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5 Ways You May Be Wasting Money

5 Ways You May Be Wasting Money
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This is a sponsored blog post.

Whether you have a six-figure salary or you need three jobs to support your family, everyone is looking for ways to save money. As a result, the internet is overflowing with blog posts that have titles such as “4 Effective and Sensible Ways to Save Money”, “How to Save Money Even When it Feels Impossible”, and “Top 10 Better Money Habits You Can Build This Year”.

Everyone is looking for ways to manage their finances and save money. The best way to start is to assess your expenses and cut out the things you can live without. Here are five tips on how to maintain a healthy looking bank account.

Overpriced Food, Clothes and Medicines

One of the most common ways we all waste money is when we are buying groceries and clothes. Shopping only at high-end retailers or buying exclusively name brand items is often a complete waste of money, especially since generic brand items can be almost identical to their more expensive counterparts.

This is especially true of medicines. There is no need to buy expensive brand name painkillers when the generic painkillers usually contain exactly the same active ingredients.

Banking Fees

Be it ATM fees, account fees or investment fees, paying any kind of banking fee is unnecessary and equivalent to throwing your money out the window. Yet, this squander is avoidable. If you plan to go abroad, get organised and travel with the required amount of cash to avoid unwanted ATM fees.

The best way to steer clear of fees of any sort is by talking to your bank of choice. They often offer banking alternatives that don’t include additional payments or fees.

The same goes for any forms of credit. When looking to borrow money, you should ensure you choose a direct lender that has no hidden fees.

Paying for Things You Don’t Need or Don’t Use

You are probably spending a lot of money that you don’t have on things that you don’t need – even if you don’t realise it. Take a close look at all the things you buy but rarely use. Subscriptions for magazines and newspapers that you hardly ever read, memberships for a gym that you don’t go to, or seldom used video streaming services such as Sky, Netflix or Amazon are all common offenders. These are the best kind of savings to make as they don’t impact your quality of life.

Buying Low Quality Items

It may sound counter-intuitive, but sometimes you need to spend money to save money. If your low quality purchase wears out sooner than expected, you may have been able to save money by choosing a sturdier alternative.

Certain footwear brands even come with a “for life” guarantee. The initial cost may be higher, but you can end up saving a small fortune over your lifetime and enjoy the use of better quality products. Whatever purchase you make, be sure to consider long term savings over short term gains.

Not Knowing Your Finances

For you to have a successful understanding of your financial situation, it is necessary for you to know all about your finances. Find out how much you earn, how much you owe, and how much you spend. While companies that manage large debts make use of debt management software, individuals or households can effectively track their expenditure using a spreadsheet.

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