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15 Massive Money Wasters That Are Destroying Your Budget

Preparing for your future by exercising financial health today is necessary for a comfortable tomorrow. Do you know the most significant money wasters to your net worth today? Here are some common expenses to cut to save money. 

1. Paying for Convenience

food delivery apps money wasters
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Have you ever stopped to consider how much money you waste on convenience? I realize sometimes the expense is worth it, but we’ve grown into an entitled, lazy bunch as a society. 

For example, everyone knows that grocery shopping and cooking meals at home saves significant money on food. Still, apps like Uber Eats and DoorDash are at your fingertips.

So, dismissing the excessive delivery fees and driver tips to have food delivered to your door becomes all too easy. But stop and ask yourself, “Is it worth spending $30 to have my $12 meal delivered, or is the additional $18 better suited in your emergency fund?” 

2. Ghost Subscriptions and Memberships

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How many unused subscriptions and memberships are automatically deducted from your bank account that you’re unaware of or use? It’s common to sign up for free trials and then forget to cancel them; those are massive monthly money wasters.

In my twenties, I paid for a Gold’s Gym membership for over a year and used it three times that first week. Does that sound familiar? Take an accurate accounting of all your subscriptions, memberships, and paid apps, and begin canceling the unused services. 

3. Daily Coffee

buying coffee automatic payment
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I’m so tired of reading internet comments where people argue that their daily coffee purchases aren’t holding them back from buying a house. Okay, while that one money waster may not be a solo hindrance, it adds up.

Let’s say you spend only $5.00 (lowballing) on your daily coffee addiction—in one month, that’s $150. You’ve spent $1800 on your daily trip to Starbucks in a year. Add a one-dollar tip, and the totals increase to $180 monthly and $2160 annually. Are there two of you at home getting coffee before work? Do that math, invest in a home espresso machine, and significantly reduce that expense. 

4. Streaming Services

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Streaming services are a fantastic alternative to cable if you only utilize one or two at a time. But come on. Once you sign up for them all, they’re significant money wasters, and you wind up paying more for entertainment than you were with cable television.

Take accounting and tally that financial figure: MAX, Netflix, Amazon Prime, Paramount+, Peacock, Disney+, Showtime, Hulu, Sling TV, NFL Network, Starz, and so on. Do you even have the time to get your “money’s worth” out of all of these services? Cancel and rotate through them to save money on entertainment

5. Impulse Buys

impulse buy excited online shopper
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Are you kidding me? Can you say targeted ads? Resisting the urge to waste money on impulse can prove challenging. From grocery store checkout impulse buys to trivial add-on purchase funnels you encounter when signing up for email freebies, the struggle to avoid impulse buys is real but necessary for financial health. 

6. Eating Out

dining out eating restaurant
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Stop wasting your hard-earned dollars on overprocessed foods from drive-thrus and dining out at chain restaurants that primarily microwave their food anyway. I’ve worked in many of them. It’s the truth. Start meal planning and preparing your food at home. It’s healthier and much more cost-effective. 

7. Credit Card Interest

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If you can’t responsibly use credit cards, stop using them. That’s the cold, hard truth. Stop making minimum payments. Credit card interest is among the biggest money wasters, destroying your budget. Author of The 10X Rule Grant Cardone says Americans spend 120 billion dollars annually on credit card fees!

Carrying a small balance on a credit card and paying it monthly to boost your credit score is excellent. Anything else is financially destructive. 

8. Alcohol

man drinking alcohol fistful of money
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Alcohol is a widely accepted and celebrated addiction that costs a lot of money to maintain. I’m not saying everyone who drinks is an alcoholic, but people are excessive, and if you drink daily, what do you call it? I don’t drink anymore, but one thing that hasn’t changed since my bar days is that ordering beer, wine, and cocktails outside of the home comes with astronomical pricing and tipping obligations. 

