7 Things to Stop Wasting Your Money on Today

Published: May 25, 2015 | Updated: June 26, 2020 | Posted by: Carlo Miguel Castañeda | Personal Finance


 

Wasting Money

 

There’s a fine line between a worthy purchase, and a waste of your hard earned money. There are times when you can spend and it’ll be worth it, and times when you just definitely need to think before you leap.

Read More: How to Avoid Being Broke

“There’s simply no rule that says an evening or afternoon on the town has to cost a ton of money,” said Chelsea Fagan, a personal finance writer and founder of The Financial Diet. It stands to reason that certain things you choose to reward yourself for a job well done are actually a waste, and here are seven of them:

Impulse Shopping
Retail therapy is one of the ways that a lot of people relieve stress. Shopping is fun, and you end up with that new, shiny thing that you’ve had your eye on for the longest time. But the question you’ll eventually ask yourself afterward is: did you really need it?

The impulse shopper’s answer is often, “Not really, but I had to have it.”

When it isn’t a waste: Buying something quality isn’t a waste, but there’s a difference between wanting something and actually needing it. It isn’t a waste when you’re buying something after weighing the pros, cons, price, and your need.

Artisan Coffee

You need coffee to function, or at least, that’s how you justify your daily Starbucks habit. There’s a mighty need for you to have that particular blend of coffee every morning, before you come in for work.

You pay over a hundred pesos for the largest size coffee, and the cost of that builds over time.

When it isn’t a waste: Great coffee blends can be found at supermarkets. Buying ground coffee and a press cuts back on the cost, plus you get to share your coffee obsession with your coworkers.

The Latest Tech

It’s new, sleek, and you can get it on installment. Whether it’s a new phone, tablet, or gaming system, the latest tech is so easy to covet and buy.

They’re expensive when they’ve just been released, and they become a waste when the bugs haven’t been completely worked out.

When it isn’t a waste: Prices on tech generally deprecate after a few months, giving you the time to decide if they’re worth it.

Cab Rides

Cabs are convenient, and with the arrival of ride-booking apps, you can just as easily book one whenever you want. It might not seem like a lot to pay for the convenience, but it adds up. There’s also the possibility that you’ll end up paying way more if you get stuck in traffic.

When it isn’t a waste: Commuting late at night can be dangerous, so times like that can be when you do spring for a cab ride. Try setting a cap on your monthly cab rides.

Expensive Nights (or Afternoons) Out
Time out on the town is composed of good food, good drinks, and good company. There’s no denying that it’ll be a fun time, but it can also be expensive if it’s the kind hanging out that involves going to the hottest spots in the metro.

When it isn’t a waste: You’ll get charged an arm and a leg for drinks and food. Having fun with your friends can be as easy as mixing drinks at one of your homes, and pre-gaming before you head out.

Read More: 5 Habits That Will Stop You From Being Rich

Overpriced Gym Memberships
Buying a year’s membership to a gym that you’ll only be able to visit occasionally won’t be worth it. The upkeep will be expensive, in spite of the supposed benefits and freebies that you’ll get from being a member.

When it isn’t a waste: Getting fit is a state of mind and a habit that needs to be built up. Invest in a set of weights and work out at home. You can also go on runs with friends after work if you want to shed a little extra weight.

Fad Food

These are the places that happen to be this week’s hottest food spot that just about everyone you know has been to, and you’re perfectly willing to wait in an extremely long line all the time. The prices might be a little high, but it looks enticing.

When it isn’t a waste: Good food is something you can treat yourself to, waiting in line is not. Odds are you can always find a nice place with good food for less.

The money you earn from working hard is yours to spend, but that doesn’t mean that constant spending is ideal. Weigh your wants and needs, and plan around them.