Ways you are wasting money
There are tons of places we all waste money every day. Here are some big ones I have learned about the hard way. Check the list below and see if you are wasting money with any of these.
- Giving Uncle Sa
m an interest free loan – Why should you let the government hold onto your money all year only to give it back to you interest free? Check out our article on “Giving Yourself a Raise” for more details. - Carrying a balance – If you are have $1000 on a credit card at 19% you are paying $190 a year in interest. That same money in a savings account would earn you about $19, if you are lucky.
- Ignoring little things around the house – Small issues around the house may lead to larger issues if not resolved. Fixing things earlier will save you money.
- Not giving to to your 401(k) – Make sure you understand how your companies 401(k) works so you can get the most out of it possible. If your employer will match any part of your contributions you are leaving money on the table by not contributing. There may be other employer benefits you are not taking advantage of.
- Paying bank fees – It happens to the best of us, we forget to pay a bill, (Which is why you should automate your finances) or you overdraft.
- Leaving money on the table – Ever gotten a rebate you didn’t follow up on? Ever added money to an online service you stopped using and left the money there? I have I still have $25 in a Pokerstars account and a few dollars of credit in some other places.
- Policies that don’t fit your needs – You may be paying more than you need to for an old policy that doesn’t fit your needs. Are you paying extra for a low deductible? Or are you missing discounts you didn’t qualify for before?
- Driving stupid – I always laugh at the people who speed around me just to sit at the same light I was already slowing down for. So much gas (and therefore money) is wasted by stupid driving and poorly inflated tires.
What other ways do you see money being wasted? Tell me in the comments, I would love to hear from you.
Jason administrator
Jason is the founder of Considering Stewardship he has a passion for helping people to steward all of their resources as gifts from God. Time, money, and Talent.
2 Comments so far
StevePosted on10:51 am - May 1, 2015
Carrying unneeded data on your cell phone data plan. Comes to mind. Buying soft drinks from a gas station is the other.
JasonPosted on9:42 am - May 14, 2015
That is one if the reasons we use Ting. We only pay for what we use, it cut out cell phone bill in half.
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