Common Ways You Waste Money and How to Stop

April 08, 2019

According to The Living Conditions Survey from Statistics South Africa, 32.55% of household expenditure goes toward housing and utilities, which is followed by transport (16.29%).

If you want to waste money less and save more, you might consider switching your utility provider or finding alternative and cheaper transport modes.

Keep on reading to find out what things people waste money on and how you can avoid wasting money.

Most Common Ways That People Waste Money

People worldwide waste their money on a variety of things that they don’t need. Want to stop wasting money but don’t know how to answer, “how do I waste my money?”

Try implementing some of our money-saving techniques into your daily life and see how much you could save.

Food Waste and Wasting Money on Food

The biggest waste of money that is common across all countries and generations is food.

Wasting money on food involves people eating out when they don’t need to, or buying too much food in and not eating it before it reaches its expiry date.

A great way to avoid food waste and wasting your money on food is by planning your meals. Come up with weekly food plans and stick to them.

Another good way you can save money on food is by making food and eating in more. Simply packing yourself a lunch every day for work instead of going out for lunch can help you save a ton of money in a month!

Wasting Money on Entertainment

Another common way in which people waste their money is by over-indulging in entertainment. It’s time to stop going to the cinema every week to see the latest films.

Instead of always treating yourself to entertainment days out, why not have a night in and watch a film you already have? There are many free and fun things that you can do: you could read a book, go for a walk, or join a local sports team.

Cheaper Alternatives

Always try to find a cheaper alternative. There is often something cheaper that you can get, which will help you save money in the long run.

Use comparison websites to see whether you can get a better deal for your utilities and your holidays. When you go shopping, see if you can get cheaper products that are similar, but perhaps not branded.

Alternatively, find coupons, deals, and offers that help you spend less.

High-Interest Rates

If you have credit card debt, make sure you pay it off as soon as possible.

Ask your loan provider and see if you can lower the interest on any loans you have. Lowering or paying back your credit card debt will help you save money and also increase your credit score.

Stop Wasting Your Hard-Earned Cash

You probably waste money on things you don’t even think about. For example, if you treat yourself by eating out then start eating in instead and just see how much you save in a month!

The best way you can stop wasting your money is by understanding what it is that you spend the most money on.