8 Common Ways You're Wasting Money Without Knowing It

Time to get rid of these habits so you can save some moolah!

Updated on August 10, 2017 8:08 am

Jemma Chiu

a notebook crossing out the word spend and highlighting save

It pays to know where your hard-earned money goes especially if you want to save in the long run. There are times though when you get so caught up on spending on things you think you need without realising that there are better and cheaper ways of acquiring them.

Get rid of the following spending habits and you’ll find yourself with more cash in your hand:

1. Buying items with poor quality

Spending on cheap but low-quality items will cost you more in the long run because then, you’ll have to buy repetitively if that item stops working. Considering quality over price often lets you save more especially when it comes to electronic gadgets, appliances, or even shoes.

a grocery cart containing fruits, vegetables, and milk

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2. Overbuying food items

When food expires, you have no choice but to throw them away. Refrain from overbuying from grocery stores by creating a meal plan or listing down items you actually need. This way, you don’t end up with a stockpile of food that will not be eaten anyway.

3. Eating out for lunch

Going out for lunch with coworkers means spending more, too. Instead of buying your lunch every day, why not try making your own meal and bringing them to work? You can even be creative about it by creating new recipes from leftover meals.

credit card payment terminal

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4. Buying now and paying later with credit cards

Credit cards are especially useful for emergency purposes but using it to buy goods even though you have a cash on hand can be tricky. If you choose only to pay the minimum amount of your credit card bill, you end up incurring more interest charges. Avoid paying more by making sure your credit card bills are fully paid every month or better yet, avoid using it unless needed.

5. Impulsive buying

Going shopping without having a clear idea of your budget may end up chipping your cash away because you might purchase something you want even though you don’t really need it. Impulsive buying is a habit many of us are guilty of so make sure to think twice before pulling cash out of your wallet.

a man comparing prices of products in a grocery

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6. Not shopping around and comparing prices

Don’t settle with the first item you see without comparing it with other store offerings. Go around the mall and you might find a better bargain for your money or if you’re lucky, there might be a discount that the first store is not offering. Online stores are a good alternative, too.

7. Being tempted by sale

Do you really need that pair of shoes or that new gadget? Oftentimes, when there are ongoing promotions and sales, we find ourselves buying things we don’t really need just because it costs cheaper than usual. There is also the tendency of hoarding items even though they end up being buried in your closet.

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8. Buying branded drinks

Guilty of this? Grabbing espresso from your favourite coffee shop or always opting for bottled water isn’t that bad but doing it on a daily basis may cost you more than you know. Try running the numbers and you’ll be surprised by how much you’re actually spending for these branded drinks. Start bringing your own water tumbler or invest on a simple coffee maker to cut back on your cafe visits.


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Cover photo courtesy of Finance Product Evaluations

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