There are many ways to waste money. Most times it’s because of a math error where we think we are getting a better deal than what we think. Other times, it simply because we get overly excited about something and the idea of being smart with our money goes out the window.
But whatever the reason, the fact is, the more we spend money unintentionally, the further away we get from reaching our financial goals. This means it will take longer for us to have the down payment for our house, it will be longer until we get to experience the tropical vacation we want to go on, and longer until we are able to retire.
The solution then is to stop all of the ways we waste money. But how do we do this and where do we typically waste a lot of money?
Below are 3 areas where many of us waste money the most. I’ll also talk about some simple tips to help stop you from wasting money in other areas of your life too.
3 Ways We Waste Money
#1. Getting In Shape
Whether it’s a pair of pants that just won’t button or an unflattering picture, when the idea pops in our minds that we need to lose a few pounds, smart money habits go out the window. We sign up for a year-long gym membership and visit for a few months before falling back to our old ways.
This isn’t just limited to the gym either. Infomercials touting the latest fitness gadget part us from our money too.
Of course there is the clothing too. If we are going to go to the gym, we need workout clothes. And a water bottle. And new headphones. And downloaded music to listen to as well. All of this costs money.
Before jumping headfirst into a new fitness routine and new lifestyle, slow down. Go for walks, runs or bike rides at first. Do body weight exercises at home like pushups, pullups, squats and burpees to get into a routine.
If after a few weeks you still have the desire to do more, then you can look into signing up for a gym membership or even consider workout routines at home. But even then, get a free trial and then sign up for only a month or two.
The gym rep might try to convince you that you will pay more each month by signing a month-to-month contract, but you are better off paying $70 for two months and finding out the gym isn’t your thing than to sign up for a year, pay over $500 and only go twice.
As a side note, if you did sign up for that gym membership and now want out, check out Trim. They might be able to help you get rid of the membership and save money!
#2. Eating Right
The same idea with working out applies to eating healthy. Most of us dive right in. We buy $150 worth of fruit and vegetables. A few weeks later, we end up throwing most of it out either because we gave up or we simply bought too much and couldn’t eat it fast enough.