Saving money can be hard, but there are things you can easily do to cut back on spending. Here are 7 ways you’re wasting your money that you don’t think about…
Are you wasting money without realizing it? It happens to everyone, but how isn’t always obvious. Like most people, you may not realize that you’re wasting quite a bit of money on your unnecessary spending. Sure, those visits at your local coffee shop add up but there are other small expenses that are draining your bank account.
Here are seven ways you’re wasting your money that you don’t think about…
Going Out to Eat
Statistics show that Britons spend an average of £44 a week eating out with younger Britons (18 to 29-year-olds) shelling out a whopping £88 a week for delivery, and dining out. It’s easy to see these as small transactions but eating out certainly adds up. The survey, which was conducted by VoucherCodes.co.uk, shows that modern Britons will shell out approximately £288,000 in their lifetime on takeouts and restaurant bills.
Setting Your Thermostat
Setting your thermostat at the right temperature can help you save a lot on energy bills and avoid wasting your money. You can save 10% a year on your heating bill by turning your thermostat back 7°-10°F from its normal setting for eight hours a day. You can also save as much as 3% on your heating and cooling bills for each degree you turn down your thermostat in the winter.
Doing the Laundry
Using excessive amounts of soap does not only cause a buildup but it also increases your gas/electric bill. Try adding about half a cup of detergent to each load to cut on energy bills and detergent. You can also skip the hot water depending on what you are washing. Cold water is gentle on most fabrics just like hot water and can help you save on electric bill. While at it, try washing full loads, using the high-speed or extended spin cycle, using lower heat settings, and air drying your clothes to save significantly more. Another great way to save on your energy or electric bill is to switch to a better energy deal. You can compare energy on usave to find the best gas and electricity supplier.
Buying Certain Cosmetics
You don’t have to spend a lot of money on cosmetics to get that flawless appearance. Simply avoid products that harm your skin such as those that contain ingredients like BHA, parabens, retinoic acid, petroleum distillates, and sodium lauryl sulfate to save on personal care products. Also, change where you shop. Cosmetic products from name-brand companies such as La Girl, EFL, NYX, Kiko, and ABH can be found at your local store for much less than what you’d pay for somewhere else.
Buying Coffee
Dropping by the local coffee shop every day can be a huge drain on your finances and is one of the most simple ways you’re wasting you’re money that you don’t think about. To save on coffee, take advantage of free coffee at work. If you enjoy blended coffee, buy healthy add-ins to liven up your cup of joe to help you spend less than you would on a daily frap.
Your Insurance Premiums
Insurance coverage protects you against risks and liabilities that could send your finances into a death spiral. However, there are some products that offer little value and cost you hundreds or even thousands of pounds every year. It is important to take a look at what type of coverage you are spending on. Some insurance that you either don’t need or offer little coverage include dental insurance, travel insurance, pet insurance, and personal injury protection.
Only Buying New
Buying used and second-hand products are one of the most underrated ways to save money. Second-hand products often cost half the price of the original. Items you can buy used include clothing, jewellery, gift cards, hand tools, exercise equipment, musical appliances, sports gear and anything with a lifetime warranty.
Saving money is something everyone strives to achieve and the good thing is that it is entirely possible. Budgeting and being aware of your spending can help you stop losing money to unnecessary expenditures. Hopefully, these top tips can help you stop wasting your money!
