Everyone is looking for better ways to save and spend money, but that’s not always an easy task! With the way the world works, hidden fees and unexpected financial needs always come up, even when you’re trying to use your cash for more positive uses.
It’s hard to know what you can cut back on and where you’re overspending without knowing it. To help you, here are 4 things you should never spend money on and tips to save more money in four practical ways.
4 things you should never spend money on
Are you wasting money inadvertently?
In the United States, 30-40% of all food produced ends up wasting, according to Statistics from the United States Department of Agriculture. This is a significant amount! It’s true that a good deal of this comes from restaurants and other businesses, but households contribute to it. And when you’re trying to save money, even a little excess food can add up.
However, there are many ways besides food waste that can be a sign that you are spending too much on excess food. Here are some of the ways it is doing it:
Shopping for groceries when you are hungry
When your stomach is rumbling, you are more likely to want to buy anything that looks delicious at the grocery store. Even if you have an eating plan and a well written shopping listYou may be tempted to buy that little extra snack or decide to add a last minute meal you don’t need.
· Buy groceries when you are very free
If you have nothing to do that day, you will spend more time wandering the aisles and are more likely to buy things you don’t need. Many people also find themselves buying more things when they are bored.
Consider expiration dates before spending money
Many perishable foods have really precise expiration dates. But many dry goods, processed foods, canned foods, and the like have dates that are mostly arbitrary. Also, some foods that expire more quickly can be stored by placing them in the fridge or freezer. Learn to trust your common sense to determine when something is spoiled, not the numbers on the packaging.
2. Lottery tickets
35% of all Americans buy lottery tickets at least every month, according to investigate by Bankrate. That is too high an amount to spend on something that has the sole purpose of taking your money! There is absolutely no value in buying lottery tickets, so you should never, ever, spend your money on them, ever. This is why:
· You are not going to win
The odds are against someone winning a lottery. This is what a viable business model looks like for the companies that support them. You literally only have a 1 in 37 chance of recouping the cost of the lottery ticket, so you can imagine how slim your odds of winning the jackpot are.
Your money will go further elsewhere
That Bankrate survey indicates that the average lottery ticket buyer spends $ 75 on them each month, and they will likely never get anything back. So, reserve the money you normally spend on lottery tickets and use it for supplies or just put it aside to save. You will be rewarded with a full piggy bank that will give you more than a lottery will give you!
They are taking advantage of you
Lotteries are designed to attract those with the lowest incomes. They are meant to sell the idea that you, too, can get rich. Most of a lottery company’s profits literally come from the country’s poor who buy empty hopes and chimeras. Don’t fall for the scam.
3. Excess fees
Excess fees that are not part of mandatory taxes and pre-agreed terms are ones you should never spend or should not spend money on. Most of these excessive fees are only generated due to mistakes or lack of knowledge on your part, which is what makes lost money even sadder! Here are some fees you should never pay:
· Bank fees
Bank fees can be deducted from your account even when you don’t have money in them, and having them deducted at all is something to avoid. Before setting up bank accounts, do your research and choose the ones with no fees. If you currently use a bank that charges these fees, it’s pretty easy to switch to one that doesn’t!
Late payment charges
Budgeting, scheduling, and planning are important parts of life. If you want to avoid late fees, you need to stay on top of your bills. Keep a list of invoices and their normal due dates, and when you receive physical invoices, put them in a neat, dedicated pile that’s easy to see, so they’re not out of sight, out of mind. If you know you will be late on a payment, you can call the appropriate company and request an extension. You may have the option of making a partial payment in advance and the rest later, even if you don’t get that extension.
Credit card interest
This is the reality. The interest on the credit card is ridiculously high, too much to be worth it. If you can’t afford your card, you shouldn’t have it at all because you can’t afford that card to begin with, and no amount of positive thinking will change that! There are many other ways to build credit, and the one you use shouldn’t cost you extra money.
There are many cleaning products that you can make with simple items. Although it may take a bit of time, most of these items are super easy and convenient to DIY and cost a lot less than their long-term commercial counterparts. In other words, buying these cleaning supplies is a bad way to spend your money unless you don’t have the physical ability to make your own. Here are some cleaning supplies you shouldn’t buy!
Commercial household cleaners damage your lungs and cost much more than simple household items. There are tons of recipes available online, all with simple ingredients, even for different specialized purposes. Essential oils they’re also a great way to make your homemade products smell better if you really want a noticeable scent.
Fabric softeners, dryer sheets, and the like are actually completely unnecessary for fresh, clean clothes. And even the detergent itself is something you can make on your own, with easy recipes available online!
Towels and paper towels
Rags made from recycled clothing or materials are reusable and do not generate waste, unlike paper towels, which are single-use, and wipes, which cost more than they should for something you are simply going to get dirty. Wash your homemade cloths and rags regularly and dry them in the sun, and you’re good to go.
Certain personal care items
Products for personal hygiene they are driven by marketing schemes. You don’t need a hundred fancy products to keep you looking good and feeling fresh and clean, and most products don’t even do what they claim to do. Learn how to make your own, and if all else fails, do a little research and stick to a few key products.
4 tips to save more money
Now let’s see how to start saving for a rainy day.
1. Control your expenses
Many people think they know how much they are spending, but they don’t. According to A study Per the Federal Reserve, consumers who are mobile banking and can check their balance as needed can choose not to buy something based on the list of credit limit and account balance. This means that there are quite a few people whose last line of defense between buying something or not is the reminder of how much they actually have.
Mobile banking helps, but its success means tracking your expenses will help you even more. Really knowing how much you spend and what can give you a rude awakening that makes you review your spending and change the way you spend the money you have.
2. Learn to repair things
Many things can be fixed instead of thrown away, and that can already save you money. But paying for repairs can be expensive, so learning how to repair certain items can pay off.
Of course, some items are best left to the professionals to fix, and others are completely insurmountable and should be thrown away. But learning how to fix a leaky sink, fixing holes in clothing, and filling holes in walls are sure skills to try and learn, and in this day and age, there are a host of tutorials available online to help you!
3. Commit to saving
Committing in advance to saving savings can have a positive effect on the total amount you save, according to research. This is because the act of simply saving when you feel like making excuses is easy. Commitments are harder to ignore. Also, starting with small commitments increases your chances of making bigger commitments when you are more prepared.
The easiest way to do this is to see if your employer has an option to automatically scale the savings plan. Otherwise, you can commit to an initial savings amount, then commit to increasing it by a small amount each quarter, or commit to increasing it by a larger amount each time you get a raise. This creates more positive thinking surrounding the act of saving.
4. Clean and sell frequently
It’s easy for items to add up as you buy or receive them. Some are put to good use and others are not. Every year, or even every season, you should go through your belongings and see which ones you don’t use as much. This will allow you to:
- Find items you thought you lost and can now use
- Determine which items you haven’t touched at all
- Consider whether the items you have are not what you really need
- Better understand the kinds of things you spend money on unnecessarily
You can then choose to sell the excess items you have online, through garage sales, or through other means. This gives you some extra cash while preserving the lessons you’ve learned about what not to buy more in the future.
Saving money and creating a bank account is not an easy job. So don’t waste your money on unnecessary thingsAnd you will find that saving money is more natural!