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How often do you catch yourself wasting money on absolutely stupid things? Do you want to stop wasting money? Some things – like speeding tickets, broken dishes, and extra trips to the doctor caused by illness – are just plain bad luck. Many other things are self-inflicted wounds caused by laziness, not planning ahead, or ignorance.
No matter the cause, these expenses cost you and me hundreds of dollars every month! If you want to stop wasting money on these stupid, unnecessary purchases and expenses, there is hope!
5 Tips to Stop Wasting Money in 2017
The following 5 tips to stop wasting money are easy to implement and will get you on track to stop wasting money and Take Back Control of Your Life and Money!
1. Brew Your Own Coffee
Coffee is inexpensive to purchase yourself, yet its price skyrockets when you pay Dunkin Donuts, Starbucks, or the local coffeehouse to brew it for you. At minimum, a cuppa Joe on the go will cost over $1, while the same cup brewed at home will cost pennies.
No, brewing your own coffee won’t make in you a millionaire, but if you’re in the habit of dropping $5-10 per day at Starbucks, that’s nonsense!
2. Minimize Shipping Costs When Shopping Online
Recently, I ordered a complete set of seven Star Wars movie posters for our home theater room. I shopped for the best deal I could find online, and when it came time to checkout, I was faced with many shipping options. I chose free shipping because I thought ahead in advance and ordered my items before I actually needed them.
While online shopping is simple and time efficient, it is often more costly because many people elect to pay a fortune in shipping costs in order to receive their items within 1-3 days. By shopping in advance, or taking advantage of Amazon Prime which comes with free two-day shipping on thousands of items, you can stop wasting money on sky-high shipping costs.
3. Skip Expensive, High-Calorie Appetizers
I enjoy greasy appetizer platters just as much as the next guy, but at $8 and nearly 3000 calories, I nearly always regret my indulgence. Sure, $8 won’t make me significantly richer; no, I won’t likely nickle-and-dime my way into developing a million dollar investment portfolio.
But I can stop wasting money on appetizers by acknowledging that I have better options. And besides, appetizers generally leave me unable to finish my meal without overeating.
4. Cancel Your Newspaper Subscription
Currently, my wife and I pay for a Sunday subscription to The Chicago Tribune. Shameful confession time: the edition from last Sunday is still sitting at the end of our driveway as I write this on a Wednesday. I may as well just burn my subscription fee every month, as I’m clearly not reading the paper.
Like any good American, I find my news from the most trustworthy source: my Facebook News Feed. In all seriousness, you and I need to stop wasting money on a newspaper that we do not read, especially when free news is available online.
My sources of choice have long been The Detroit News and The Detroit Free Press, both of which are available via mobile app. Your local paper is probably available free of charge.
5. Stop Buying Lottery Tickets and Betting
My thoughts on the lottery system are very divided. On one hand, proceeds from the lottery in my home state of Illinois support education and indirectly pay my teacher salary. On the other, I know that dozens of my dear friends are wasting their money on a daily or weekly basis.
I myself have only indulged in NCAA basketball tournament pools, which is admittedly different than the lottery (I also won the entire tournament and collected $900, but I digress. . .), but I plan to stop that this year, as well.
While a potential big payday is theoretically always just one ticket purchase or bet away, the odds of winning are microscopically small. In my opinion, the lottery system offers false hope to the hopeless; it is essentially a tax on the poor. Stop wasting money on lottery tickets and use the money saved to invest in index funds, real estate, or just toss the money into your savings account.
Saving Money Can Be Easy
If you’re ready stop the madness and looking for a helpful, easy way to ensure that you save the money you are no longer wasting, you can do it for FREE!
I use Digit to save money automatically each month towards upcoming purchases. In the fall, we used our savings to travel to Las Vegas for a much needed vacation! I can’t recommend the app enough, particularly for those who are prone to overspending.
Opening a Digit savings account is easy and only takes a few minutes. Digit uses secure encryption technology to link to your checking account and analyzes your spending. After it has gotten to know you and your habits, it automatically saves money for you every so often by moving money into a secure Digit savings account. Some days, it moves $5 into my savings account, and other days it may move $15 – it all depends upon my spending patterns. And I don’t agree with Digits savings plan, I can always pause savings or transfer money back into my checking account with a simple text command.
If you are not a natural saver and want to stop wasting money, I can’t stress this enough – Open your own Digit savings account for free today!
What are the primary ways you need to stop wasting money? How have you wasted money in the past?