April 19, 2024

Business Bib

Business & Finance Blog

5 ways you don’t even realise you’re wasting money 

3 min read

Many people are looking for smart ways to save money, but if extending your salary or doing overtime isn’t an option (or winning the lottery, in fact), perhaps you want to start small and see how you can begin saving money that way. As the old saying goes, look after the pennies and the pounds will follow, so any amount of money you can save can really make a difference.

Here, we look at some common ways people tend to waste their money, and how to avoid doing that:

  1. Buying branded goods when the own brand will do

A common misconception is that branded goods are for some reason better than store brands. In some instances, this may be true, depending on your tastes. However, in a large number of cases, the own brand is just as good, if not better, than the branded version (they’re often manufcatured in the same factory and packaged differently!). As Wonga recently blogged – “…unless you really do have a preference for a particular branded product, you can literally save hundreds each month simply by opting for its generic counterpart. This is especially true for household cleaning products, toiletries and even school stationary.” They suggest that as the products are often exactly the same… why not experiment with making a few switches, and see how you get on?

       2.Morning Coffee Breaks

It can be very tempting to grab a nice deluxe coffee at your work canteen, but handing over a few coins each morning can really add up in the long run. Why not bring a flask of tea or coffee from home? You’ll find those small savings really stack up.

       3.Getting regular takeaways

When you get in from work, you can often feel too tired to even think about cooking a meal. Takeaways can often seem like the answer, but these tasty treats can cost a lot of money, especially if you opt to take-out regularly. Why not plan your meals ahead as a solution. At the start of the week, write down all your meals, get exactly the right ingredients (try shopping online to avoid supermarket aisle temptations) and keep your well earned money in your back pocket.

        4.Impulse buys

Try and avoid impulse shopping scenarios because often the temptation to buy clothes, CDs, DVDs, or whatever you enjoy buying, can really mess up your finances. One shopping trip can ruin you for months! Plan ahead and keep yourself away from situations where you’ll want to spend, spend, spend! Lifehack suggests never shopping in groups. They also think that blocking shopping sites when using your computer can help you to avoid those tempting checkouts.

        5.Using cards over cash

Many people don’t realise the power that carrying cash can have on you. When you use cash to buy things, you tend to think more clearly about the fact you are parting with your money. This can often have a positive effect on a person, allowing them to reconsider the purchase. When buying things on a credit or debit card, however, you can easily get carried away with spending because you are not ‘seeing’ the money leave your hands.