10 Ways In Which You Are Throwing Money Away [Part 1]

Since the beginning of the year, price increases have dealt consumer wallets blow after blow after blow. It has become blatantly clear that consumers have to learn to make the most of every rand they earn, and they need to do it quickly. One of the easiest ways in which to do this is stop throwing money away on the following…

1. Stop shopping impulsively

Impulsive shopping leads to purchases you don’t need. If you have an empty trolley and no idea of what to buy you’ll spend more time on deciding between chicken and beef, and less time on shopping for the best price.

So:

  • Make a detailed shopping list.
  • Eat before you hit the supermarket (so you don’t waste money on snacks).
  • Take your time so you can make better choices.

2. Stop wasting money on ATM fees

Spending money to get money out just doesn’t make sense. Luckily, these days debit cards are accepted at most till point, but there are occasions when you need cash. Make sure you know what your bank charges for this.

So:

  • Draw from your bank’s ATM.
  • Try the cash back option at the supermarket.
  • Rather make one larger withdrawal for your monthly cash needs.

Tip: Don’t keep a lot of cash in your wallet. Store it safely.

3. Stop unused subscriptions and contracts

Are you using all your subscriptions and contracts optimally? Do you even know what you are subscribed to? Track your bank statements to see what you are paying for.

So:

  • Cancel unused subscriptions and contracts.
  • If you cannot cancel, perhaps try to sell your subscriptions / contract at a discounted rate.

4. Stop food from spoiling

You won’t physically throw away a R10-note, yet how many times have you thrown out spoiled lettuce, leftovers or dairy? If you are throwing out food it means you aren’t organised and need to plan better.

So:

  • Make it a habit to check the fridge.
  • Plan meals according to the fresh produce you have.
  • Freeze leftovers.

5. Stop paying for things that are FREE

There is just something alluring about a professionally brewed cup of coffee, but you are wasting money if you are paying for something that you already receive free at work. The same goes for water. Even if you buy just one bottle of water and one cup of coffee a week, you’ll have roughly “thrown” away R1500 – R2 000 in a year.

Sometimes getting out of money trouble isn’t as easy as changing bad behaviours. Debt Rescue can help you cope with your debt and assist you on the journey to financial freedom.

In next week’s blog we’ll look at the other 5 most common ways money is wasted in households across the country.

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