There are ways to save money, and there are ways to waste money. This list of twenty of the biggest money wasters was compiled from various sources, but one thing remains the same. Cut these out of your everyday life and you will find yourself with money that you just didn’t have before.
These are the top twenty biggest money wasters. These are the things that people sell you or you put your hard earned cash into, that just don’t have a payoff in any way shape or form at the end.
- Lotteries – Playing the lottery is one of the biggest wasters. The likelihood of you winning the lottery is pretty darn slim, and you just throw that money away each week, in hopes you will have the big payoff. Imagine if you had saved all that money – how much would you have now?
- Buying a new car every few years
- Anything you already have thats “new and improved”
- Credit Life Insurance
- Investing with a strangers advice
- Fancy restaurants
- Sales – buying what you don’t need, just because its on sale
- Courses that teach you how to buy real estate for no money down
- Optional cable and Satellite services
- Life Insurance for children – I seem to get those Gerber Life Insurance ads all the time. Why would I possibly want life insurance for my child?
- Boats – Although loads of fun, they can be very costly investments. It takes a specially trained service repairman to make repairs and they are not that easy to find in some areas.
- Credit card loans
- Buying property you’ve never seen – This just seems silly on its own!
- Gold cards
- Lavishing expensive gifts on loved ones – Although it’s tempting, it isn’t necessary.
- Driving to work alone – Well most of us do it, but if it’s the only thing you’re doing on this list, you’re doing pretty good!
- Lending money to friends – again, you want to help them out. $20 here and $50 there is one thing, but these loans that wind up being several hundred to even a thousand dollars is nuts. You might never see that money again, and you are out that money until you get it back – no interest.
- Sunroofs – My car has a sunroof, but I didn’t pay for it to be there. Don’t pay extra for this feature. It honestly doesn’t do much.
- Designer label clothing – You can purchase off brand clothes for up to $10-$50 less per article of clothing!
- TV Shopping/As Seen On TV Products
What other things do you waste your money on each month? Cut them out now and save a bundle!
Nicole Humphrey writes articles for the Scrapbooking Blog and for the Frugal Blog. She also guest blogs on a variety of topics. You can read more of her articles by clicking here.
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