10 Must reasons: How can you stop wasting out the money. We are living in a world that is revolving around the money. We are also using it to buy or rent our home, pay for tuition, travel, and communicate using our mobile phones. Many people even use it to buy a car, have fun, and for hundreds of different things then also the question arises bin our mind is what is money exactly?
So money is that which we use as a means of paying for goods and services. By the definition we can say that any object that we can store and is having a unit of value. It is also something which we are using as a medium of exchange. There are some ways which are not common enough to be impractical for consistent savings like choosing cheaper hotels on vacation or buying a used car rather than a new one great advice, but it is not going to help keep your monthly expenses in check.
In fact, you may be wasting money in extremely common. But often overlooked ways so here is a list of 25 things you probably did not know you could save on. How you can stop wasting your money one them.
The function of money is :
1. It is a medium of exchange.
2. It is a unit of account.
3. It acts as a store of value.
Every element of society uses money as a medium of making exchanges. For example, producers sell their goods to wholesalers (in exchange for money). So wholesalers go on to sell their goods to consumers hence simply money facilitates. All the exchanges in the economy. It also acts a unit of account hence in other words, we use it to stop wasting measure money the value of various goods and services in an economy. And is essentially serving as a standard of value hence before money existed (when bartering was the main means in which people traded), it was difficult to store a surplus of value. Today, however, people can store surplus purchasing power and use it at any time.
1. Buying brand will spend Less Money and Take Inventory
The question is how many transactions are charged to your credit card that you forgot about or know about and don’t use but don’t bother canceling? And when it is $8 month for Netflix (or streaming service of choice) that you don’t watch. $35 a month there for a gym membership you don’t use. It starts to add up so sit down and go through your credit card transactions. So try to stop those subscription expenses that you don’t use. When you do not swipe your card for transactions then you don not realize how much money you’re wasting.
Little Money Wasters – When you are trying to hand over your card for little things like coffee or bodega bacon, egg, and cheese At that moment, you don’t feel like you are losing anything during that transaction. So you are just pulling money out of your checking account you do not see are you really enjoying that coffee each morning ?
Hence If you sit down and drink your coffee and read the paper, fair enough and that is really enjoyable. But if you just grab it after you leave home (where there is coffee) and before you get to the office stop wasting money (where there is coffee), you’re wasting money. It is just a habit and habit on which you are wasting money on with no real return.
Maybe you are meeting your friends every week for trivia night or board games. This is something you don’t have to spend money on. It’s not a necessity since it is enjoyable, probably more enjoyable than your coffee on the way to work. Or maybe you enjoy them both but nearly all of us have limited resources and only so much disposable income. You will sometimes have to choose between two things you enjoy or start thinking about how you can earn extra money.
2. Track Expenses
Because spending these relatively small amounts of money doesn’t feel like spending money. You have to make it more painful and every time you spend money. Write it down as it happens in a little notebook or log it stop wasting money into an app like Spending Tracker (for iOS) or Expense Manager (for Android).
And if you can not manage that, use the boot camp of budgeting systems, the envelope method. It is strict, but it works so you make an envelope for each of your non-fixed expenses daily things. Like groceries, clothes and entertainment and budget a certain amount of money for each envelope. So when an envelope is empty, you have no more money to spend in that category until the following week or month. Hence no credit or debit card to bail you out. You leave those at home until you are disciplined enough to make the envelope method work sans envelopes. Try to get our best strategies, tools, and support sent straight to your inbox.
3.Try to optimize your Living Situation
There is one way by which we can stop wasting money that is try to get a cheaper living situation. And that might mean moving home with mom and dad for a time, getting a roommate, moving to a cheaper apartment or home, or moving to a location. With a lower cost of living than where you are now. So the personal finance rule of thumb is to spend no more than one-third of your income on rent.
Nowdays every one is living in a very big house and note one point the bigger your house. The more stuff you have to buy to fill it and the more it costs to heat and cool. The more time it takes to clean and maintain it. So their is no need for such high house. You also do not need to live in the expensive neighborhood. Even there is no need to live within walking distance of the coffee shop that sells the cat poo beans coffee. You can drink Cafe Bustelo like the rest of us.
