We all do it. Wasting money on purchases we don’t really need, that is.
Impulse and emotional purchases play a large role in our bad spending habits. Acknowledging our money mistakes is the first step towards building a more secure financial future.
What are the most foolish and most avoidable bad purchases we make on a daily basis?
1. (Unused) Gym memberships
Congratulations to you if you are sticking to your tri-weekly gym training routine! But to the rest of you out there who have forgotten where your gym membership card is, it’s time to cut your losses and motivate yourself to exercise at home.
2. Dietary supplements
Unless you have a serious health condition and the physician recommends you take certain dietary supplements, you shouldn’t spend your money on vitamins and them.
You’re much better off if you eat a healthy, balanced diet and get all the required nutrients from real food. It is a known fact that multivitamins and other supplements cannot provide the same benefits as healthy foods can.
3. Extended warranties
How many times have you actually used those extended warranties you pay extra for at the checkout? The reality is that chances are very slim you will ever get to benefit from this type of warranty. The initial manufacturer warranty is all you really need.
4. Last-minute grocery items
Impulse buys at the grocery store can really add up at the end of the month. It pays off to resist the urge to buy things you don’t need. Go to the grocery store on a full stomach, with a shopping list of everything you need to buy, and you’ll thank yourself later.
5. Avoidable fees
Due to laziness or pure ignorance, we often pay fees that could easily be avoided. Such fees include late fees, interest fees, and overdraft fees. Take time to schedule and automate your bill payments to avoid paying late fees and interest.
6. Small convenient purchases
All those gourmet coffees, soft drinks, small snacks, and other convenient, yet overpriced products can add up at the end of the month. A wiser approach would be to make your own coffee at home, buy snacks and other items in bulk or switch to healthier alternatives (fresh veggies, for example), and replace soft drinks and alcoholic beverages with tap water.
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