Have you ever made a budget and then realised that what you have on paper is no correlation to what happens in your bank account? You are probably like most people who are wasting money on small but significant areas. Here I’ve addressed 5 areas most people are wasting money and what to do about it!
Buying lunch at work
It is convenient and easy and it might save you 5 minutes in the morning rush, but buying lunch at work is a major area many people are wasting money. $10 a day (which is conservative once you add in a coffee or drink) over 5 days a week, 48 weeks a year adds up to $2400 a year.
Not shopping around on insurance
Next time any of your insurances are up for renewal, pop online and get 3 quotes from companies other than your current provider. Compare the policies and the prices and go with the one that has the best deal. I guarantee you will save money.
Spending too much at the supermarket
Repeat after me… I will NOT shop without a list! Meal plan, buy in bulk and shop less frequently (once a week at most, once a fortnight is better). Check out how I reduced my grocery budget to under $150 a week.
Not having the best phone plan
If you are spending more that you plan amount each month then you need a new plan. There are heaps of great unlimited plans around that could be saving you thousands a year. Check out my post on the best unlimited mobile phone plans.
That magazine at the supermarket? The 3 tops on special? Just because it is on sale doesn’t mean you need it. Before you buy that next impulse item think about what you’ll use it for and if you really need it. Set a budget for incidental spending for the week and at the beginning of each week, take it out in cash. Keep it in your wallet and use it to buy any impulse or incidental purchases. Once it is gone, that’s it. No more buying.
What areas are your biggest money wasters? For me it is definitely the impulse buying!