What are the Biggest Money Wasters? As we all know that money is very important in fact most important in some cases, thing in the world. Money plays a key role in your life. You can easily analyze that your whole life revolves around money. The only thing with your every plan is related is money. You prepare different strategies for money. Among these strategies you make, one most important strategy people usually ignore is “biggest money wasters”. We ignore how to utilize our income. You must have the same issues. You make plans about how to make money, how to increase income, and many other things. But the point you ignore is the things that waste your time. And today we are going to discuss this.
Before going to our main topic, you must learn about the importance of money first. Although there is no need to discuss this is related to our topic. Money is the basic component that you need to get anything. And the important it is to earn money, the more important is to save the earned money. Because the hustle you make to earn money is not so useless that you can burn that money.
Usually, people ignore to save money. They work day and night but when it comes to utilizing that money, they don’t know how to manage them and spend that hard-earned money on useless things. And the result is that they waste their money and don’t get their dream life. Because the first thing you have to learn when you start earning money is how to invest that money. And today we are going to discuss 10 those habits that destroy your money and savings. Let us move to these things.
1- Eating Out
Undoubtedly it has become a trend to celebrate almost every type of function outside the home either in hotels or restaurants. Besides this inviting a lot of people is like adding fuel to fire. It is also a fault of ours as in this modern era success of a person is determined by his social status and high standards of living.
In order to keep his standard high, he must go outside to eat and drink rather than to make it at home. For example, if a guest or a friend comes to meet us then we take him to a restaurant for eating rather than to prepare food at home and it has become a trend nowadays.
There are a lot of benefits of homemade food over outside food. In order to save money and maintain our health, we should prepare food at home. If we talk about the quality of food made at home and made at restaurants then there is a huge difference. We don’t even know how food is prepared and cooked, either they wash hands or not, either they are using healthy materials or not while on the other hand there is a guarantee of the food prepared at the home of both the material things and the method by which the food is cooked.
Now we get the conclusion that eating out is a waste of money and health and eating in the home is of great benefit for us. However, eating out to a limit is not bad.
2- Branded Clothing
Do you prefer to buy your clothes from a reputed brand or a designer? If this question is asked from a celebrity, definitely the answer would be “Yes” because it is not a big deal for him/her. Because they have the money to spend especially on their clothing. If the same question is asked from a person who belongs to a middle-class or a poor family then the answer would be “No”. Because they can’t afford to spend a huge amount of their savings on branded shoes and clothing to make a point.
For a person who is doing work depending on a daily basis and hanging his life in it, there is no need to buy branded clothes for him at all and it is totally a waste of money and no one cares what are you wearing as they are only concerned with the work. It would be ok to buy branded clothes if you are a manager of an organization or owner of a great business etc.
As of now, it is your duty to wear branded clothes and you are affording to. Let us consider that we are buying a dress from an expensive brand then we are not going to wear this dress on regular basis we will just wear it on major occasions while if we buy cheaper clothes then we will wear them on regular basis, making the value of money we have spent.
3- Expensive Mobile Phones & Vehicle
Nowadays, the young generation has become addicted to mobile phones. Relying on smartphones is ok but everyone wants to get the latest smartphones which must have powerful processors to fulfill the need of their gaming experience, great storage to store large amounts of data, and most important high megapixel camera to meet the requirements of photography, which is not ok. A smartphone which has all these features surely has many costs. To buy such smartphones for job and work (in the case where your employer will not provide you) is ok because you are earning through it. While if you are buying it just to play heavy games then it is totally a waste of your savings and time. Wasting of time comes in the sense that after buying you must play games and waste your time.
The same is the situation for vehicles. If one is buying a vehicle to show off his/her status then it is a waste of money. For example, if one is going to his/her duty and his/her office is far away from his home and he/she have enough savings then buying a car is not a problem for him/her while if the office is 1 kilometer away from his/her home then buying a car is waste of money he/she must go by cycle or by feet, it would also be great for his/her health. Buying an expensive mobile phone or vehicle just to show off is complete, a waste of money.
4- Partying with Friends
Have you ever gone to a supermarket to buy goods with a list in mind and started buying things according to your will instead of buying according to the list? Surely not! Because first of all, you must look at your budget. It will not be allowed to do so if you belong to a middle-class family.
The same is the thing here in this situation. Partying with friends outside is not a bad thing if it happens once a year. It is a bad thing if it happens every day every week or every month, depending upon your financial situation. In this situation, it will come in the category of money wasters. Another factor to makes it expensive is our choice. The reason is that if we go out to have some party and want to get cravings of strawberries in the middle of winter then we are demanding the item which is not easily available in this season and of course it would be expensive.
Here the solution is that either we should wait for the season of strawberries or we should have it in frozen form. Definitely, the taste may not be as better as fresh but it would be a cheaper alternative to save money. By using these tips and tricks we can save money for our needs and it would be a responsible act.
5- Expensive Gifts for Girlfriend
Indeed good friends are like a part of the family. It is a relationship like a brotherhood. Depending on the nature of friends we can divide them into two categories. One who has some greed in nature and other who prefer loyalty. If we like somebody and want to get his/her attention towards ourselves then we show them off some expensive things. Now it depends on our friend that either he/she is loyal or greedy.
