Your money is a representation of your time. If
you respect yourself, you should respect your money. To waste money is to waste
your time. If you are married and you waste money, you devalue the work and time
of your spouse.
There are many things we do, without even thinking
about it that waste money. The following is a list of 7 ways we waste money
every day. If you are trying to make your money go further, waste less, save
more, or keep on budget, start here.
1. PAYING ONLY THE MINIMUM PAYMENT ON YOUR CREDIT
If you pay only the minimum amount on your credit
card bills each month, you are losing money today that adds up to hundreds or
thousands of dollars over the life of your loans. You are also extending the
life of your loans a staggering amount of time.
The smaller the payment required from your credit
card company, (usually 1-2 percent of the balance) the longer the loan will drag
The higher the interest rate, the less of each
payment that is applied to the principal.
2. STOP THROWING MONEY DOWN THE DRAIN- LITERALLY.
A lot of people set a food budget for the week- and
as long as they keep to that dollar limit at the store, think they are doing a
good job budgeting for food, whether they eat it or not.
You need to remember that when you throw food away,
you are throwing away money.
Would you ever throw even one dollar in the trash?
Yet you probably throw much more than that away each week.
Use your leftovers, plan your meals, keep your food
fresh, and only buy foods your family will eat.
3. ORGANIZE YOUR POSSESSIONS.
Clutter propagates like bunnies. If you don't learn
to organize your "stuff", it won't take long before you cannot locate items you
When you can't find something you need, you buy it.
When you already have the item, you are wasting money.
Just look under your bathroom sink. Better yet, take
everything out, and organize under the sink. Mostly likely you will find half a
dozen products that you forgot you had. They may still be useable, or they may
have gotten old.
Chances are you probably have a tidy sum of money
sitting under your bathroom sink. Take the "bathroom sink challenge" and see how
you are doing.
4. YOU ARE TOO BUSY TO PRICE CHECK.
Most of us "over-schedule" our lives. We feel lucky
to get through the day with all the things that we need to do. We don't have the
time, or even the energy, to look for ways to save money.
Coupons are not clipped, we don't make enough food
from scratch, and other purchases are not given enough thought to as far as if
we really need them, or could find a substitute and "make do."
There is no time to make the calls to check for
better rates on our home, auto, cable or phone service.
It takes time to lower our AGI (Adjusted Gross
Income) , and thereby our income tax, by doing things like setting up IRA's
(traditional) or Medical Reimbursement Accounts, or keeping itemized lists of
the items we donate to charity (now required by the IRS).
Scale down your lives. You can't do everything.
Don't exhaust yourself mentally or physically. Make time for yourself, and leave
time to manage your money.
5. YOU ARE NOT PROPERLY CARING FOR YOUR
ELECTRONICS AND APPLIANCES
When was the last time you read the manuals that
came with things like your refrigerator, dishwasher, and furnace?
If you have not changed the filters on
refrigerators, furnaces, and air-conditioners, you are causing them to work
harder and use more energy. You are also shortening their life, so you will be
replacing them sooner. If you do not clean your vacuum and remove the hairs and
strings that tighten around the beater brush, you will burn out the motor of
your vacuum cleaner, and have to buy a new one.
Are there surge protectors on your electronics? In
our area we have what is called "dirty power." That means at times we don't get
enough current. We have to use surge protectors with batteries to hold power for
when we get "brown outs." Take the time both protect and maintain your
electronics and appliances, or plan on buying new ones sooner.
6. FAILING TO PLAN YOUR TIME Do you waste gas
running your errands on different days?
If you live in an area with a lot of traffic, do you
go out when you will spend less time idling in traffic?
Do you buy items seasonally, when they are on sale?
Do you carry sizes and color preferences with you
for family and friends so that when you see a sale you don't have to return or
miss out on true bargains?
Do you carry a price book?
Do you clean efficiently? How much are you spending
on your cleaning products? Are you over-spending on items easily made
inexpensively at home to clean your home?
Do you set aside time each day to learn tips and
techniques to save money?
7. NOT USING YOUR RESOURCES WISELY
Have you made friends with your neighbors? They are
a great resource for you. You can exchange babysitting, borrow tools, and often
exchange things like hair cuts, sewing and piano lessons.
Neighbors often share skills when it comes to home
repairs and improvement.
When things go wrong at home, they often come to the
Everyone benefits when neighbors know each other. If
you haven't made friends with your neighbors, turn on your oven and make some
~ ~ ~ ~ ~
When we have financial problems, we can do one of
two things. We need to either make more money, spend less money, or do a
combination of the two.
Did you Know...
If you need extra money you will make more money saving it than earning it. By
the times you receive earned money, minus deductions, it is only a percentage of what you earned.
When you save money, you save all of it!