In our society, it is remarkably easy to waste money without thinking about it. In fact, some businesses depend on you not realizing that you are wasting your money on their products or services. Cutting these expenses out of your life can save you a ton of money each year and you probably won’t even notice that you’ve made a change.
Here are five money-draining vices that you should avoid at all costs.
Subscription services can be a significant money waster, with many people paying for multiple subscriptions that they do not use. Magazine subscriptions are notorious for contributing to money wasted on subscriptions. Now you can add streaming services, gyms, apps, food services, clothing services, cosmetic services, and other types of subscriptions that have flourished in recent years to the list.
Instead of signing up for subscriptions and free trials that you might forget about, pay as you go for the things that you need or want so you will only be spending money when you intend to.
As games and other entertainment have become more accessible by smartphones, tablets, and computers, many apps have sprouted up that let you pay small amounts of money to advance in a game or access exclusive content. While payments of $1 or $2 at a time may not seem like much, over time it will add up to a considerable amount. If you choose to play a free game or access a free service, ensure that it remains free by refusing to authorize any microtransactions.
Gourmet coffee from a coffee shop every once in a while can be a nice treat, but making a stop at your local coffee shop on a daily basis for a specialty brew can be one of the biggest money-draining vices in your life. The cost of making your own coffee at home for a month is considerably cheaper than regularly purchasing coffee from a coffee shop, even after factoring in the cost of a standard coffee maker and the filters needed to brew your own coffee. If you want to make really good coffee at home, buy a $10 – $20 coffee grinder and opt for whole-bean packaged coffee to get that fresh ground taste all of the time.
Delivery App Ordering
When the pandemic hit and the world closed down, many people saw using a delivery app as a great way to get the things that they needed to their homes without exposing themselves to illness. Over time, using delivery apps for everything from groceries to prescriptions to tacos from the local taco place became an ingrained habit that we didn’t even think about anymore. Unfortunately, using delivery apps increases the overall price you will pay for your items by a significant amount. For example, the fees and tips added to a basic fast food order ordered through a food delivery app can nearly double the cost of the meal. Instead of paying for convenience, take the time to pick up your food and other necessities at a time that is convenient for you and save your money for more pressing needs.
Practically every year, new innovations in cosmetics are “discovered” — claiming that they can reverse aging, improve skin health, or provide other benefits. Many of these cosmetics have long lists of unpronounceable ingredients and make claims that seem dubious at best. The truth is that many of these cosmetics do no more than every other similar product on the shelf, so you don’t have to pay a premium to get adequate results.
These are just some of the money-draining vices that people find themselves mindlessly wasting money on. A careful examination of your life would probably show you many more areas where expenses could be cut without much change to your lifestyle. Over time, these savings really add up, providing you with the money you need to make your life better. For more money-saving tips, check out some of our other Blonde and Balanced articles.
Toi Williams began her writing career in 2003 as a copywriter and editor and has authored hundreds of articles on numerous topics for a wide variety of companies. During her professional experience in the fields of Finance, Real Estate, and Law, she has obtained a broad understanding of these industries and brings this knowledge to her work as a writer.