Do you waste money?
I’ve put together a list of 112 things to help you identify where you may waste money everyday. Whether it’s those daily coffee trips, eating out too often, unused subscriptions, or impulse purchases, there are plenty of areas where you can cut back on spending and start saving some serious cash.
I became a big saver years ago and it was definitely hard to get used to, but in the end it paid off. And honestly, there’s nothing more frustrating than watching your hard earned money slip away.
When I bought my first house years ago by myself I was incredibly disappointed with my money situation.
At the end of every month I was able to save about $1,000 after expenses.
That means at the end of the year I would have $12,000 saved. I mean, even if I did save it all and didn’t enjoy life for 10 years, that would still only be $120,000.
That was my reality check…
How was I going to pay off my house quicker? Could I afford to have a family and retire? What if I needed a new car? And what about travelling?
Everything was adding up quickly.
If you’re interested in trying to pay off your mortgage too, check out my post How to Pay Off Your Mortgage Faster: 6 Proven Strategies for Financial Freedom
So… I thought to myself. How can I save money?
And the only way I knew how… I completely stopped wasting money and started working more.
I did the ‘no-spend challenge‘ for years and years. I was extremely dedicated, just like the Type A person that I am.
I lived on ONLY MY NEEDS and NO WANTS
- $10/month phone plan
- car insurance (I had an old beat up car that I paid cash, so I didn’t have a loan to worry about. I walked to work for the first few months as well until I landed more jobs).
- rent
- food
NO make up, no manicures, no fancy clothes, purses, tv… literally nothing. I passed time by learning how to run, working more and coffee with friends.
You don’t have to get rid of everything in your life like I did. I definitely went overboard at the time, but I knew the kind of lifestyle I wanted, and I was ok with sacrificing for my future. I also didn’t know any other way to create a better lifestyle at the time.
Short-term pain for long-term gain.
-Unknown
It’s completely up to you to decide what you want to give up in your life. Sometimes, all we need is a little motivation to get started.
Either way this post was written to help you identify and eliminate the various ways you unknowingly waste money.
We often believe we need so much in life, but when we strip it back to the basics, life becomes much simpler and more relaxing.
Don’t miss out on the chance to gain control over your finances and reduce some unnecessary expenses. You never know when that extra cash will come in handy!
Table of Contents
What does it mean to waste money?
When you waste money, it means you’re spending on things that don’t really add any lasting value or enjoyment to your life. This could include buying things you don’t really need, splurging on luxury items, or making impulse purchases.
For example, you might waste money on things that end up being quickly thrown away or forgotten about. Or you might invest in something without doing proper research or thinking about the potential returns.
When you waste money it can lead to financial instability and missed opportunities to save or invest in things that really matter. So, it’s important to think carefully about how you’re spending your money and make sure it’s going towards things that will truly benefit you in the long run.
Will my lifestyle drastically change if I don’t waste money?
Cutting out unnecessary expenses can really impact your lifestyle, depending on how much you’re currently spending and which expenses you decide to cut out.
If you are someone who spends a lot on luxury items, dining out frequently, or has expensive hobbies, cutting back on these expenses could lead to a more frugal lifestyle. You might have to change up where you dine, how you spend your free time, and how you prioritize your spending.
However, if you are able to identify and cut out truly unnecessary expenses, such as unused subscriptions, impulse purchases, or excessive spending on convenience items, you may not feel a major impact on your lifestyle. In fact, you may feel a sense of relief and freedom from financial stress.
Ultimately, the key is to prioritize your spending and focus on what truly brings you joy and fulfillment. By being mindful of your expenses and making intentional choices about where your money goes, you can create a lifestyle that is aligned with your values and priorities.
Ok, let’s get started!
Do You Waste Money? 112 Things to Give Up NOW
1. Unused gym memberships
2. Fast fashion clothing
3. Impulse buys
4. Eating out too often
5. Expensive coffee drinks
6. Lottery tickets
7. Overpriced brand name products
8. Cable TV
9. ATM fees
10. Late fees
11. Expensive shipping charges
12. Unused subscription services
13. Excessive data plans
14. Daily convenience store purchases
15. Expensive car leases
16. Unused gift cards
17. Overpriced cocktails at bars
18. Expensive phone plans
19. Brand new textbooks
20. Overdraft fees
21. Bank account fees
22. Extended warranties
23. Designer handbags
24. Expensive beauty products
25. Unnecessary cosmetic surgeries
26. Unnecessary cosmetic treatments
27. Unused and unnecessary kitchen gadgets
28. Bottled fruit juice
29. Lavish vacations
30. Expensive pet accessories
31. Unnecessary car accessories
32. Expensive pet grooming
33. Professional lawn care services
34. Expensive haircuts
35. Fancy bottled sauces and condiments
36. Premium gasoline
37. Gambling
38. Costly magazine subscriptions
39. Expensive car washes
40. Brand name medication
41. Expensive cocktail dresses
42. Professional car detailing
43. Branded bottled water
44. High-end smartphone cases
45. High-interest payday loans and credit cards
46. Expensive baby clothes
47. Costly event parking
48. Designer sunglasses
49. Overpriced movie theatre snacks
50. Continuous manicures and pedicures
51. Unused health club services
52. Overpriced theme park souvenirs
53. Expensive video games and accessories
54. Expensive boutique candles
55. Costly home decor
56. Expensive impulse purchases
57. The newest electronics
58. Brand name groceries
59. Letting food in your pantry and freezer go bad
60. Throwing away leftovers
61. Excessive overeating
62. Unused country club memberships
63. Expensive car accessories
64. Unnecessary event tickets
65. Not looking for deals
66. Costly weight loss programs
67. Expensive frozen dinners
68. Overpriced bottled smoothies
69. Monthly subscription boxes
70. Unnecessary home security systems
71. Expensive baby gear
72. Premium vehicle rental insurance
73. Overpriced cocktails
74. Exclusive club memberships
75. Expensive online courses
76. Brand name cleaning products
77. Costly sports equipment
78. Designer workout clothes
79. Gourmet pet food
80. Expensive brand name shoes
81. Expensive bottled teas
82. Expensive cute reusable water bottles and coffee mugs
83. Brand name jewelry, like watches
84. Too much expensive jewelry
85. High-end furniture
86. Overpriced decor for the house
87. Costly headphones
88. Expensive alcohol
89. Unnecessary computer software
90. Overpriced branded sports merchandise
91. Expensive event souvenirs
92. Expensive sports tickets
93. Overpriced sporting event parking
94. Costly bottled sports drinks
95. Expensive cute water bottles
96. Brand name hair products
97. High-end olive oil
98. Expensive dietary supplements
99. Designer luggage
100. Expensive pet toys
101. Unnecessary high-end appliances
102. Overpriced brand name tires
103. Costly bottled energy drinks
104. Overpriced bottled water filters
105. Premium event seating
106. Expensive bottled cocktails
107. Exclusive travel club memberships
108. High-end gym equipment
109. High priced gym supplements
110. Too many clothes
111. Expensive vehicles
112. Anything too convenient
Thank You Credits: Cover photo by Polina Tankilevitch on Pexels.