While this article could be filled with things you could give up to save money like your morning takeaway coffee or your gym membership, the truth is, these are things some people like spending money on. And that’s totally okay.
Instead, these are things that you should never spend your money on, things that no one actually likes paying for and are huge wastes of money.
1 – Late Payment Fees
A late payment fee occurs when you pay a bill late and the company charges a fee for your delayed payment. These fees can range from a few dollars to upwards of $50 for each time you are late. And, if you continue to be late, the fees can increase too.
If you set your budget up and plan ahead for your bills and payments, late payment fees won’t be an issue. All it takes is a little effort and planning.
If you do find yourself in a situation where you know your payment is going to be late, call the company and request an extension. They may accept a partial payment and wave late payment fees, saving you a whole bunch of money. Plus they will appreciate the call, knowing you are fully intending to pay your bill.
2 – Bank Fees
Bank fees can eat into your budget without you even realizing, and the worst part is that they can be taken out of your account when you don’t have much money in there, put you into a negative balance, and as a result incur more fees for you!
There are so many options for banks that have no fees, and switching banks isn’t as difficult as it used to be.
If you find yourself looking at banks that have no fees, be sure to check all the fine print so you aren’t missing any hidden fees.
3 – Household Cleaners
Do you know how cheap and easy it is to make your own homemade house cleaners? And surprisingly, they actually work better than you might expect.
Every year people spend copious amounts of money on home cleaning products (not to mention the harsh chemicals being used in your home and washed into the environment). You can save a small fortune by making your own at home, and customising them to your likes.
Adding a few essential oils can freshen up your home and help you remove harsh, toxic chemicals from your environment.
4 – Paper Towel & Washcloths
Throwing out paper towel is like throwing out money – literally. Not only does it cause more waste, but most single use will always end up costing you more money.
Instead, use recycled material cloths, or you can even knit your own washcloths that are both better for the environment and better for your hip pocket. Plus they’re fun to make and super cute too.
Simply wash them regularly to keep them fresh and sun dry to kill germs. If you build up a big enough stash you can even change them daily or as regularly as you would with paper towel, but without the waste.
5 – Lottery Tickets
There are a whole heap of reasons why you shouldn’t buy lottery tickets, but the most obvious one is that your odds of winning are so small, you’re more likely to be struck by lightning… twice.
Essentially, lottery tickets are simply giving your money away. Instead, put that money aside and use it to treat yourself with real, tangible things like your Starbucks coffee or something else you love.
6 – Unnecessary Groceries
Grocery shopping when you’re hungry, or grocery shopping without meal planning and a list is more often than not going to result in unnecessary groceries. While you may think you’re going to use the items, between 30 – 40% of all food is wasted in America each year. That is huge.
Avoid wasting money by meal planning and creating a grocery list based on your plan. Shop once a week and always avoid shopping when hungry.
Remember to install the Rakuten browser extension when shopping online or use the Rakuten App to shop on your phone to make sure you get your Cashback! I had over $1000 in Cashback last year just by clicking the button. When you join using this link, you get $30 cashback as soon as you spend $30 in the app!
7 – Credit Card Interest
Here’s the truth: if you can’t afford to pay your credit card off each month to avoid interest, then you can’t afford your credit card. Credit card interest is insanely high, and it costs you a ton of money.
If you struggle to keep your credit card under control (it’s okay, so many people do), then do everything you can to pay it out and get rid of it. You can build credit in other ways that are far better for you than paying credit card interest (and if you add late fees to that then you’re just shelling over a whole heap of unnecessary expenses).
If you are trying to pay your credit card off, consider switching to a zero interest or low-interest card in the interim until you can get it under control and cancel it.
While there are a lot of expenses that are necessary, and some that can be considered a luxury or an indulgence, these expenses are things that you should never spend money on. Eliminate them and see how much more money you can save.