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Ways You Are Wasting Your Hard-Earned Money, And What You Can Do About It

money, saving, hard-earned money, business, overspending, budget

Hey guys, there is nothing wrong with having a splurge occasionally on something you’ve wanted for ages. There is nothing wrong with spending the cash that you have worked hard for. But what their is something wrong with is wasting that hard-earned money where you don’t need to! So, let’s take a look at where you may well be doing this, and what you can do about it. We’ll cover a way in which you may be overspending simply not by challenging a supplier to better their rates. We’ll also look at an area that many of us overspend in regularly, and finally, a long-term solution.

Not making suppliers compete for your business

Cable providers can be highly frustrating in terms of their prices, and then in what they insist on increasing their prices to down the line! They can also have all sorts of limitations that make your life harder than it needs to be. It could well be the case that you are wasting money by totally overspending on your cable bills. By making different suppliers compete for your business, you can find a far more competitive price. After all, these different companies know how much competition is out there. As a result, they will often drop their prices dramatically in order to either keep or gain you. So, who are you with? Look online for information about anything you might have missed about the cost. You can find out about Comcast price increases, and price increases from other suppliers, with just a bit of research.

Overspending on food and drink

Loads of research has been done in recent years, right across the world, into how much money we spend on our food and drink. Of course, these are two things that humans need to survive, so it is relatively understandable. What isn’t so understandable is why we are spending so much! Some research suggests that the average person spends a whopping 25% of their monthly earnings on groceries and food. Take your morning coffee, for example. Do you make it at home, with a budget brand that tastes just the same as a high-end one? Or do you make a pit-stop at your local coffee chain most mornings, picking up a pastry while you’re there too? If this sounds like you, you could be draining your money right away without even realizing it! The same goes for if you’re always eating out at lunch, rather than taking a packed lunch. Cut down on how much you spend on food and drink; you could have extra thousands by this time next year! Really!

By not budgeting

Okay, okay. Budgeting is not the sexiest or most exciting thing you can spend an hour or two doing, we admit it. But it is one of the single most effective ways of stopping you from wasting your money. Why? Because once you realize how much you are spending on each aspect of your life each month, you can see where the issues lie. Maybe you are being totally reasonable with your food and drink spend. But perhaps your social activities are the cause of you draining away your savings. Once you can see where the issues lie, you can put caps and budget where you need to.

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About Ray Gruenfelder

Creator and Founder of The Guy Corner NYC, the Guys lifestyle blog (Tech, Sports, Food, Drinks & much more). A married father of 2, this page is dedicated to "Guy Stuff". I am also Co-Founder of NYC Wine Guys, a wine blog from 2 guys from Queens, NY.

Posted on August 31, 2016 9:51 am, in For The Guys and tagged , , , , , . Bookmark the permalink. 1 Comment.

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