5 Ways You’re Throwing Your Money Away

5 Ways You’re Throwing Your Money Away

Personal Finance

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Everyone wastes money in one form or another, but sometimes it seems that the more disposable income we have, the more we’re inclined to fritter it away.

Here are the top five ways you might be squandering your monthly budget without even noticing...

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# 1: You keep the thermostat on too high

When it’s chilly outside, there’s nothing better than being warm and snuggly indoors. However, did you know that switching your home thermostat down by just 3 degrees could save you 9% on your heating bill?

The average household is most comfortable at around 68 degrees Fahrenheit (20 degrees Celsius); any warmer than that and your money could be going up in smoke.

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# 1: You keep the thermostat on too high

The best way to work out how low to switch your thermostat is to try it out on different settings. The elderly may require a higher setting, but for everyone else, especially those who are out for the majority of each day, it makes sense to go as low as possible to stop draining the dollars.

Set your heating to come on and off for slightly shorter periods and turn off any radiators in rooms you don’t use.

And, of course, if you’re going to be away from your home or business, turn the heat (or air) off or down by at least 10 degrees.

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# 2: You’re loyal to a FAULT

As financial times get tougher we see more and more retailers and service providers vying to present the best possible deals. Taking time out to look at different service providers for gas, electricity, and other essentials can make a huge difference to your annual spend.

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# 2: You’re loyal to a FAULT

Don’t be shy about haggling for a great deal – these firms want your business, and will be happy to negotiate with you to secure it. Look at your cable TV channels, Internet providers, window cleaners, mobile providers, and more to see if you’re on the best deal, or if there’s room to switch suppliers and double your dollars.

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# 3: You keep throwing it in the trash

According to UNEP, 30% of all food bought in the U.S. is wasted without being consumed. When you think about how that translates into your weekly groceries, that’s a huge proportion of your budget being squandered because of foods going out of date, spoiling, or simply being trashed.

Simply by planning your menus for the week in advance, shopping to order rather than impulse purchasing, and freezing your leftovers for use at a later date, you could save a full 30% on your weekly grocery bill.

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It’s pretty easy to get into a routine for your grocery shopping. Write a list of the meals you want to cook for the week, and the ingredients, and when you shop, stick to that list. If you know you’ll be going out to eat on a certain night, don’t forget to factor that into your menu planning.

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And don’t be seduced by special offers in the store if the items weren’t on your original list!

Online shopping can make it easier for you to stay disciplined, because you won’t be getting sidetracked by all the tricks the stores use to persuade you to buy things you don’t really need.

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# 4: You’re feeding it to the moths

Most of us have a huge number of clothes in our wardrobes that we will never wear. This is because we are all guilty of buying up items because they seem like a great deal, rather than because we really need or want them. You can shave cash of your annual spending by sorting through your stash of clothing, working out what you will wear and what you won’t, and seeing if there are any gaps.

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If you do need new clothing, think about thrift stores or discount stores, rather than relying on designer boutiques to buy your new gear. Often the only difference between brand-name and store-brand clothes is the price, and teaming current season items with staples which don’t age year-after-year is the best way to stretch your budget, while still looking great.

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There’s a reason why so many glossy magazines focus on the ‘capsule’ wardrobe – it’s the best way to extend the lifecycle of your favorite items, while still staying catwalk cool!

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# 5: You don’t check interest rates

How long have you had your current credit card? If you’re like most people you opted for that particular card because it had a great balance transfer offer, and 0% interest for a defined period of time. However, it could be that your interest rate has escalated if you haven’t paid it off on time, and now you’re paying a huge amount of interest just because you haven’t sat down yet to consider other options.

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# 5: You don’t check interest rates

There are always great deals to be had on credit cards, so take an evening to shop around, find the best one to meet your needs, and save yourself a bundle in needless interest payments.

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Small steps lead to big savings

These are all small steps, but they can add up to big savings, especially over the course of the year.

Think I missed something? Tweet YOUR #1 tip for saving money using the hashtag #WINvesting.

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by Jen SyrkiewiczNews Desk Editor at WINvesting.com

Jen Syrkiewicz is a UK-based freelance writer with over 15 years in Financial Services. When she’s not chasing the “rug rats,” she spends her time writing, and playing with her abacus. Jen has a Masters degree, a Diploma in Journalism and is a published author, poet and novelist.

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About WINvesting

WINvesting is a financial news and media portal with a different approach to investing. Our mission is to empower investors like you, with the tools and strategies you need, based on three cornerstone philosophies: Weatherproof • Insured • Near-term.

Find out more at www.WINvesting.com

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5 Ways You’re Throwing Your Money Away