When it comes to saving money, we tend to let most of those extra dollars slip through our fingers. And, that typically happens in the most obvious ways.
That is, of course, if we are paying attention, and most of the time something so “obvious” as far as wasting money and not saving it tends to be harder to see that you think.
Wasting money from a financial perspective isn’t so much about spending as much as it is about not being able to save and going counter productive to what is in your budget. If you are spending money on items and services that aren’t needs, and your budget is in the negative, that’s waste at its pinnacle.
Extra money needs set aside for retirement, into a savings account or put away for the proverbial “rainy day” should you need to tap into money for an emergency.
What exactly is money wasted?
One of the more common spots where your money isn’t doing so well tends to be outside the kitchen of your home, most notably wasting money eating out at restaurants. This isn’t to suggest that you can never have a meal outside of your home, special occasions, birthday celebrations or anniversaries, but rather more along the lines of spending for food in two separate failed swoops.
You’ve already spent money on groceries and now you’re spending upward of $10 for lunch and another $20 for dinner and that leads to thousands spent unknowingly by the end of the year on food.
Did you know that Americans also spend more than 11 billion dollars per year on bottled water? The next question: how much of that is yours? Another wasteful spot on your budget is that bottled water trend that could soak you for hundreds of dollars or more per year with every $1.50 you spend on a bottle of water or event the cases of 24 for around $4 to $5 that last you a few weeks at best. If Dasani has taught us anything, it’s that their “bottled, spring water” is just purified tap water, and spending money on bottled water is money thrown down the drain.
While some argue that wasting money is about perspective, there are universally agreed upon areas where people spend more than they should or need to as it pertains to wanting to save money. Someone who eats out every day and spends money on bottled water may have the means to do so but that doesn’t change those purchases from being anything but prudent.