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10 Worst Ways You’re Spending Your Money Today

If you lose track of your money or need help figuring out where it’s going, you must reevaluate your money habits. Some purchases seem minuscule but can cost you quite a bit in the long run. So here are some things you’d want to avoid spending money on.

1. Impulse Purchases

Your midnight online shopping spree can cost you a lot in the long run. It is tempting to buy something just because it is convenient and in front of you. However, resist the urge by being thoughtful. Ask yourself if you really need it.

2. Buying, Not Renting

Did you know that you can rent items instead of buying them? From clothes to tools, you name it! Imagine you go on a camping trip once in a few years. Investing in camping equipment you won’t even use frequently won’t be wise. So, why not rent it?

3. New Cars

Depending on where you live, the depreciation rate for a new car can be insane. So, if you’ve been considering investing in a new fancy car, this article is a sign for you to say goodbye to that thought. Car breakdown insurances are also a fad, so don’t let a dealer overcharge you for a bogus policy.

4. Expensive Tech

With newer models coming into the market now and then, folks can feel pressured to give up on their “old” phone, which isn’t even old. Most of the time, the recent model will only have one or two new features, which doesn’t make it a worthwhile purchase.

5. Redundant Insurance

Some insurances are a rip-off because you pay a high monthly amount for a concern that’ll cost less upfront. Do yourself a favor and opt out of such shams.

6. Extended Warranties

Frequently, items that cost a bit extra for that extended warranty are going to last a long time, regardless. So, getting an already durable item with an extended warranty may not be smart. You’re probably going to forget about it anyway.

7. Unnecessary Subscriptions

It may be tempting to subscribe to every service known to man but trust me, you don’t need it. While individual costs don’t seem much, they can add up.

One service will suffice among Spotify, Apple Music, Deezer, and YouTube Music. Evaluate which apps you use the most and cancel the other subscriptions. And the same goes for all television and movie apps. Your bank balance will thank you. 

8. Banking Fees

Big banks thrive on that monthly fee you’re paying. So, if seeing those deductions every month is hurting you, it’s time to opt for a different bank. Compare and see which banks can offer you a lower interest rate, lesser fees (e.g., overdraft, penalty, credit card), or free ATM services. So, don’t sit silently and find a better bank before you break yours.

9. Coffee

I hate to break it to you, but that Pumpkin Spice Latte empties your wallet much quicker than you’d think. While a six-buck coffee may not seem horrifically expensive, it can add up quickly if you’re a regular customer. Try making coffee at home, instead. You’ll have fun pretending to be a barista while saving up money. 

10. Cigarettes and Alcohol

Cigarettes and alcohol are harmful to your health and your wallet. These heavily taxed items are a waste of your money, but once folks get hooked, there’s no going back. 

This thread inspired this post.