9. Excessive Tipping

societal norms tipping tablet tips
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As a former server, it pains me to say this, but tipping has gotten out of control. I bought a screen-printed T-shirt on Amazon for Father’s Day, and the merchant prompted me to tip 18% before checking out! I’m sorry, what?

Don’t get me wrong; if I ever dine out, I’ll tip my minimum-wage server, who serves the entitled public all day. Taking the orders, making apps and salads, delivering the food, boxing the leftovers, tendering the bill, and refilling drinks is a full-service experience. I’ll also tip my hair stylist for spending hours styling my hair while entertaining my mindless chatter. Tips are for services rendered.

But now, every counter has a tip jar, and an iPad with tipping percentage options is shoved in your face at every checkout. Do we really need to tip someone who hands us a muffin wrapped in cellophane or tip at self-checkout machines? What? NO! Resist the societal pressure or feared judgment and budget your finances accordingly. 

10. Extended Warranties

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There are extended warranty offers on everything from vehicles to hand mixers. However, extended warranties are overpriced expenditures with no financial return. I’ll never forget when a Walmart employee (just doing their job) asked me if I wanted the $5 extended warranty on a $10 item.

Does that sound like a good financial investment? Absolutely not. Be prepared for sales gimmicks where merchants make you feel foolish for declining them, and don’t take the bait. 

11. Name Brands

name brand shopper
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One of the biggest money wasters in wallet history is paying for brand names. It’s too much, from buying name-brand groceries over generic store brands to needing a wardrobe full of brand-name shoes, purses, clothing, and accessories.

Not too long ago, people were physically fighting to pay $50 for a Stanley Cup at Target because it was pink! It’s weird, but it’s a common trend. Many people pay excessive money to wear clothing because of the brand name—not even because of the brand name, but because someone (a favorite celebrity) made that brand name “cool.” 

12. Soda

cans of soda
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Has anyone else noticed that the cost of soda has almost doubled since 2020? It’s not worth it and is terrible for your health. My local grocery stores alternate between Pepsi and Coke products for sales, but regularly, a 12-pack of soda is $9.99-11.99 right now!

How much soda do you drink? Are you a daily soda drinker? Is it all you drink? Then, it’s an expense that will result in significant savings if you cut it out. 

13. Spoiled Produce

Spoiled Produce fruits vegetables trash
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How often has “healthy you” gone grocery shopping with big ambitions of using all the fruits and veggies in your cart, only to discover them spoiling in your fridge days later because when you got home, you ordered a pizza? Just me? I don’t think so.

Taking the time to properly wash and store your fruits and vegetables when you put them away will be your biggest game-changer. It will also save you money on produce that spoils before you can use it. Mason jars are your best friend for weeks of freshness on most!

14. Cannabis

hands with cannabis and money
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With the legalization of cannabis all over the States, it’s become easily accessible and a normalized expense for many. But depending on your usage of cannabis, it can quickly evolve into a daily habit draining your bank account and financial freedom. I’m not here to argue merit or medicine. I agree. But I’ve been a cannabis consumer, and it’s a massive waste of money (and time) if you allow it to go there. 

15. Unnecessary Insurance

throwing money away
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Stop wasting money on unnecessary insurance. For example, does your car insurance cover rental cars? If so, why would you add insurance on a rental car? It seems obvious, but many people make this money-wasting mistake.

Many people drive around with full collision coverage on older vehicles that aren’t worth much. Depending on your deductible and damage, having collision coverage on your insurance policy might not make sense. Skip unnecessary insurance expenses. 

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Are you a creative person looking to monetize your passions for extra income? Dozens of creative side hustles are making creators money online today. From designing printable products to opening an online shop, several side gigs pay the bills. 

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Elizabeth Ervin helps people embrace a change in money mindset to achieve their financial goals. After struggling for a decade as a single mother, consumed by the American debt cycle, she recognizes the value of financial education and lifestyle changes and aspires to motivate others to make those changes to obtain financial freedom. She heavily advocates for praying about and over your finances and speaking positive money affirmations to manifest abundance.

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