Are you often left scratching your head because you can’t figure out what exactly is your hard earned money is being spent on? It definitely is a problem and a lot of people suffer from it, mostly those who do not live by a strict budget. It is easy to be carried away and spend too much when you don’t allot a specific amount for certain tasks. To control this habit, you first need to figure exactly where the money is going.
Here is a list of things people tend to spend too much money on.
Brand New Technology
All you have to do is to have a little patience. Prices of new devices come down eventually. It might take a few months but it always happens. When you buy a device as soon as it is launched, you are actually paying for its instant availability. Waiting just a little longer will allow you to get your favorite devices at much lower rates.
- Cell Phone Plans
Before signing extended plans that can last up to one or even two years, you need to read the fine print. Figure out exactly what you need. Otherwise you might end up paying for features you will never even use.
- Bottled Water
Did you know that bottled water is just filtered water in really nice packaging? You can spend up to $400 on bottled water per year. You can save all this cash by getting filters for taps and get clean water from that.
- Pseudo Health Products
These products are advertized as ‘low fat’, ‘low calories’ and ‘no sugar’ and people just gobble them up. Most of these products carry the same amount of sugar, meaning that you would be spending five times the amount for nothing.
- Prepackaged Food
Prepackaged items like sliced apples, desert cups and sandwiches could be made at home in five minutes. This way you will get a larger serving for less as compared to a small serving for which you pay a lot. You can even pack them yourself for later use.
There is no need for music lovers to buy the entire album of an artist. Thanks to services like iTunes and Pandora, you can only pay for the songs you want. This will also help you to compartmentalize your music selection.
- Branded Medicine
Here is an interesting fact. The formula for all types of medicine remains the same. What you are paying for is the packaging. Most pharmaceutical companies just advertize their medicine as the best ever created. Take a closer look at the ingredient and you will see that they are much the same. You can get generic prescription medicines for much, much less.
Want to know about more things you might be spending too much money on? Then stick around for Part 2 of this blog. Meanwhile you can browse through the rest of our website to read debt relief blogs, fine cuisine recipes and much more.