For most of us, budgeting and financial management is a critical work that’s never truly done. And although it’s important to carefully consider the more expensive purchases we make in order to avoid wasting money, it’s easy to forget that the little things we buy day to day can add up in a hurry!
In this post, I’m sharing a list of 20 of those smaller buys that may be eating into your budget. Regardless of your current financial situation, I hope this post inspires you to identify and eliminate unnecessary spending so you can put that money toward something you need (or at least genuinely want!)
Author’s Note: This isn’t meant to be a list of things you should never spend money on, but rather a list of items that are easy to ignore to the point where they can negatively impact your budget. But there’s no harm in occasionally treating yourself to any of these items — “everything in moderation,” as I like to say!
20 Things You Might Be Wasting Your Money On
1. Bottled Water
It is easy to overlook a small amount spent on bottled water everyday, but it adds up! A 16-ounce bottle of water costs about $1.50. Buy a bottle of water five days a week, and you’ll spend $30 a month and $360 a year.
2. Credit Card Interest
If you’re not paying your credit card balance off in full each month, you’re wasting money on interest. Carrying a $1,000 balance on a card with an 18% interest rate will cost you nearly $200 per year.
3. Unused Gym Memberships
Your commitment to working out may have waned, but that won’t stop those monthly membership charges! There are also plenty of exercise options that don’t cost any money at all.
4. Late Fees
If you miss a credit card payment by even a day, you can face a late fee of up to $25 (or more, if you’ve been charged a late fee in the past few months!)
5. Appetizers
Who among us hasn’t chowed down on an appetizer or two while dining out, only to end up feeling full by the time our entree hits the table? (And unfortunately, I’m something of a repeat offender in this regard.) Unless you’re absolutely starving, get either the appetizer or the entree — you’ll get your fill without wasting money on uneaten food.
6. Overdraft Fees
Getting charged an overdraft fee is the financial equivalent of getting kicked while you’re down, isn’t it? Check the state of your accounts regularly — even daily — to make sure you’re not in danger of getting hit with an overdraft fee.
7. Expedited Shipping
Paying a premium for expedited shipping is very rarely necessary, and those costs can be pretty steep! To avoid costly shipping fees, take advantage of free shipping promotions and in-store pickup options.
8. Deal Websites
The discounts available through deal websites like Groupon will only save you money if you actually use whatever it is you’re buying! If there’s a 2-for-1 deal for that new place across town, make sure it’s a place you’re actually interested in going before snagging a deal that could be a waste of your money.
9. Designer Baby Clothes
It’s probably not worth it to spend $20 on a single onesie. That onesie will likely end up covered in stains, or the child will quickly outgrow it anyway!
10. ATM Fees
It’s not just two bucks here or $3 there. It adds up. Fast.
11. Forgotten Movie Rentals
Red Box may only be a buck a night, but rent two and leave them behind the sofa, and that can add up quickly.
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12. Unhealthy Habits
Americans burn $44 billion on tobacco and $50 billion on alcohol each year, and that doesn’t begin to take into account the indirect costs related to drinking and smoking. Bottom line: both of these can cost you your health as well as your wealth.
13. Premium Cable Packages
Be honest, you probably don’t watch 90% of the channels that you get with a premium cable package. I know I don’t! Plus, you can get a lot of the same shows on streaming services, which cost about $10 per month compared to ten times that amount for a cable package!
14. Lottery Tickets
Your odds of winning big are somewhere in the neighborhood of 1 in 13 million. With odds like that, the chances of you recouping what you spent on those tickets are slim to none.
15. $8 Coffee Drinks
If you must get your coffee on the go, stick to a gas station or convenience store to lessen the daily blow to your bank account.
16. Tickets & Citations
Speeding and parking illegally is a huge waste of money. Plus, one speeding ticket can raise your insurance rates 10-15%. Do you REALLY save that much time anyway?
17. Not Planning Meals
Without a plan, you risk wasting money at the grocery store or on fast food.
18. Dry Cleaning
Unless the label says “dry clean only,” you can more often than not get away with washing your dress pants, button-up shirts and dresses in cold water. Skip the dryer and hang or lay flat to dry.
19. Magazine Subscriptions
Do you have a large pile of magazines that you’ve been meaning to read? Cancel those subscriptions! You’ll never notice they’re gone. (And if you do, it’s better to buy one issue for $5 when you know you really want to read it.)
20. Premium Gasoline
Many drivers assume using a “premium” gasoline will make their car perform better. That’s not necessarily true! You won’t go faster, get better mileage, or run cleaner using premium fuel. (Some cars may see a minuscule boost in performance, but it wouldn’t make a noticeable difference to the average driver.) Switch to the lower octane options at the pump and see the savings add up.
What’s one thing you do to avoid wasting money?
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These are great ways to save some cash. Fabulous list for the frugal homemaker.
Please log in or create a free account to comment.I am so guilty of the Groupon thing!! I also went through a stage of purchasing massages and restaurant deals that I didn’t end up using because most were just far enough away that I never had time to use them it just didn’t want to drive that far!
