Want to know how to accumulate cash in a hurry? Stop wasting it! Here is a list of 10 things that are a waste of money, in no particular order:
10 Things That Are A Waste Of Money
Insisting on brand loyalty. Sure, we all have our brand favourites but often generic or store brand clones are very similar in quality, if not indistinguishable, and can save you at least 25 percent or more. Check them out and compare the difference.
Buying from TV infomercials. TV products are overpriced and they hardly ever turn out as depicted. Plus shipping and handling costs can be enormous. If you’re still tempted to buy, most items are available at many retail stores, often at sale prices and you save the shipping charges.
Failure to return items. It doesn’t fit right or the colour is wrong or it was just a plain mistake, but who has time to trek back to the store? You do. If you still have receipts, try to get a refund for all new items with tags or original packaging. At least get a store credit, otherwise it’s a waste of money.
Late fees. Don’t be a late payer. Late fees on credit card accounts, mortgages, car loans, property taxes – even library books and DVD rentals are extremely high. Record due dates in your planner and pay on time. If you do incur a late fee, call immediately. Most creditors will waive the fee if you have a good payment record.
Related: 10 Fees That Are Worth The Money
Overdraft fees. A small slip-up can easily turn a $5 burger into a $40 overdraft fee. Even if your bank is happy to cover your mistakes you’ll be not only charged a fee, but at least 21% interest until the OD is covered. Look into your chequing account options.
Extended warranties. Extended warranties are mostly profit for the retailer. Generally, if an item is going to fail, it will do so early on and the manufacturer’s warranty will cover it.
Paying for storage. If you’ve got so much stuff that you need to pay to store it, you’ve got too much stuff. Period. Take the plunge and unload everything you don’t use or need. Turn what you can into cash or give away still serviceable items to charities like Goodwill or the Salvation Army.
Related: How Many Clothes Do You Need Anyway?
Not taking advantage of available discounts. Do you have a young driver in the family who is also a good student? You may qualify for a good student discount to lower your auto insurance rates.
Did you take a driver training course? Does you car have more than the basic safety equipment? Did you install a home protection system? Call your insurance agent for a review to save on auto insurance.
Buying in bulk. It’s easy to get carried away when you walk through a warehouse club like Costco. Determine how much you really need and then consider the price.
If it’s more than you can reasonably use before the stuff turn stale, rotten or past expiration – or you just don’t need it- you’re throwing money down the drain. If you must buy in large quantities, invest in a vacuum sealing machine or a large freezer for storage.
Not taking an employer’s match. If you’re eligible for employer-matching RRSP or other savings plans and you’re not signed up, you’re turning down FREE money. It’s like getting a 50 – 100% return on your money without any risk. How can you pass that up?
So, this is my list of 10 things that are a waste of money. Can you add to the list?