4. Try to find a cheap cell phone plan
Do not pay full price for a cell phone provider when there are less-expensive alternatives. So think about getting a prepaid plan with Republic Wireless, non-prepaid plans with U.S. Cellular, or pay-as-you-go plans with stop wasting money T-Mobile. And take inventory of exactly what you’re using your cell phone for and adjust your plan to reflect it. ( Source by : ebay.com)
5. Try to optimize Your Time
So do you go to the grocery store without a list and then have to go back because you forgot a key ingredient? Are you getting home from the second grocery trip and realize that you were supposed to pick up the dry cleaning from the place that is just across the street from the grocery store? And it is all coming down to poor planning. You are stop wasting money wasting money at the gas station, and it’s costing you time so keep a list of this kind of stuff, what groceries you need and what errands you need to do and in this way you can coordinate things and not have to backtrack all over town.
6. Try to bring a List to the Grocery Store
The wastage of food in America is high nearly half of it gets thrown away because we don’t prep. Also if you can cook and read then you can use and try different meal planning options. And prepare yourself to save time, money, and improve your health. This is a very important part with that improve the weight if that is something you need to do.
Try to save your money with meal planning and base your menu for the week on two things; what you already have in the house, particularly things that need to be used before they go bad. And what is on sale at your supermarket and the meal prep can mean doing things like chopping all the vegetables you plan to use ahead of time. So when it’s time to make dinner. They are ready to go and chopping really is the part of cooking that is most time-consuming.
So if you had your veggies and meat pre-cut, you could have a good stir-fry in about 15 minutes which is less time than it probably takes you to drive to a restaurant. And back and cooking big batches of things that re-heat stop wasting money well like lasagne, chili, soups, and stews. Then eating from them for a few days and you can also freeze them if you don’t like to eat things more than one day in a row and also you are allowed to cheat hence buying pre-chopped veg is not at all as cheap as doing it yourself but it is still cheaper than going out.
7. Try to buy Quality Goods
Everyone should try to buy Quality goods that is you may buy quality jeans. Most of us wear them more than any other piece of clothing and are rougher on them. Than we are with most other clothes. Try to avoid to buy cheap shoes as they are very bad for your feet and back which will harm your body. Try to spend the most on the things you will wear the most. If you have to wear suits every day, buy good quality suits. If you live in a cold climate, buy a good winter coat.
Try to cheap out on the stuff which you don’t wear so much because it doesn’t get as much wear and tear and take proper care of your things too. So they last longer and don’t look shabby. Avoid to wear a pair of closed shoes two days in a row, stop wasting money let them air out and put shoe trees in them so they keep their shape. Treat your leather goods with a conditioning cream, so they do not dry out so if something gets a stain or tear, attend to it quickly, so it doesn’t set or get bigger.
8. Dinner and Drinks
It is the socializing default for a lot of people whether they’re meeting friends or going on a date. Everyone likes dinner and drinks but it gets expensive, and it’s not that imaginative.Do not waste your money by going to hotels if there is no need to go try to make it at your home yes we know that food tastes better outside everyone likes to go and people are more relaxed when they are sitting on a blanket in the grass but try to go on occasions not every day.
9. Late fees :
Similarly like ATM fees, late fees are a pointless money suck. There is more to late payments than simply paying a fee. Missing payments can also lower your credit score which may affect your ability to borrow money for bigger purchases, like a home or car, in the near future.Try to never miss a bill again by setting up a online payments for fixed costs such as cable, internet, and insurance and for expenses that can not be paid such as rent set up calendar reminders and pay them at the same time at each month so it becomes routine.
10.Unused gym membership
If you are a gym rat, power to you, but if you can not remember the last time when you stepped your foot inside the facilities. Then it may be the correct time to cancel your membership and additionally. If you are ever itching to work out then there are plenty of ways to do it without a gym and try to follow free YouTube workouts at home by practicing it daily and make it a routine so as to make your body fit and fine.