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Do you need help budgeting for the luxurious life you always envisioned? Maybe you don’t strive for a glamorous life, but you want to know why your money depletes as soon as you receive a paycheck. Here are ten everyday wastes of money you may not catch.
1. Food
Living today is expensive. Sure there are methods to reduce living costs, but overall, living costs a lot of money. Food is one of the most significant unrecognized wastes of money.
Dining at restaurants is a fabulous way to experience new establishments in your area, but if you eat out every day or several times a week, you will spend more money than cooking or meal prepping. When you dine out at a restaurant, you pay for service, food, preparation, and display. That’s why brussels sprouts with a squirt of lemon cost $14 instead of the market value of $3.
2. Wifi
It’s 2023, and most cafes, bookstores, and restaurants have free wifi. So instead of paying an extra monthly bill, stop by a local store and ask if they have free wifi. If the pressure of buying something chases you away from an establishment, head over to a local library. They have free wifi and computer time for members.
3. Subscriptions
The easiest way to spend money is to forget you’re spending. With free trials and endless promotional deals, targeted ads weasel their way into curated feeds, causing you to purchase unwanted subscriptions.
Don’t fall into the free trial trap. If you indulge in free trials, cancel them before they end up on your bank statement. Set an alarm before the payment finalizes.
4. Coffee
A medium coffee at Dunkin Donuts or Starbucks averages $4 to $5. Let’s say you drink three coffees a week at $5; that’s $15 a week, $60 a month, and $720 a year. Today, one pound of coffee beans costs shy of $2. You do the math.
5. Low-Quality Items
Purchasing lower-quality items costs more in the long run. For example, buying a cheap aux cord that breaks every two weeks is worse than investing in a better quality, more-expensive cable.
6. Convenience Fees
Raise your hand if you ever ordered Uber Eats because you didn’t want to drive. I’m guilty, but calling in an order and driving to the restaurant to pick up the food would have been half the price of Uber Eats. Delivery services operate on overcharging their food to pay their drivers, the restaurants, and the company. You will spend too much on cold food delivered two hours after you order it.
7. Name Brands
For those who don’t know, name-brand ingredient chips taste the same as generic chips. Some think name-brand items taste or look better than generic items, but it’s a placebo effect.
8. Paper Towels
Want to adopt a greener lifestyle? Stop using paper towels. One thrifter shared that they never buy paper towels; instead, they use old rags, towels, or handkerchiefs instead of single-use paper products.
9. Cable
Television isn’t what it used to be. While cable subscriptions and services are still in business, over-the-top subscriptions and customizable streaming services allow you to pay less for more.
10. Vending Machines
A business mastermind invented vending machines. They sit in convenient locations with high traffic levels, like airports, hotels, and bus stops. If pressed for time between flights, you’ll buy a quick bag of $2 chips or $3 cookies rather than seek out a restaurant and chance missing a connection.
At the time, $2 or $3 doesn’t seem like a lot of money, but it adds up. To avoid overspending at vending machines, visit a local dollar store or grocery store and purchase snacks to travel with.
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This article originally appeared on Financially Well Off.
