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How to Stop Wasting Money

From the time I was small I’ve been hearing comments about wasting money. Some of the comments are “He’s always wasting money” or “She loves to waste money”. Now that I’m older, I know what those comments meant. Wasting money is something that varies from person to person and one person’s waste could mean another person’s gain.

We often waste money by:

  1. Buying things that you really don’t need – If you don’t need them, you’re wasting money.
  2. Buying overpriced items – If you look at it and you don’t think that it’s worth the money, but you still buy it, you’re wasting money.
  3. Not paying bills on time -If you miss a bill deadline, chances are you will be disconnected from a service and if you’re really late, you will have to pay more money to re-connect it.
  4. Throwing away food – This is especially for perishables that spoil after being left in the fridge for weeks and even months. If you know that you’re not going to eat it, don’t buy it and save the money
  5. Ignoring sales – I know people that shop only when they are sales on. If you know that there is something that you need and it’s not a priority, wait it out. Make your list and keep it handy because a sale is sure to come up soon.
  6. Not using discount cards – With so many free discount cards around, there is no reason why you should not use them to your advantage. By having access to these cards and not using them, you are wasting money.
  7. Not buying in bulk – Buying in bulk could allow you to shave a few dollars off your grocery bill. Items that you buy all the time are perfect things to buy in bulk. Examples include bath soap, laundry detergent, toilet tissue, toothpaste etc.

Before you make any major decisions when buying stuff, consider these tips. If possible, create a plan and rationalize what you are going to do.