10 Habits of Wasting Money Without Realizing?
10 Habits of Wasting Money without Realizing? Here’s how:-
Some money-saving tips are obvious, like flying coach, cutting back on eating out, or ditching expensive bad habits like smoking. Some ways are uncommon enough to be impractical for consistent savings like choosing cheaper hotels on vacation or buying a used car rather than a new one — great advice, but it’s not going to help keep your monthly expenses in check.
In fact, you may be wasting money in extremely common but often overlooked ways.
In Malaysia, the cost of living is still high, despite a low inflation rate of 1% in 2018. In order to cope with soaring expenses, Malaysians have been searching for useful tips to save money to get them through tougher times. But instead of focusing on money-saving tips, how about placing emphasis on your spending habits can effectively help you manage your finances better.
1. Buying brand name products
Store and generic brands have to be one of the most underused ways to save money across a range of products. From food, to skincare, to over the counter medicine, chances are your local grocery or drug store has a store brand for them or sells a generic version. Check the labels; in most cases, the ingredients are pretty much identical, but you don’t have to spend money on the big brand names.
Also, if you have prescriptions, you can sometimes ask your pharmacist for the generic version of your medications. They work just the same as the brand name, and can save you quite a bit of cash if your co-pay is high.
2. You buy for the sake of buying
Nothing beats the pleasure of running your fingers down a brand new leather bag. The feeling of walking in a new pair of heels? Satisfying. Nevertheless, not being able to suppress the desire to buy anything and everything which appeals to you might result in unnecessary spending and this in turn will lower the possibility to set aside sufficient money for savings.
Unless you are diagnosed with Compulsive Buying Disorder (CBD) or Oniomania, which are actual mental illnesses characterized by the obsession with shopping, it is advisable to start investing your money in something that is actually useful and that will bring a return instead.
3. Grocery shopping when you’re hungry
Or when you have all the time in the world. Avoid these two scenarios when taking a trip to the grocery store at all costs. If you shop for groceries when you’re hungry, even just kind of hungry, you’re more susceptible to buying extra stuff you don’t need or that you’ll waste later. Same goes for a leisurely grocery trip. If you make your trip when you have other errands to do and only a certain amount of time to do them, you’re less likely to spend time exploring all the isles and picking up more food than you originally planned on buying.
4. You would rather eat out than to cook your own meal, even if it’s Maggi Goreng
You have a kitchen at home but you still prefer the comfort of indulging in someone else’s cooking. The idea of having to get all the ingredients together, chop them up, and have them stirred around in a frying pan leaves you terrified. And don’t forget about the unavoidable cleaning process that comes with it later on!
Cooking may seem like a chore, but it is perhaps the most effective way to save up. Thanks to the rapid development in our country (along with the re-implementation of GST), price levels have been on the rise. One single meal at a decent restaurant (with roof and air-conditioning) in Kuala Lumpur would usually start at around RM15, while that amount worth of fresh groceries would be able to keep you well-fed for a day or two.
5. Taking expiration dates as law
For some of the more perishable foods expiration dates hold more authority, but you can usually tell this by the funky smells or colors that develop when they start to go bad. But an expiration date on a food item isn’t the be all end all, assuming they have been stored in a cool, dry area. The most obvious case of this is pretty much any dried good, such as cereal, uncooked pasta, and dried beans.
Several foods that usually go bad when their labels say they will, such as raw meat or bread, can be stored in the freezer before their expiration date if you don’t think you’ll make it in time and be perfectly fine when you thaw them again. You can also use online databases to look up the actual shelf-life of certain foods and compare it to what the label says.
6. You buy because you want to keep up with trends
It sure feels great to own the latest iPhone or Samsung devices, but that would mean having to change your gadgets every six months. You would either end up having more than ten perfectly functional phones by the time you reach 35, or you would be forced to sell your perfectly functional phones away just to give way to newer, more popular ones. Trends are ever-changing, and having to keep up honestly takes a lot of effort (and money).
7. Only using credit/debit cards
Convenient? A bit. Ignorant bliss? Definitely.
If you almost exclusively use your card to pay for things, it’s a lot easier to spend more than you intend to because you aren’t seeing the money. You just press some buttons and boom, purchase made. You might not be so liberal with your funds if you had to watch the cash leave your wallet. If you use mobile banking or money management apps to keep on top of your finances while still using your card, and it’s working, keep doing your thing. For the rest of you, you might want to consider weekly or bi-weekly trips to your bank or ATM and withdrawing a fixed amount of cash for your spending.
8.You buy things just because they are on sales
Sales in Malaysia take place during every festival – Hari Raya, Chinese New Year, Deepavali, Christmas, New Year’s, Valentine’s Day, and the list goes on. Sometimes, there are even pre-festive and post-festive sales, not forgetting the famous Year End Sales (YES!). Hence, it is not a big deal if you refrain yourself from shopping this coming sale. If there is something you really need to buy, chances are that it will be on sale just a few weeks from now.
9. Not carrying a re-usable coffee cup
Some places (maybe even most) add the cost of the disposable cup to the price of their drinks, since after all they don’t get those cups for free. If you’re a frequent coffee or other beverage purchaser, invest in a reusable to-go cup. You’ll typically get a “discount” for using it, when in fact you’re just not paying extra for the paper or plastic cups.
Being disorganized has cost you money at some point. Losing chargers and cables, misplacing expensive jewelry, forgetting where you left your keys and having to pay a locksmith to get into your house or car. If the mess itself hasn’t motivated you to declutter and get organized, link back on all the times you lost or misplaced something and ended up spending money in some way because of it. Then think of how many of those times you ended up finding the missing item later and realizing you spent that money for nothing. Yeah, I thought that might get your attention.