For example, if we give them some expensive gifts they show attention towards us and if not give them costly things they don’t do so saying that we are not according to their status. While there are friends who have loyalty in their nature and they just want our attention, not the money and other costly gifts. If we are giving costly things to our friends just to get their attraction or to increase this relation then we are just wasting our money. Because it is just a useless thing to do. As gifts are not judged by their costs gifts but by the love and respect of their givers.
So giving costly gifts to our friends is just a waste of money as the value of the gift is not checked by its cost it is a game of love and loyalty.
6- Useless Paid Subscriptions
Nowadays, it is easier to sign up for subscriptions. We should thank smartphones which enables us to get subscriptions to different services. As far as their benefits are concerned these subscriptions play an important role in our lives as these provide us with our mobile security, fitness coaches, cloud storage, etc.
But these subscriptions also come in the category of money wasters. We can also survive after leaving these subscriptions as a bodybuilder can’t live without gym membership but can ignore food delivery services. A regular newspaper reader can’t live without a newspaper subscription but can live without the subscription of Spotify.
Let us calculate how much we can save after leaving unnecessary subscriptions. Netflix, Hulu, Amazon Prime, and Spotify almost charge 100$ per month each. If we are using one of them and after canceling its subscription we can save 100$ per year and if using two or three then can save 200$ or 300$ per year. A gym membership almost ranges from 10$ to 100$ per month. We can use the My fitness app which is free to use and can save 7$-15$ per month. If one is not using these subscriptions then these also come in the category of money wasters.
7- Cigarettes And Alcohol
Smoking and drinking are the major cause of money wasters for their users. Nowadays, the young generation is mostly affected by cigarettes and a bit lesser by alcohol. These two are not only the cause of money wasters but also destroying the health of its consumers. One of the most serious chronic diseases is Asthma which is caused by smoking and drinking is spreading heavily among the young generation. Nicotine present in cigarettes is very dangerous for our health as it causes to shrink of the blood vessels of its user decreasing the flow of blood. The chance of cancer is much greater in smokers than in nonsmokers.
According to science with the passage of time the routine of smoking increases day by day, which means consumption of money also increases. For example, a person smokes one cigarette on the first day which costs him 10 rupees. After one year he smokes 5 cigarettes a day which costs him 50 rupees. Hence increasing the rate of money consumption. Spending such a great amount of money just to destroy your own health is such a foolish act.
Are you a lover of dealing with gambling? Then you also are a money waster. Want to stop it to save some money? We are here to help you. Whether you bet on horse races, cricket, football, or in casinos you will fall in the category of gamblers.
Gambling is such agreed that it can happen to anyone at any age. It starts from just fun to dangerous dealers.
According to doctors, gambling is a disease which is known as impulse control disorder. In this disorder I mean gambling one cannot afford a loss, he continues to bet until his last rupee. The result is that he loses everything, wastage of time and money. You have family and friends. Just think about them. They need you, you have to stop this shit and save some money so that it can be helpful for later for you and your family. Just think about it.
9- Investing without experience
Investment without knowing the ABCD of the concerned field will result in you a waste of time and money and you’ll have nothing left to start again. The young generation is most affected by this problem as they want to become rich in one night. They start to find the shortcuts to earn a lot of money and become victims of weasels. Cryptocurrency has become so popular nowadays and no doubt a lot of people are earning heavy income through cryptocurrency. On the other hand, there are a number of weasels on the internet which are looting by the name of profits. Persons who don’t know anything about cryptocurrency come to these weasels and fall prey to them.
Let us understand it through an example. If one wants to earn online through cryptocurrency then he must know the basic knowledge of stocking and trading, if not then he will go to such platforms which will give him a heavy daily percentage of his investment. In this situation, he will go to the platforms like HFC and OK MINI, etc. which was providing almost 7% profit per day.
A question arises here that what is bad in them. The answer is that such platforms are scams. They will give you profits almost for one to two months and then they disappear, yes we become their victims. The result is that we’ll lose our precious money just because of a lack of experience and a dream of becoming millionaires quickly.
10- Showing Off
Why do people want to show off? Are they wasting their money just to look better than others? Just to impress others? The answer is yes, they are wasting their money. Let us discuss the reasons, first of all, the reason is that people are not concerned about you. They are not there to see your looks. As far as friends are concerned then we can say that it is true.
If a friend is giving you the importance and you are attracting him/her through showing off your money by looking beautiful and wearing better clothes then it would not be the same for your friend that he/she is attracting towards you just because of your money. Yes, money matters but it is not the case every time. It is just a waste of money. If you have guts you don’t need to show off.
Let us understand through an example. An MMA master fighter will never challenge you just to show off his skills because he knows he is a master. While a beginner MMA fighter will show off you that he is the best and will challenge you just to prove he is best to others. You don’t need to waste money just to show off.
10 Biggest Money Wasters
- 1- Eating Out
- 2- Branded Clothing
- 3- Expensive Mobiles & Vehicle
- 4- Partying with Friends
- 5- Expensive Gifts for Girlfriend
- 6- Useless Paid Subscriptions
- 7- Cigarettes And Alcohol
- 8- Gambling
- 9- Investing without experience
- 10- Showing off