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5 Ways You Could Be Wasting Money

Money is a precious commodity, and it appears that the more we seem to earn, the more we seem to spend. At some point or another, we notice ourselves beginning to waste money without even meaning to, and it’s not until that moment is realised that you truly begin to calculate how much money you have wasted over the years. Sometimes, you may find that you can’t seem to make ends meet half way through the month and you’re beginning to need the help of a short term loan to pay an unexpected bill or cover you for a financial emergency. This is normally the point where people begin to realise that the money they have been wasting should’ve been going into a savings account. Here are 5 ways that you are wasting money.

Not Taking Advantage Of Deals

Taking advantage of all of the possible ways to save money is important, and if you’re not taking advantage of deals and rewards, then you really are wasting your money. Using things like vouchers, and taking advantage of the sales when you actually need to buy something really can help you to save money. However, you should only take advantage of these deals when they are on something that you actually need – not what you actually want.

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Paying The Minimum On Your Credit Card

If you have a credit card and you’re only making the effort to pay the minimum amount each month, then you may find that you’re actually wasting a lot of money as the interest can quickly begin to build up. It is important that you pay off more than the minimum on your credit card to clear your debts quicker, and to help build up your credit rating. Your credit card can sometimes be something to fall back on, but it should never be relied on. If you can pay more, then do so.

Buying Too Much In Bulk

Tinned foods may seem like they will last forever, but they do have an expiry date. Buying in bulk is important but only if you’re going to use it. There are so many different scenarios were people who have bought a lot of food are actually spending more money just to throw all of the food items that they bought away a few months or up to a year after. Buying in bulk may seem like you’re saving money, but if you’re just binning it, you’re actually wasting it.

Buying Lunches Instead Of Making Them

One of the easiest ways to save money is by shopping in budget stores such as Lidl and Aldi, and making your own work lunches rather than buying them from the nearest sandwich shop each day. It’s so easy to fall into the habit of buying lunches, or eating takeaways all too often, but when you make your own, not only are you more likely to enjoy them, you are also able to save a lot of money. Buying lunches each day means you could be spending around £5 a day just on lunch foods. Over 4 weeks, this accumulates to £100 a month, and £1200 a year (not accounting for holidays and weekend).

Not Recording Your Expenses

One of the biggest ways you are wasting money, is because you don’t actually know where it is going each month. Tracking and budgeting is the easiest way to spend your money, but if you don’t know where it is going because you’re not recording it, how are you ever going to create a budget? Start fresh next payday and see if you can find a way to save yourself from wasting your money.

The information above is only a guide to help you realise ways in which you can save your precious, hard earned money but everybody needs and deserves a treat now and again, so hopefully some of the tips above will help you save for the treats you want.