After the recent 7 Things That Are An Enormous Waste Of Money it became clear that there were lots more money writers who wanted to tell us the things we may be wasting our money on.
Rather than keep that information to myself to assist with my pursuit of financial freedom I thought I would once again share their thoughts
Stop Wasting Cash, Start Saving
Some of these 7 wastes of money will not only save you cash but also make your life better. So that’s enough from me it’s time to hear from the other writers.
Money Writers Say These 7 Things Are Also An Enormous Waste Of Money.
Going Out For Drinks
Mike from marriedandharried says “going out to get drinks. I have co-workers the feel like it’s a mandated part of adulthood to go to a bar a couple nights a week.”
I now limit myself to going out with friends every two months now. This keeps the cost down but also gives me something to look forward to.
As somebody who worked in the world of bars and restaurants it was very easy to get caught in the spiral of going out for drinks every night after work.
Now I’m out of the day to day hospitality industry it’s a lot easier to stay home and conserve resources.
I’m treating you to a double dose of waste here…..
LifeZemplified “More than one TV (and one may be too many)! Get them out of the bedroom people!”
Budgetonastick “Cable TV for sure. We have an antenna and Netflix and never looked back!”
Couldn’t agree more with these two. We only have one TV in our house which is on for around a total of two hours a day (which is till too much). We have standard UK digital TV and also Amazon video which we use through a fire stick
MoneySloths “At the end of the day, if your car gets you from point A to point B, no need to spend a fortune on transportation, right?”
I talked plenty about cars over on Seven Ways To Get Financially Independent In 2017: Part 3 including costs and things you can do to reduce your transport bill.
4) Toilet Paper
I’m not 100% convinced on this one because I’m not sure I like the alternatives, I’ll let Thefrugalgene explain.
“Toilet paper…? I mean, it’s going down the toilet right???”
5) Bad Financial Advice
SlowDad from cantankerous.life “Bad advice: Whole of life insurance, high fee managed funds, most paid entrepreneurial/side hustle/life coaching advice/courses/conventions.
Conventional financial planning advice along the lines of “work till you drop then enjoy retirement in whatever time you have left“.
Quite a few different things involved here. Some types of insurance are important to protect you and your family, some are less so. I put this down to personal choice, don’t forget however insurance companies aren’t in business for the love of people.
Most paid courses available on the internet aren’t worth the paper they are printed on (sic). At hotelsandmoney we talk about our experiences and then you can take away any knowledge you like all for free.
6) Premium Gas
Savvy Family Finance “Too many people waste money on premium gas. Unless your car manual states otherwise, there is no benefit to using higher octane gas.”
This relates nicely to point 5. If you aren’t wasting loads of money on an expensive car then you probably won’t need to be spending extra cash on premium petrol.
7) Stock Tips
Investigies has a whole category on investment strategies “Buying overly priced stocks based on rumors and “tips” that will lose money and will hurt your long-term yields and your retirement, instead of doing your research and invest only in companies and industries that you fully understand.”
Maybe even better still invest in an ETF that tracks the whole market and save yourself some time and stress.
However if you are interested in buying individual stocks and shares you can see what I am currently invested in my monthly net worth and share review
7 Things That Are An Enormous Waste Of Money
There you have another 7 things that money writers consider a complete waste of your hard earned money.
Part 3 is available here with the final installment of the trilogy.
Don’t forget you can take a look here at part 1 of 7 Things That Are An Enormous Waste Of Money