Please log in or create a free account to comment.I do have to say we buy bottled water, but I don’t consider it a waste of money. 99% of the time I purchase a case at Costco for $3.00, and keep some in the fridge so I can grab one on my way out the door if I don’t have time to get my “good” reusable water bottle. That way it works out to be around 15 cents per bottle. It’s also invaluable to us during summer sports practices….I tried one year to get everyone their own reusable bottle, but most would leak if I put them into a bag and they fell over, leaving us less water to drink in the heat! And I agree, if you are somewhere and need a drink, I would rather purchase water out of a machine than soda. I can’t imagine doing it very often though, that would get quite expensive!!
Quite often I will order the appetitezer as my main dish. With everything larger these days, the appetizer is just the right amount, with no waste.
Please log in or create a free account to comment.I agree! A salad or a plate of nachos makes a good meal and if I got one of those PLUS a meal I would be STUFFED and out a bunch of money!
Please log in or create a free account to comment.But why not make the same basic food at home? That way control how fresh the ingredients are and you can customize it just to suit your family. It is also so much cheaper then eating out. Plus no leaving a tip since you are the server. I have found that you can generally make a meal of at least half of what they charge to eat out. Cheaper, fresher, tailored to your likes or dislikes and you don’t drive just sit in the comfort of your own home.
Great idea Janie!
Please log in or create a free account to comment.I order a meal and divide it in half. Eat one half, take the other home for another meal, making it more affordable for me, plus I don’t have to make it……………..WIN – WIN………….
Please log in or create a free account to comment.In some places, people do need to buy bottled water and I think that is necessary as long as it is sourced from real spring source and is owned by a small company that’s not questionable. The reason is there are places where the tap water has fluoride which is a known carcinogen and toxins. The fluoride that is put in our water is not real flouride but a waste product and a biproduct of pesticides company. A healthier and safer alternative would not be bottled water, but investing in a sound water distiller.
Please log in or create a free account to comment.There are always exceptions! :-)
Please log in or create a free account to comment.As a general rule, distilled water removes not only all of the chemicals from water, but also all of the beneficial minerals that give water its taste. As a result, you end up with totally tasteless water. The only thing I use distilled water for is topping up batteries.
Please log in or create a free account to comment.I do occasionally buy a bottled water. I’d rather have that than a soda. And I do have a case of bottled water for my prepareness pantry. Hubby drinks sodas in 2 liter bottles. I will start saving those for pantry storage. Just wash well and let dry. You can fill them with rice, beans or most anything else. You can even use them for water storage.
Please log in or create a free account to comment.Don’t forget to check out your local library. They have magazines and possibly videos you can borrow. My library lends both of these for a week with a 10-cent/day late charge and no up-front fee for videos. It’s a great way to save!
Please log in or create a free account to comment.My library sells old magazines for 10¢ each. A few times a year I splurge and buy 10 for $1.
Please log in or create a free account to comment.Many libraries have services where you can download hundreds of current magazines (as well as books, music and movies).
Please log in or create a free account to comment.Great tip Dorothy!
Please log in or create a free account to comment.Awesome ideas. Great blog. My husband is a ASE master certified auto technician. Engines are designed to use a certain octane of fuel. The engine needs to burn hotter when using higher octane. Certain conditions like hot summers or loads like trailers warrant the need for higher octane. Check your car’s owner manual to find out what octane to use. Using higher octane when your car was designed for lower octane can leave residue in your engine.
Please log in or create a free account to comment.After reading this I have just cancelled a Magazine Subscription that I rarely read properly. That’s saved me £24 a year. Thanks Jillee!
Please log in or create a free account to comment.I’m so glad!
Please log in or create a free account to comment.Beware the “restaurant tab creep” particularly in themed casual dining chains. When the dinner bill for two went from $35 to $65 (without appetizers or alcohol!), it was time to eat at home more, or go to In-and-Out.
Please log in or create a free account to comment.Not entirely like the “shrinkflation” that is now so prevalent at the grovery stores now, is it? Same price per container, but in a much smaller container.
Please log in or create a free account to comment.For those people who love their magazines, most libraries have magazines for reading and check out. Much simpler and on hot days much cooler.
Please log in or create a free account to comment.Excellent point. And they’ve got DVDs, books on tape and many offer online Bonus materials and subscriptions – all as added benefits with your library card. Most libraries are easy to request items they don’t have yet as well.
Please log in or create a free account to comment.Plus, stop won’t time on expensive INK and paper of an at+home printer when you only need a few pages on occasion. Get the file to the library and print there for a nominal fee, sometimes the first 5 pages are even free!
Have a business office on site at your apartment complex? They’ll often provide free printing, faxing and use of a computer.
I’m a magazine junkie! That is one thing I am not giving up. However, I do purchase several from my local library at dime or quarter each. Others I get when offers are 2 for 1. getting 2 magazine subscriptions for $5 or less! Just recently renewed several for $2 each. Much cheaper than the drive to the library! I do recycle by passing on most to a domestic violence shelter or free clinic ,,,that way they have something a little more current ;-)
Gave up cable years ago and opted for Netflix. With a good digital converter we get over 50 channels with lots of good viewing.
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