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Top Ways Many Americans Waste Money

By Edited Sep 6, 2016 1 1

Americans waste a lot of money each year. There are countless ways that Americans waste money. Here are some of the top ways Americans waste money Read through these and see if there is any way that you can keep yourself from wasting as much money. Sometimes you may not even be aware of how much money you are wasting until you begin to track all of the money you spend on an itemized list. Cut down on your spending and live a more rich life.

Eating Out

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Eating out everyday can get extremely expensive. Food costs continue to rise but it is still much cheaper to buy food at the grocery store and cook it yourself. Prepared meals cost much more than buying food in bulk and cooking it up yourself.

If you eat out lunch everyday then that is at least $300 you are probably spending. If you take your wife and kids out to dinner each week it could easily cost you over $50.00 each week. Take the time to cook and eat meals at home and you will save a lot of money.

Buying Brand New Cars

Long Necked Pedestrian
As soon as you buy a brand new car and sign your name to the paper the value of it drops. People often like to say that a new car drops in value as soon as you drive it off of the car lot, but in reality it drops in value as soon as you sign the papers to buy it. The car instantly drops in value, sometimes thousands of dollars. You can save a lot of money by buying used cars. You get a much better deal by buying a quality used car as opposed to a brand new car.

You can also save more money by buying a used car from a private seller instead of a car dealership. You will want to ensure that a reputable mechanic you trust looks over the vehicle and inspects it for you before you begin the negotiating.

Designer Clothes

Many times the only thing different between designer jeans and generic jeans is the label on the butt and the cost. If you feel that you just must have designer clothes then at least purchase designer clothing seconds off of EBay. Sometimes name brands are the way to go such as Nike shoes. You are on your feet a lot and Nike shoes are generally going to cushion your feet much better than a cheap pair of shoes from Wal-Mart. You need to differentiate between quality and simply a brand that has the price jacked up high on it because it is currently considered fashionable or trendy.

Coffee

Starbucks and other fancy coffee houses is a daily ritual for many people. Save a lot of money by making your own coffee and other drinks at home. You will save alto of money. It is amazing that in our society it is common for people to spend $4-$5 daily for a caffeinated drink from Starbucks. Save money and brew your own coffee at home. Many people who quit going to the coffeehouse each day are able to save over $1,000 each year. Do you really need to spend an extra $100 each year on coffee?

Cable and Satellite Television

People seem like they cannot live without cable television or satellite television. As long as you have an Internet connection there are numerous shows you can watch for free on HULU, YouTube, and many other media outlets. Simply paying $8.00 a month will give you more than enough shows to watch on Netflix. Paying $8.00 per month for Netflix will save you a lot of money over paying $75.00 or more for a premium cable package. Instead of watching so much television maybe you should spend more time outside exercising and it will help to keep your medical costs down.

Worthless Warranties

Now days it seems like you can get offered to buy a warranty on most every product you purchase in today’s World. If you buy a video game from a department store such as Wal-Mart then you may get asked if you want to buy an extended warranty. Sometimes a warranty is a good thing to buy, but generally if your warranty costs nearly as much as the product its self then you should not buy it. Many warranties are truly scams. You may find that you purchased a $10.00 warranty for  a $100.00 product, yet the warranty coverage is bare minimal and you are forced to mail the item in and still pay for postage both ways when it would be cheaper to simply go buy a new product.

Door to Door Salesmen

Some door to door salesmen truly have a good product at a reasonable cost, but the vast majority of them do not. If you are buying anything from a door to door salesmen, then you are probably overpaying, buying an inferior product, and or outright getting scammed.

If you have ever bought a product from a door to door salesmen such as a magazine subscription, meat, or an alarm system then you know that you overpaid. Kirby vacuum cleaners are truly a great product, but do you really need a vacuum that costs over a $1,000?

Make Money Work for You

With the money you save you can make the money earn for you. This way you can earn extra money without doing any additional work. You may choose to invest in CD’s, real estate, savings bonds, stocks, or web content for a blog. Regardless of what you invest in you can make money. You can always hire a rental property management company to handle your rental property if you ever buy a piece of property to produce extra money. Regardless of what you invest in you can earn money if done properly. Save up money by not wasting it and then reinvest that money into something that will produce extra money for you.

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Comments

Nov 28, 2012 11:22am
Marlando
Great insight--I went out to a well known fast food place just yesterday and bought to hamburgers--one for a friend--french fries and a coke. Total cost: $12.00 plus--I kid you not.
Nevertheless, I am generally frugal these days--wished I'd been when I was young and spending money like the river would never run dry. 2 big thumbs
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