We all know that there are several solutions for how you can save money. But did you know that an important aspect is not wasting money?
Very often, you’re wasting money without realizing it. It can happen even to the most frugal person. Small leaks build up over time.
For instance, you order your favorite entrée, but are not able to finish it. In all probability, you’ll ask the waiter to take it away.
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You buy a cartload of vegetables and then you forget all about the veggies at the bottom of your fridge, probably turning all slimy before you’re forced to throw them out.
All this contributes to national waste. It is found that an American, on an average, throws away nearly $640 worth food.
How You are Wasting Money
When considering how you can save money, there are other ways apart from savings and investments. If you stop wasting your money, it’s one big step towards saving money.
Money leaves your wallet in various ways, other than the usual bills and purchases.
We all want to stick to a budget, but we get carried away with these indulgences and impulse buying. How to save money without a bank?
Here is the top 10 ways you can stop wasting your money and be a more conscious spender.
- Not storing food properly after opening it.
- Allowing vegetables to rot.
- Over purchasing groceries.
- Improper planning of recipes.
- For instance, you plan on making pasta, when you have all the ingredients to make a sandwich.
- Expiry dates.
- If you check out the expiry dates, you can plan meals to use the items before they expire, avoiding wastage.
Price Awareness to Prevent Wasting Money
- We just shop at our favorite store, without being aware of discounts and offers at other retailers.
- Very often, retailers hike up the prices and then offer discounts on them. You as a consumer fall for the trick, as you are not aware of the actual prices.
- There are sites like com, where you can compare prices of products before shopping.
- There are also saving apps available for Target and Walmart. You can get information about deals that are not usually announced at the store.
Use of Coupons/Rebates
- Using coupons is a great way to save money. But it could backfire, if you are not actually using the item in question. Don’t waste your money. The item could just end up cluttering your home. The trick is to use coupons for something that you’ve planned to buy.
- Fill out rebate forms and get rebates or cash back for tips on how to save money.
Branded vs Generic
- If you’re very brand conscious, there’s every chance that you are wasting money on something that doesn’t offer additional value. Most of the time, there’s not much difference between the generic product and the branded one. The only difference is the price. This is especially so in groceries, so don’t waste your money on branded items.
- If you’re wondering how you can save money, for instance, you can opt for generic products in case of Prescription medicines; over the counter tablets; a baby formula; cereals; herbs or spices; soap; toothpaste; razors and so on.
- If you need just a few things, don’t take the cart; just take a hand basket to avoid wasting money.
- A study conducted by Cornell University, Food and Brand labs showed that shoppers using jumbo carts made more purchases when compared with those using smaller baskets.
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- How to save money? By returning an item. You don’t want the item, but are too lazy to return it. Yet it’s totally worth the hassle. You don’t want to waste good money on something unwanted sitting in your closet. Pack up all unwanted purchases and get your refund to prevent wasting money.
- Making an unplanned purchase could be one of the ways you’re wasting your money. That zany outfit probably caught your eye and you just cannot resist buying it.
- How to prevent waste? Make a firm resolve to buy only products that you have budgeted for. Ask yourself whether you really need it before giving in to that impulse shopping to avoid wasting money.
- You don’t have to buy all the sale or promotional items; so don’t be tempted.
Using Cash or Card
- You could be wasting a lot of money by using your card all the time. Money Nation notes that people using a card spend more. Cash makes you feel the pinch and minimizes spending. It’s not practical all the time, I agree. Use your card for bulk or scheduled purchases. But use cash in situations where you are likely to spend more. It is one of the best ways to save money.
- For instance, if you are out with your buddies, or if you’ve planned to gamble at Vegas, you are likely to spend more. Keep some paper money in your pocket and decide on a strict budget for the outing.
Do It Yourself
- Here’s an easy way to save money. Food delivery is awesome. You just open the door and get that special sushi delivered at your doorstep and then devour it in the comfort of your home. Instead, you could learn the recipe and prepare an equally good meal at home without wasting money. Don’t assume that the restaurant can do a better job. A little practice and you’re a master chef yourself.
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- Cut back those visits to the café shop. Buy coffee or tea bags in bulk and prepare it at home.
- You can get yourself a fancy machine and some attractive kettles to make the task more interesting in your steps for not wasting money.
Check Out your Inventory
- Check out your wardrobe routinely. Weed out ill fitting or older styles of clothing that you don’t wear.
- This applies for other household products as well, such as tools, toys, accessories, kitchen tools and so on.
- You end up duplicating things and buying what you don’t need, when things are in a clutter. Organizing things helps you buy for the correct reasons. It’s difficult to see what you have when everything’s is in a mess.
Waste on Energy
- Use the thermostat efficiently.
- Turn off lights when not in use.
- Keep laundry costs to a minimum by packing in as many clothes as possible.
- Load the dishwasher efficiently.
Of course, you may have to step out of that comfort zone to put all this into effect. But a little bit here and a little bit there could make all the difference to your savings.
Life’s all about calculations, right? Cutting corners in the short term will help you in the longer term.
It might seem complicated in the beginning but you’ll be surprised at what you can save in the long run.