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4 Biggest Ways People Waste Their Money

Despite your best efforts, it’s often easier than to overspend than you might think. There are so many options and choices out there which you choose to spend money on. Unfortunately, sometimes the number of options gets overwhelming, we opt for convenience over being frugal, and ultimately we end up buying a lot of things that we don’t really need.

It’s in your best interest longterm to only spend money on things that you really need, especially if you have tight finances.  

Whether you’re trying to find ways to save yourself more money or whether you’re going through a financially difficult time, having an idea of some of the biggest culprits for wasting your money can help. Here are some of the most common things people waste their money on.

Buying New Over Used

There are certain things you should always buy new.  From underwear to mattresses, there are certain things you just shouldn’t buy second hand.  However, there are just as many if not more things out there that are better bought used.

A lot of people’s first instinct is to run to the nearest store for whatever they need without even considering cheaper options.  However, often looking on websites like eBay and Craigslist can save you as much as thousands in some cases for something which is still in great condition and sometimes even practically new!

If you absolutely need to buy a certain product new, or you just want to treat yourself, at least check out some price comparison sites beforehand. You can find information about the specs of a certain product online at Only Reviews and see what better deals you could potentially get for the money.

Extended Warranties

We’ve all been at the electronics store about to check out when the store clerk asks you if you want to spend 25% of the total cost of the computer itself for a year warranty.  Your first instinct is usually, “Heck no.” however, often we get swindled into believing we need it.

Retailers depend on offering these extended warranty contracts even though they’re rarely worth their cost.  In many cases, you’re only covered under very specific circumstances, so it’s important to read the small print before you hand your money over too quickly.  

Rental Car Insurance

Rental car insurance is usually completely unnecessary under any circumstances.Usually, your credit card company that you pay for the rental car with offers to cover the insurance so buying additional insurance from the rental agency is totally pointless.

It’s always good to check with your credit card company first to make sure that this is, in fact, the case.

Memberships and Subscriptions You Don’t Use

Do you pay for extra cable packages yet only watch Netflix? How about that gym membership that comes out of your account every month.  When was the last time that you actually went?

Do you pay for a magazine subscription that you keep saying you’ll eventually get around to reading, but you’ve got a pile that’s 12 months deep?  Eliminate your extra expenses which you don’t use and you can save hundreds a year.