as possible by cutting the biggest wasters out of your spending habits.