How to Waste Money in 9 Easy Steps | 20somethingfinance.com ...
Could we be wasting money? You might wrongly consider yourself a frugal saver, but unfortunately, some of the best earners wind up throwing away money simply by going about their everyday activities. To obtain greater financial security without getting a second job, it would do us well to watch what we spend. Here are a few ways we may be wasting money without realizing it:
How To Waste Money in 9 Easy StepsRemember that these are money drains and actions you should avoid making if you’re interested in saving money.
1. Only buy brand new vehicles. When you buy a new vehicle, you are taking a loss as soon as you leave the showroom with your shiny purchase. A gently used vehicle with a warranty is a better investment. Before buying, check the history of the vehicle through Carfax. It costs $34.99 for the service and you can check up to 10 vehicles to find the best one for your needs.
2. Use your charge cards for everything and always carry a balance. Pay off the balance of your credit cards every month so you never carry a balance. Why pay interest if you don’t have to? Use cash instead of credit cards whenever possible. Only use credit cards for major purchases when you want the reassurance of backup from the credit card company or to earn rewards for money spent. I’d also consider applying for balance transfer credit cards to try to pare down credit card debt at a quicker pace.
3. Pay whatever fees the bank charges you because they’re the boss. With the abundance of no minimum balance and free online high yield savings accounts , it’s foolish to be paying outrageous bank fees. Take control of your money. Shop around for free accounts so you never waste money on these unnecessary fees every month.
4. Pay the fee to use that ATM in a questionable back alley bar. Using an ATM anywhere you feel like it can be a convenience but it’ll cost you. So instead, plan your money requirements. Make planned stops at your bank branch to make ATM withdrawals so you never have to pay a fee. Use your free ATM bank card as a debit card rather than as a credit card when you make purchases in order to avoid incurring extra fees such as cash advance charges. Paying ATM fees is another foolish waste of hard-earned cash.
