Creating a budget and cutting back on frivolous spending are tried and tested methods to improve your savings. However, there are often services and habits that seem like an essential part of your budget that are actually wasting money. We have provided a list of things you might be wasting your money on.
1. Hiring Handyman
From hanging a mirror on the wall to assembling flat-packed furniture, many people are quick to hire a handyman for jobs they can do themselves. There are countless blogs and YouTube tutorials available online that allow you to learn simple home improvement tricks for free. If you need to do simple repairs and installations around the house, attempt the job yourself before hiring a professional.
2. Shopping without a list
Going to the grocery store without checking the pantry first and writing a list will result in wasting money on items you already have. Supermarket shelves are strategically stacked to attract buyers and encourage spending. Start shopping with a list to avoid spending on unnecessary items.
3. Pay TV
Pay TV services like Foxtel or Fetch have outdated plans in comparison to cheaper online streaming services like Netflix and Stan. If you watch most of your entertainment on a streaming service, it is time to cancel your Pay TV subscription.
4. Expensive utility plans
If you have been with the same utility provider for a number of years, you may not be getting the best value for money. Providers are constantly updating their discounts on a range of plans for all budget requirements. You can compare electricity prices or internet plans to find a better value offering.
5. Buying branded products
Name brand products attract customers because they are recognizable through extensive marketing and advertising. However, this does not guarantee that they are the best product on the market. Generic brands are of the same quality as name brands yet available for a cheaper price. Consider purchasing generic brands where appropriate to increase your savings.
6. Bottled water
It is unnecessary to purchase bottled water to stay hydrated. Not only does it create plastic waste that pollutes the environment, but it is an expensive habit. If you do not feel comfortable drinking tap water, consider getting a water filter. Take a reusable water bottle when you leave the home.
7. Credit/Debit cards
In today’s digital world purchasing products has never been easier. It only takes a few clicks to buy anything from clothing to a new a car. Such easy payment processes are detrimental to your savings. Instead of using apple pay or a credit card, start paying with cash. This will make you more conscious of the money you are spending.
8. Energy inefficient appliances
If your appliances are out-dated it is likely that they are not energy efficient and driving up your electricity bills. Lower your electricity expenditure by purchasing new appliances that have a high energy efficiency rating. Upgrade outdated lighting fixtures to energy-efficient LED bulbs and ensure that your home is sufficiently insulated to lower your energy expenditure and increase your savings.
9. Neglecting maintenance
Regular maintenance will ensure that your appliances run at their optimal capability. This means servicing your car yearly and your HVAC system before the seasons change.
10. Neglecting your health
Neglecting health concerns will only make them worse. Schedule regular check-ups with the doctor and maintain a nutritious and active lifestyle to avoid unnecessary health scares and medical bills.