The most effective way to stop wasting money is to become aware of all of your expenditures. When you see the numbers, you will naturally become more inclined to save money .There are many ways to do this. I collect a receipt from every transaction I make and record them in a spreadsheet where they are classified (e.g. Home, car, food etc). This takes dedication but you will quickly find out just how often you make purchases. This habit also puts you in a fantastic position to keep a budget.
Ask yourself if you really need that thing you’re about to buy. some times we buy things on an emotional and not an intellectual level, because it makes us feel good to get another possession, or to throw money around, or even just to have an interaction with a salesperson.
There are some ways through which you can stop wasting your hard earned money.
1. Start with little financial research
Although this isn’t on the list of most people’s top priorities, it should be because this is where you can stop wasting a lot of money. The things to examine include your banking arrangements, your retirement fund,home loan and your insurance rates.
2. Keep track of expenses
Paying for most things with cash can help you keep track of your spending. Instead of maxing out your credit card, seek to pay for things with cash. You’re wasting money when you spend time cutting coupons only to pay interest when you pay for your purchases with a credit card.
3. Cancel or suspend memberships or subscriptions that you’re no longer using, or that you’re using ineffectively
What have you signed up for that, in all reality, you can live without? There is little point having a membership to something like the gym or a sports club if you’re not using it or enjoying the benefits of it. Go through memberships that you pay for, including websites, information provision, newspapers, the gym, clubs, etc., and work out whether you are getting the most from them or if they’ve just become a payment habit that you forget to use. Equally, if you’re going away for a while, or working away from home, is it possible to suspend some of your memberships and pick them up again later when you’re more likely to be free to use them?
4. Put an end to making impulse purchases
They are fun to begin with but soon become a bad habit if you find yourself buying things just because they’re available or they’re on sale. And if you’ve never done the activity or sport before, or you’ve never worn that style before, or you’ve never tried that before, be doubly cautious before throwing away your money on an impulse buy – go home and do some research and thinking first!
5. Buy in bulk only if you consume in bulk, can consume over time before spoilage, or can share the purchase
It is an incredible waste to purchase items that you won’t use and will only end up throwing away, and this is tantamount to throwing away money. If you have a large family or household and you know the bulk items will be eaten, used, or needed within the viability or lifespan of the goods, then bulk purchases can be a great deal. Bulk purchases can also be a great way to save money if you team up with one or more other households and divide the items after the purchase.
6. Save energy
Turn down the heat when leaving the house, keep the thermostat at a comfortable but not over-heated level, turn off lights that aren’t in use, and drive your car gently rather than revving the fuel and life out of it.
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